NewsRack: 'Bailout' news in 'Business' topic for user newstrust (21-41 of 1,036)

A.I.G. Seeks Ability to Sue More Banks Over Mortgage Securities	16.1.2013	International Herald Tribune: Business
A.I.G. must win a court fight with an entity run by the New York Fed, which the insurer says is blocking its efforts to go after banks that harmed it financially.
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Midday open thread	14.1.2013	NewsTrust Yahoo Pipes Feed
The middle initial says it all. AIG, in the infinite wisdom of its Marketing aka Branding Department (because history suggests that one shouldn't credit the Board of Directors with that much sense), has elected not to join Starr International's derivative takings lawsuit against the feds , stating publicly that it will also use its standing under the securities laws to disclaim any claim that Starr contends it is pursuing for the benefit of the company. This commonsense decision came after nearly a week where, in a display of infinitely-rare political unity, armchair pundits (otherwise known as regular old American people) wearing both types of political striping took AIG to the rhetorical woodshed for even thinking about the idea of complaining about the government's saving AIG from imminent bankruptcy. This rhetorical asswhuppin' was doled out over social and traditional media, no less : Former Obama administration adviser Austan Goolsbee said "GO SCREW YOURSELVES" in a multi-tweet ...
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Matt Taibbi & William Black on Bailout Secrets & the New Foreclosure Deal	12.1.2013	Crooks Liars
Four years after the massive bailout that rescued Wall Street, Democracy Now! looks at the state of the financial sector with Rolling Stone’s Matt Taibbi and former financial regulator William Black. In a new article for Rolling Stone, Taibbi argues the government did not just bail out Wall Street, but also lied on the financial sector’s behalf, calling unhealthy banks healthy and helping banks cover up how much aid they were getting. The government’s approach to the banks came under new scrutiny this week after it reached an $8.5 billion settlement for improprieties in the wrongful foreclosures on millions of American homeowners, including flawed paperwork, robo-signing and wrongly modified loans. The settlement will end an independent review of all foreclosures, meaning the banks could be avoiding billions of dollars in further penalties, in addition to criminal prosecution. Taibbi: "This is a longstanding dispute between the former CEO of AIG, Hank Greenberg, and the government. And ...
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Wall Street thanks you for your service, Tim Geithner \| Dean Baker	12.1.2013	Guardian: Comment is Free
First the treasury secretary propped up the big banks with public spending. Then he backed their agenda: cuts to public spending Treasury Secretary Timothy Geithner's departure from the Obama administration invites comparisons with Klemens von Metternich . Metternich was the foreign minister of the Austrian empire who engineered the restoration of the old order and the suppression of democracy across Europe after the defeat of Napoleon. This was an impressive diplomatic feat – given the widespread popular contempt for Europe's monarchical regimes. In the same vein, protecting Wall Street from the financial and economic havoc they brought upon themselves and the country was an enormous accomplishment. During his tenure as head of the New York Fed and then as treasury secretary, most, if not all, of the major Wall Street banks would have collapsed if the government had not intervened to save them. This process began with the collapse of Bear Stearns, which was bought up by JP Morgan in a ...
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Top 5 Business Books of 2012 (Cached)	3.1.2013	Inc
The best (and bestselling) business books of this year were mostly about exposing corruption. Through most of the past decade, the most popular business books were "How I Did It" autobiographies of successful big-company CEOs, like Jack Welch's Winning . But that's no longer true. Rather than seeing big companies (especially in the financial industry) as percolators and role models, business readers now tend to view such firms as corrupt and parasitical, along with the people who run them. As a result, 2012 was the year of the exposé. Here are the best five of the year, IMHO. Twilight of the Elites In this book, author Christopher Hayes attacks what's arguably the most persistent myth in the business world: that the workplace is a meritocracy. Using examples from business, politics, and sports, he shows how and why power and privilege entrenches itself, locking out innovation and new talent. Full Title: Twilight of the Elites: America After Meritocracy Author: ...
U.S. selling its remaining stake in AIG	11.12.2012	LA Times: Business
The Treasury Department's sale of 234 million shares will pad the $15.1-billion profit it has made already from the bailout of the giant New York insurer. WASHINGTON — The U.S. Treasury said it is selling the rest of its stake in American International Group Inc., in effect closing the books on one of the biggest and most reviled bailouts of the financial crisis that engulfed the world four years ago.
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This Week in Credit Card News--Elizabeth Warren, Bank Fees & Higher Credit Scores	10.12.2012	Yahoo! News Search Results for credit report
Elizabeth Warren Said to Head to Senate Banking Committee
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Utah study: TARP’s pay limits didn’t doom those who were bailed out	5.12.2012	Salt Lake Tribune
the Salt Lake Tribune Published Dec 5, 2012 08:40AM MDT Its shortcomings aside, the controversial Troubled Asset Relief Program has been effective despite initial concerns about its restrictions on executive pay, according to a new study from the David Eccles School of Business at the University of Utah. The $700 billion TARP program was used about four years ago to rescue AIG, General Motors, Bank of America, Citigroup, Wells Fargo, JPMorganChase and other firms during the height of the financial crisis. And its executive pay restrictions were meant... ...
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Utah study finds TARP recipients succeed, despite exec pay limits	5.12.2012	Salt Lake Tribune
the Salt Lake Tribune Published Dec 5, 2012 08:40AM MDT A new study from the David Eccles School of Business at the University of Utah reveals that, in spite of its shortcomings, the controversial Troubled Asset Relief Program has been effective despite initial concerns about its restrictions on executive pay. The $700 billion TARP program was used to rescue AIG, General Motors, Bank of America, Citigroup, Wells Fargo, JPMorganChase and other firms. And its executive pay restrictions were meant to end a spate of “golden parachute” exits by leading of... ...
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Court blocks release of Greek accounts	30.11.2012	The Guardian -- World Latest
EU court throws out freedom of information request relating to credit swaps which allowed the country to increase its debts The EU's general court has blocked an attempt to force the European Central Bank to release files showing how Greece used derivatives to hide its debt in the run-up to the financial crisis. The case was brought by Bloomberg News under the EU's freedom of information rules in August 2010 but was thrown out on Thursday by the court in Luxembourg. "Disclosure of those documents would have undermined the protection of the public interest so far as concerns the economic policy of the EU and Greece," the EU's general court said. Goldman Sachs and other investment banks have been criticised by European leaders over claims that they helped Greece disguise the true scale of its debts over several years. German chancellor Angela Merkel said in February 2010: "It's a scandal if it turned out that the same banks that brought us to the brink of the abyss helped to fake the ...
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Sen. Patty Murray Leads Revenue Charge Against Lloyd Blankfein’s Wall Street Brigade	27.11.2012	The Moderate Voice
WASHINGTON – The so-called fiscal cliff scheme is in the eye of the beholder. Conventional wisdom is being led by the business community, whose lobbying efforts are strong and loud. As a new CNN poll reveals, the full court press Wall Street has waged, seen daily on CNBC, the most watched financial cable network, is [...]
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ING Announces IPO	16.11.2012	Forbes.com: Personal Finance News
Dutch based ING (ING) announced that it is planning an IPO to spin off its U.S. retirement, investment, and insurance business. The company plans to raise $100 million in the offering, and has been selling off assets to meet condition of a $13.5 billion bailout it received. The company sold its U.S. online bank, ING Direct, to Capital One Financial (COF) earlier in the year. The company plans to use proceeds to strengthen its balance sheet.
ING plans $100M IPO of US investment business	10.11.2012	Boston Globe: Business
ING plans $100M IPO of US investment business
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After Bailout, Giants Allowed to Dominate the Mortgage Business - New York Times	31.10.2012	mortgage - Google News
After Bailout, Giants Allowed to Dominate the Mortgage Business New York Times Mortgage rates are so low that it may seem like a great time to get a mortgage . For banks, however, it probably is the greatest time ever. The profit margin on the rates that they can charge customers and the price they can earn for selling those ... Wells Fargo quietly sends refunds to some mortgage customers Winston-Salem Journal Wells Fargo issues mortgage refunds Bizjournals.com (blog) Current Mortgage Rates Today – Wells Fargo and Bank of America Lower Rates ... Best Syndication Press Blue DailyFinance Eastern Morning Herald all 76 news ...
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Swiss bank may lay off 10,000 in restructuring	30.10.2012	MSNBC
ZURICH, Switzerland - UBS is expected to reveal plans on Tuesday to wind down its fixed income business and fire 10,000 bankers, with shareholders cheering one of the biggest bonfires of finance jobs since the implosion of Lehman Brothers in 2008.
UBS to slash 10,000 jobs in fixed income exit	30.10.2012	Chicago Tribune: Nation
UBS to slash 10,000 jobs in fixed income exit
Moyers & Company: The Need to Tackle Banking Reform	29.10.2012	NewsTrust Yahoo Pipes Feed
Between what are seen by many as President Obama’s weak proposals and Mitt Romney’s loving embrace, bankers have little to fear from either administration, and that leaves the rest of America on perilously thin economic ice. Neil Barofsky, who held the thankless job of special inspector general in charge of policing TARP, the bailout’s Troubled Asset Relief Program, joins Bill to discuss the critical yet unmet need to tackle banking reform and avoid another financial meltdown. Currently a senior fellow and adjunct professor at the New York University School of Law, Barofsky is the author of Bailout: An Inside Account of How Washington Abandoned Main Street While Rescuing Wall Street. Full transcript after the jump. BILL MOYERS: And now for another reality check -- a far cry from the humbug and rhetorical static afflicting our election campaigns. Let’s talk about something President Obama and Governor Romney barely mentioned in their debates: banking reform. It’s four years since the ...
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Citigroup sets a dangerous precedent over CEO's departure	27.10.2012	The Guardian -- World Latest
Did Citi's chairman push the CEO out? Either way, the concentration of power in too few hands leads inevitably to abuses Four years after the financial crisis began in earnest, the public has struck something of a devil's deal with the financial system: the only thing we demand of banks is that they make an effort to orderly and stable. As long as our six too-big-to-fail banks don't send massive signals of distress, most people seem content to put off complaints about the financial system to next year. Citigroup failed that test last week. After four years of relative stability and unglamorous work in reducing Citigroup's toxic balance sheet, the bank's CEO, Vikram Pandit, announced suddenly that he was leaving. The whole thing was done in a baffling manner. On Wall Street, as in Hollywood, timing is everything, and Citigroup fumbled badly. The announcement came after Citigroup had actually handed in a good quarter of earnings, so there was little chance that Pandit was being punished for ...
Madoff Has Met His Match: Mortgage Fraud Crime of the Century	26.10.2012	Forbes.com: Personal Finance News
With less than 88 years left in this century, it's awful tough to say what the crime of this century will be.
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Econ 101: October 25, 2012	25.10.2012	Think Progres
Econ 101: October 25, 2012
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