The Treasury Department said Tuesday that it has sold all its remaining shares of AIG, wrapping up the government's biggest bailout of the financial crisis. With this sale, the government has received $22.7 billion more than the $182 billion in support it provided to AIG during the crisis.
Dear Mr. President: I know you're proud of the effort made by your team back in 2009 to save General Motors. You should be. But as good as this GM thing has been for you, with the election now over, it's time to let go and direct the Treasury to sell its stake in General Motors.
The Treasury says it expects to lose more than $25 billion on its bailout of the auto industry -- mostly on its GM investment. But we've also been told GM paid back the Feds. How does this add up, and what has to happen for taxpayers to get their money back?
Prankster activists the "Yes Men" got the better of Bank of America recently, but the facts they highlighted are serious. Despite massive government bailouts, BofA executives are still putting their own interests above those of their customers.
News that the Treasury Department had frozen or reduced executive salaries at companies bailed out under TARP prompted a range of reactions, but here's one you probably didn't hear.
Thanks to TARP loans that saved GM, the Treasury ended up with a major stake in the world's largest automaker, and it still holds 500 million shares -- 32% of the company. Here's the reason it won't be selling them any time soon.
Last week's broadside from an ex-employee didn't help Goldman's image, but all the to-do ignored the public's real issue with the firm.
2011 was the most profitable year in General Motors' history. Thanks in large part to the $50 billion government-assisted restructuring it received, GM's U.S. operation is in good shape. So is it ready to fully pay back Washington now? Well, that depends on Europe.
UAW delegates will gather next week in Detroit, as the union works out a strategy to negotiate with domestic automakers for a new four-year contract. The current pact expires in September, and with auto sales rebounding the UAW is eager to win back some concessions.
Given the level of public outrage over the government's rescue of banks during the financial crisis, the final cost to the taxpayer of keeping those failed institutions afloat turns out to have been relatively modest: The FDIC has paid out a mere $8.89 billion to 165 banks since the crisis began.
The S&P 500 has nearly doubled from its post-crash lows, and small investors are finally getting off the sidelines again. Normally, that would be a danger sign for a correction, but right now, all signs point to the upward stock market trend continuing in 2011. Here's why:
Washington now spends that much more than it did a mere three years ago. But trying to figure out what we're getting for all that extra money is no simple matter. A lot of slicing and dicing does yield some answers -- none of which are very satisfying.
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.
Less than two years after they exited bankruptcy, Chrysler Group and General Motors will soon distribute bonuses to salaried employees in recognition of their efforts to help revive the once-flagging Detroit automakers. The payout is likely to anger the companies' unionized workers.
Union employees at Chrysler Group will receive a $750 bonus next week as an acknowledgment of their contributions in helping to revive the once-bankrupt company, the automaker said Monday. Salaried workers, excluding the company's top 50 executives, will also receive the payment.
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.
The number of government-aided U.S. banks in danger of failing has grown about 15% in the past six months, The Wall Street Journal has reported. The economy has continued to batter many struggling institutions, with 98 bailed-out banks -- up from 86 in the second quarter -- now at risk.
General Motors has repurchased $2.1 billion in preferred stock from the federal government, further reducing the amount the automaker owes taxpayers following last year's bailout. The latest transaction cuts the government's stake in the rebounding carmaker to 33% from 61.5%.
Now that General Motors is on better financial footing and the automaker's initial public offering of stock is behind it, CEO Daniel Akerson is reportedly seeking to have government restrictions on executive pay eased.
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.
General Motors' initial public offering two weeks ago netted an additional $1.8 billion for the U.S. Treasury Department following the sale of additional stock.
The central bank says the disclosures cover more than 21,000 individual transactions done to "restore the flow of credit to American families and businesses, and support economic recovery and job creation in the aftermath of the crisis." It also says no money has been lost so far.
Bailed-out insurance giant American International Group sold $2 billion of bonds in its first debt offering since it was rescued in 2008. The offering was an important test of whether investors think the insurer can stand on its own.
The initial public offering of General Motors last week netted $11.7 billion for the U.S. Treasury, which invested taxpayer money into keeping the then-struggling automaker solvent during the financial crisis as part of its Troubled Asset Relief Program.
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.
The U.S. government started the new fiscal year on the right foot, posting $140.4 billion deficit in October, the first month of the new fiscal year. That was substantially lower than the $148 billion deficit that had been forecast.
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.

























