bailout

AIG Sells Stake in Taiwanese Insurance Company

In a second attempt to sell its 97.6% stake in Nan Shan Life Insurance, a Taiwanese insurer, American International Group has agreed to a $2.16 billion deal with the Ruen Chen consortium.

AIG's Nan Shan Unit Attracts Multiple Buyout Bids

AIG, which wants to spin off its Taiwan-based Nan Shan Life Insurance unit, has a few live ones nibbling on the line to snap it up, according to a Bloomberg report. The company has disclosed in an SEC filing that Nan Shan has attracted unsolicited offers ranging from $2.15 billion to $3 billion.

The Hidden Cost of Big Wall Street Bonuses to Society

Though most Americans wish that Congress would rein in excessive pay on Wall Street, that won't happen while the huge campaign contributions keep flowing. And the financial industry's big money shell game drains away something more precious from our society than money -- it siphons off talent.

Ron Paul, Author of 'End the Fed,' to Chair Monetary Subcommittee

Representative Ron Paul, author of the best-selling book "End the Fed," will head the House subcommittee overseeing the Federal Reserve. Spencer Bachus, House Financial Services chairman-elect, selected Paul, 75, to lead the domestic monetary policy subcommittee in the next session of Congress, Bloomberg News reported. Paul is a Texas Republican.

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.

The Fed's Commercial Paper Buying Knew No National Boundaries

During the heat of the financial crisis, Ben Bernanke's Federal Reserve doled out a mountain of money to keep the damage from getting any worse. But if you think American companies were the biggest beneficiaries of this largess, you'd be wrong.

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.

Fed to Name Firms That Claimed $3.3T in Emergency Aid

The plan to publish the names of recipients of emergency aid during the financial crisis marks "A significant step forward in opening the veil of secrecy that exists in one of the most powerful agencies in government," one senator said.

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.

Investors May Need Better Reasons to Buy Stocks

Given all that transpired globally over the Thanksgiving weekend, the idea of holding risky assets like stocks should give investors heartburn. A good Black Friday weekend and strong holiday selling season will draw traders' gazes, but that's no sure shot.

ING Prepares U.S. Insurance Business for IPO

Dutch bank ING Groep (ING) is preparing its U.S. insurance business for an IPO. ING agreed to separate its banking and insurance businesses by the end of 2013 so it could get European Commission approval for a government bailout, Bloomberg News said. The bank is now considering IPOs for both its European and U.S. insurance divisions.

Freddie Mac Posts $4.1 Billion Loss, Requests More U.S. Aid

Mortgage giant Freddie Mac posted a net loss of $4.1 billion for the third quarter, compared with a loss of $6 billion a year earlier. The company paid a $1.6 billion dividend to the Treasury, which rescued the ailing company two years ago. Freddie Mac also set aside $3.7 billion to cover credit losses and posted derivative losses of $1.1 billion, the company said in a statement.

GM Could Get $45 Billion Tax Break, Thanks to Bailout

General Motors may receive a tax break worth as much as $45.4 billion under the terms of its government-financed restructuring. The credit is a final benefit from the company%u2019s multi billion-dollar government bailout. Under the terms of the bailout, GM will be able to apply a tax credit related to previous losses and business expenses to future earnings.

Chrysler May Soon See More Federal Aid

In addition to state tax credits from Michigan -- and the billions of dollars already loaned it by U.S. taxpayers in the form of last year's bailout -- Chrysler may soon get approval for billions more in loans from the Department of Energy.

GM Vows to Stick to U.S. Production Pledge

General Motors said it will stick to its pledge to keep certain levels of vehicle production in the United States until it has fully repaid the U.S. taxpayer. GM had proposed making 1.8 million vehicles in the United States this year, with output increasing to 2.26 million vehicles in 2014, Bloomberg News reported. The company pledges to make at least 90% as many vehicles in the United States as planned, provided it is commercially reasonable.

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.

UBS Will Not Take Legal Action Over Subprime Losses

Switzerland%u2019s UBS (UBS) will not take legal action against former employees for racking up the massive losses on subprime mortgages that left the company needing a bailout. Kaspar Villiger, the UBS chairman, said that company was looking to the future, according to The Associated Press.

Report: Treasury Outsourced Foreclosure Bailout

The government%u2019s efforts to stem the foreclosure crisis may have been hampered by its reliance on Fannie Mae and Freddie Mac, according to a new report. The two mortgage giants have "a history of profound corporate mismanagement," and were overly reliant on subcontractors, the report by the Congressional Oversight Panel said.

Buffett Warns That Euro Faces a 'Real Challenge'

The euro has posted its biggest quarterly gain in eight years, but billionaire investment guru Warren Buffett is worried about Europe's common currency. Despite the E.U.'s trillion-dollar bailout fund, he's not sure the Continent will be able to avert a sovereign debt meltdown.

Allied Irish Banks to Sell M&T Bank Stake for $2 Billion

Allied Irish Banks (AIB), the lender being taken over the Irish government, will raise roughly $2 billion by selling its 22.4% stake in M&T Bank Corp (MTB). The Dublin-based bank will offer 26.7 million notes for a price of $77.50 each, Bloomberg News said. The notes will be exchanged for shares in M&T by Nov. 15.