treasury

The Great Geithner: Ex-Treasury Secretary Gets Bailout Book Deal

The former Treasury Secretary has an agreement with Crown Publishers, an imprint of Random House, Inc. Crown announced Thursday that Geithner's book, currently untitled, is scheduled for 2014 and will provide a "behind-the-scenes" account of the financial crisis.

Senate Confirms Jacob Lew as Treasury Secretary

The Senate confirmed Jacob Lew to be Treasury secretary, affirming President Barack Obama's choice of a budget expert at a time when Congress and the White House are at odds over sharp government spending cuts. Lew had most recently served as Obama's chief of staff.

Suddenly, Bonds are Riskier than Stocks

Bonds have outperformed stocks over the last 30-year period, but things are changing and bonds are no longer the safe haven they once were. In fact, bonds already look overvalued, and if rock-bottom interest rates keep moving higher, bond funds could plunge.

Treasury Tightens Up Terms of Fannie and Freddie Bailout Deal

The government is changing the terms of its bailout agreement with Fannie Mae and Freddie Mac in a way that will shrink the holdings of the two mortgage giants more quickly and will require payment to the government of all quarterly profits the companies earn.

Top Executives at Bailed-Out Firms Have Pay Cut

Nearly 70 top executives at three companies bailed out by the taxpayers during the 2008 financial crisis -- AIG, Ally Financial and GM -- were ordered to take pay 10% cuts by the federal government, and the CEOs had their pay frozen at 2011 levels.

Why Rising Interest Rates Won't Break the Bull's Run

The yield on the 10-year Treasury note closed at a nine-month high Wednesday, and rising interest rates usually mean bad things for economic growth and stock prices. But until the benchmark hits 5%, explains market guru Jeffrey Kleintop, rising rates mean the good times for stock will continue.

Treasury Turns to Prepaid Debit Cards for Tax Refunds

The Treasury Department is launching a pilot program to deliver tax refunds via prepaid debit cards rather than checks. The plan aims to cut down on the administrative costs associated with checks and to help lower-income taxpayers without bank accounts, The Wall Street Journal said.

More Top Obama Economic Aides to Step Down

Two of President Barack Obama%u2019s top economic advisers plan to quit. White House National Economic Council Deputy Director Diana Farrell and Treasury Department Assistant Secretary for Financial Institutions Michael Barr both plan to leave in the coming weeks, The Wall Street Journal reported.

Obama Praises GM Bailout as Shares Gain 4% in IPO

Following General Motors' historic return as a publicly traded company Thursday, President Obama said the U.S. government, despite the many critics, is on track to more than recoup the nearly $50 billion it invested in the Detroit automaker.

GM's IPO: Recovery -- Not the End of the Road

Considering where the iconic carmaker has been in recent years, the pending IPO -- and robust investor demand for shares -- is a remarkably positive step. But GM still has plenty of problem spots that will need fixing if this historic event is to have lasting meaning.

ING Forecasts Market Growth of 8% to 12% in 2011

ING Investment Management forecasts that stock markets will rise between 8% and 12% in 2011, thanks to a low-inflation, low-interest environment supported by the Fed, despite weak GDP growth. And for those looking for to increase their investment yields, they have a few suggestions.

General Motors May Raise Its IPO Price

GM reportedly plans to raise the price range on its pending initial public of stock to as much as $33 a share. The increase to $31 to $33 a share from the initial $26 to $29 a share is being prompted by strong demand for the stock.

QE2, Day One: Fed Buys $7.3 Billion in Treasuries

Fed Completes First Day oThe Federal Reserve bought $7.3 billion worth of U.S. Treasuries Friday as it started a second round of quantitative easing meant to stimulate the nation's economy, media reports indicate. The plan, designed to boost job creation and prevent deflation, has been highly criticized. f QE2 Treasuries Purchases

Budget Deficit Unexpectedly Narrowed in October

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.

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.

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.

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.