troubled asset relief program

Treasury Has Sold Its Last Shares of AIG (and Turned a Profit, Too)

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.

Government Motors: Why Won't D.C. Sell Its GM Stock?

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.

Bank Bailouts Cost Much Less Than the FDIC Expected

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.

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.

GM and Chrysler Will Pay Bonuses to Salaried Workers

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.

Though Chrysler Is Still Unprofitable, Employees Earn a $750 Bonus

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.

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.

GM IPO Brings In $11.7 Billion for the U.S. Treasury

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.

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.

Buffett Will Bank $3.5 Billion for Saving Goldman

Berkshire Hathaway CEO Warren Buffett extracted onerous terms from Goldman Sachs when he saved it from a potential meltdown. Two years later, Wall Street is healthy again, Goldman wants Buffett out of its hair, and he's looking at a $3.5 billion profit on that $5 billion lifeline.

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.

Can America Get a Return On Its GM Investment?

GM filed for an IPO this week, which means that the U.S. government will soon be able to start selling off its 61% stake in the automaker. So what are the odds that the taxpayers will break even on their $42 billion gamble in General Motors, and what would it take for them to do so?

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.

Obama Signs Financial Reform Legislation Into Law

After more than a year of wrangling by Congress to craft legislation, President Obama signed the Wall Street and Consumer Protection Act into law Wednesday at ceremony in Washington. The new regulations are viewed by many analysts as the most sweeping reforms to hit the financial industry in more than half a century.

Treasury Rushed GM, Chrysler Dealers to Close

The Obama administration's auto industry task force failed to fully consider how many jobs would be lost at car dealerships when it rushed General Motors and Chrysler into bankruptcy last year, a report issued Sunday says.

Fed to Drop Bid to Keep AIG Bailout Secrets

The Fed is giving up on its fight to keep some of its bailout dealings secret. Chairman Ben Bernanke has invited congressional auditors to review the Fed's aid to AIG. Congress wants to know who benefited from the $62 billion the government gave to the struggling insurer.

Earnings Preview: BofA, Wells and Morgan Stanley

Bank of America and Well Fargo are expected to post losses while Morgan Stanley is seen reporting a profit on Wednesday. Less certain is what the newly minted CEOs at BofA and Morgan Stanley are going to tell investors about vision and strategy.

Detroit Ends Tumultuous Year with Mixed Results

Detroit automakers closed 2009 with mixed results. While overall sales for the year fell at Ford Motor, General Motors and Chrysler Group, each reported strong December sales as bargain-hungry consumers sought to cinch deals before year's end.