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Treasury Department

FDIC, Treasury Clash On Anti-Foreclosure Plan

Reuters | Karey Wutkowski and Patrick Rucker | Posted 05.25.2011 | Business

A top U.S. banking regulator unveiled a plan on Friday to prevent about 1.5 million foreclosures, breaking ranks with the Bush administration by deman...

Mark Haines Thinks Treasury Treats US Like Mushrooms: Kept In Dark, Fed BS

CNBC | Posted 05.25.2011 | Business

CNBC's Squawk On The Street anchor Mark Haines had a unique analogy for the way he thinks the Treasury Department has been handling the economic rescu...

Neel Kashkari, Bailout Chief: ALL YOU NEED TO KNOW

Huffington Post | Dave Burdick | Posted 05.25.2011 | Business

INTRODUCING NEEL KASHKARI Shortly after the passage of the $700 billion bailout package, the world was introduced to Neel Kashkari, a 35-year-old Ass...

Treasury Made Controversial Tax Policy Change Under Cover Of Bailout Debate

Washington Post | Amit R. Paley | Posted 05.25.2011 | Business

The financial world was fixated on Capitol Hill as Congress battled over the Bush administration's request for a $700 billion bailout of the banking i...

Lawrence Summers: Africa Is

Max Blumenthal | Posted 05.25.2011 | Politics
Max Blumenthal

If Obama nominates Summers, he will send a dispiriting message to governments of developing countries -- especially in Africa -- just as they have begun to look at the United States as a beacon of hope.

"Mind-Boggling" is Not Descriptive Enough

Neil Grossman | Posted 05.25.2011 | Business
Neil Grossman

With respect to AIG itself, as of the end of last year, the company had 116,000 employees... the cost of keeping just these employees in their jobs now amounts to over $1 million per employee.

Some Banks May Tell Treasury To Keep Bailout Cash

New York Times | EDMUND L. ANDREWS | Posted 05.25.2011 | Business

Talk about biting the hand that feeds you. The American Bankers Association complained on Thursday that bankers around the country were "extremely up...

Bailout Banks Getting Bucks

ProPublica | Posted 05.25.2011 | Business
ProPublica

ProPublica has been keeping a running tally of the nation's banks that have lined up for taxpayer money. Today we have a few more to add, bringing the total to $163.2 billion invested in 31 banks.

First batch of bailout money for banks moving soon

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — The government prepared Monday to move the first batch of bailout money to banks as fretful world markets plunged again. Wall Stree...

Chicago Bank To Get $1.5B From U.S. Treasury

Crain's Chicago Business | Paul Merrion | Posted 05.25.2011 | Chicago

The Treasury Department will invest $1.5 billion in Northern Trust's senior preferred stock and warrants as part of the federal government's effort to...

Companies start competing for bailout money

AP | MARTIN CRUTSINGER | Posted 05.25.2011 | Business

WASHINGTON — The bailout is now the hottest lobbying game in town. Insurers, automakers and American subsidiaries of foreign banks all want the...

Why The Government Can't "Fix" the Crisis

Danny Schechter | Posted 05.25.2011 | Business
Danny Schechter

In what was for many an unbelievable chain of events, markets started melting down, confidence shattered and believers in unregulated transactions realized something was very, very wrong.

Treasury To Extend Bailout Funds To Insurance Companies

Washington Post | David Cho, Zachary A. Goldfarb and Binyamin Appelbaum | Posted 05.25.2011 | Business

The Treasury Department is working on ways to broaden its $700 billion bank rescue program to help insurance companies that are a critical backstop to...

Greenspan denies blame for crisis, admits 'flaw'

AP | MARTIN CRUTSINGER and MARCY GORDON | Posted 05.25.2011 | Business

WASHINGTON — Badgered by lawmakers, former Federal Reserve Chairman Alan Greenspan denied the nation's economic crisis was his fault on Thursday...

Bank Of New York Will Oversee Bailout Fund

New York Times | Eric Dash | Posted 05.25.2011 | Business

The Bank of New York was named the master custodian firm overseeing the Treasury Department's bailout fund, the agency announced Tuesday. The master...

Treasury Will Guarantee Mitsubishi's Investment In Morgan Stanley

DealBook | Posted 05.25.2011 | Business

In what could set an important precedent, federal officials assured a big Japanese bank late Sunday that its planned investment in the embattled Wall ...

Treasury May Capitalize Banks By End Of October

Reuters | Posted 05.25.2011 | Business

The U.S. Treasury Department plans to start directly injecting capital in U.S. banks as soon as the end of October in exchange for passive investment ...

Meet the $700 Billion Bailout Czar, Neel Kashkari

Rob Kall | Posted 05.25.2011 | Business
Rob Kall

There is a new Czar in America -- the man who will be running the $700 billion budget bailout/rescue program -- assistant secretary of the Treasury for International Affairs, Neel Kashkari.

What Failure of Bailout Bill Means to Car Buyers, Carmakers and Dealers

Steve Parker | Posted 05.25.2011 | Business
Steve Parker

The worst news from Monday's rejection of the bailout will be for, as usual, those least able to afford it.

A Forward Looking 5-Point Plan to End the Economic Crisis

Shafqat Khan | Posted 05.25.2011 | Home
Shafqat Khan

For too long the Democrats have surrendered the ground on taxes and free markets to the Republicans. Now is their chance to seize the initiative in these two areas with a simple 5-point plan.

IS THERE ANY SUCH THING AS CRAZY TODAY?

Jim Randel | Posted 05.25.2011 | Business
Jim Randel

A few weeks ago I put aside a draft post that I had prepared suggesting that the Federal Government should spend its money - not on bailing out financ...

How to Make a Bad Deal

Michael Pento | Posted 05.25.2011 | Business
Michael Pento

By replacing illiquid assets with cash, Treasury will encourage banks to make more non-performing loans to consumers who are already overburdened with debt.

McCain's New Ploy

Matt Littman | Posted 05.25.2011 | Politics
Matt Littman

If this gambit by McCain doesn't get him the boost in the polls he desperately needs, what's next? Will he attempt to postpone the election?

Democrats: "We Will Not Simply Hand Over A $700 Billion Blank Check To Wall St"

Huffington Post | Nicholas Sabloff and Nicholas Graham | Posted 05.25.2011 | Business

***UPDATE*** 11:11PM Democrats have begun to push back on the bailout plan offered by the Bush Administration, specifically with legislation that woul...

Paulson Bailout Plan Could Cost $1 Trillion

Politico | Posted 05.25.2011 | Business

Congressional leaders said after meeting Thursday evening with Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke that as much...