TARP repayment

House Votes to End 'Car Czar,' 'Pay Czar' Posts

Republicans in the House of Representatives voted Thursday to eliminate the Obama administration's "car czar," as well as the "pay czar" who oversees compensation at companies bailed out with TARP money, and seven other presidential advisers.

Citigroup Promotes John Havens to President and COO

Citigroup on Wednesday announced the promotion of John Havens, the head of its Institutional Clients Group, to president and chief operating officer. The move is designed to make the financial behemoth nimbler by cutting the number of executives who report directly to CEO Vikram Pandit.

Bailouts Earn $35 Billion for U.S. Taxpayers

The federal governments bailout program has earned the taxpayer nearly $35 billion in the last two years, The Associated Press said. Income from the Troubled Asset Relief Program (TARP) rose by almost 17% through November compared with the estimate in October, the AP said.

Bank of America Says It's Ready to Exit TARP

Bank of America has told U.S. regulators that it has met the final condition that was set on its plan to exit the government's Troubled Asset Relief Program. BofA, which repaid $45 billion in TARP funds in December 2009, needed to raise $3 billion in capital by the end of 2010.

Federal Reserve Releases Massive Amount of Bailout Data

The Fed on Wednesday released detailed information about the efforts it took to stabilize financial markets during the recent downturn. The Fed, which is facing increasing criticism from conservatives, defended its actions, and noted that no money was lost on its bailout programs.

TARP Costs Fall to $25 Billion, CBO Says

The much-criticized Troubled Asset Relief Program (TARP) will end up costing the federal government about $25 billion, far less than previously expected. A report from the Congressional Budget Office (CBO) said that the costs will largely stem to funds given to American International Group (AIG), the auto industry and grants intended to avoid foreclosures.

Was Washington Right to Bail Out GM and Wall Street?

Historians will look back on Washington's bailout of GM and Wall Street as the right move. That's because it's now clear that the costs of doing nothing would have been far higher, and it turns out that taxpayers may suffer only limited losses on this economic Hail Mary pass.

Bank of America May Pay Employee Bonuses in Stock

As Bank of America continues to cope with fallout from the housing and mortgage crisis, the financial institution may have to pay some year-end employee bonuses in the form of stock because of a possible cash shortfall related to its buy-back of stock from the federal government.

TARP Investment Earned Taxpayers 8.2% in Two Years

The TARP bailout of financial firms has yielded a return of 8.2% in two years. This return, $25.2 billion on an investment of $309 billion, beats that offered by U.S. Treasuries, high-yield savings accounts and certificates of deposit, Bloomberg News reported.

Citigroup Earnings Beat Wall Street Estimates

Citigroup on Monday morning reported third quarter net income of $2.2 billion, topping Wall Street estimates and marking its third consecutive quarterly operating profit. Citi shares were up as much as 2.3% in premarket trading.

TARP Draws to a Close Next Week, With Lower Costs Than Thought

After countless angry political speeches and the threat of economic collapse, the government%u2019s $700 billion bailout of banks, insurance companies and auto companies draws to a close Sunday - and it will likely cost only a fraction of what was expected. It will be years before it is possible to produce exact figures related to the bailout, which encompassed everything from mortgage finance colossuses Fannie Mae and Freddie Mac to auto company General Motors.

Treasury Sells More Citi Shares

The U.S. Department of the Treasury announced Thursday that it has sold all of the trust preferred Citigroup shares it held for a net profit to the taxpayer of $2.246 billion. In addition, Treasury also announced it sold 1.5 billion shares of Citigroup common stock, according to a plan announced in July, lowering its stake in the bailed out bank from 18% to 12.4%.

AIG Finalizes Its Plan to Repay the U.S. for Bailout

After months of planning, AIG announced Thursday that it had entered into an agreement with the Treasury Department and the Federal Reserve Bank of New York about how it will repay in full its obligations to the U.S. government and regain its independence.

AIG Prepares for First Bond Offering Since Bailout

American International Group is laying the groundwork for its first debt offering in two years, an offering that could be a key test of whether investors think the insurance giant can stand on its own and ultimately repay U.S. taxpayers for its bailout.

Pay Czar Feinberg to Ask for Stronger Clawback Provisions

Wall Street "pay czar" Kenneth Feinberg will ask several financial firms to strengthen so-called clawback provisions, but will not force them to recover bonuses paid at the height of the financial crisis, CNBC reported. Clawback provisions allow companies to reclaim compensation given to employees if, for instance, the employee is found to have caused significant losses for the firm.

The 'Old' Chrysler Pays Off $1.9 Billion of Its Federal Debt

The entity consisting of parts of the "old" Chrysler has repaid the U.S. $1.9 billion of the $4 billion it got during the 2008 financial crisis. While less than face value, Treasury says it's "significantly" more than it expected to recover.

Treasury Will Sell Citi Stake -- At a Huge Profit

The government could garner some $8 billion in profit when it sells its common stock in the troubled banking giant over this year. Treasury had gained its Citi stake of about 27% last year in the $45 billion federal bailout.

Why Politics Makes It Hard to Fix the Banks

Banks are not the enemy. Although many imperfections exist in our financial system, turning banks into a target or a tool for recovery will end poorly. Over time, things will work out in the absence of counterproductive, even if well-intentioned, meddling.