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Financial bailout
Obama Talks Tough With Wall Street Bankers
By Joseph Schuman - AOL News(Dec. 14) -- President Barack Obama on Monday told assembled Wall Street leaders to open their coffers to needy small businesses and accept tighter regulation or face a fight with the White House. ALSO SEE: Timeline: Obama's Words for Wall Street, Month by Month Obama, with a toughness in tone usually reserved for ultimatums to the likes of Iran, said that a year after the government stepped in to save the financial industry from "a predicament largely of their own making," he expects banks to take extraordinary measures to provide the loans needed to help the economy recover. "I'm getting ...
Obama Refuses Repayment of Bank Bailout Funds
By Mark Impomeni - Politics DailyChafing at the regulatory constraints that the federal government wants to impose on them, some of the nation's biggest banks that were the recipients of federal bailout money are seeking to return the payouts. The trouble is that the Obama Administration does not seem to want the money back. That is according to a piece in the Wall Street Journal which relays the story of one unnamed banker and his futile attempts to pay taxpayers back."Under the Bush team a prominent and profitable bank was forced to accept less than $1 billion in TARP money. [...] Fast forward to today and that same bank is ...
Senate Shelves AIG Bonus Tax Bill
By Mark Impomeni - Politics DailyThe Senate postponed action on a controversial bill passed by the House last week to retroactively tax bonuses given to executives at companies that received federal bailout money. The measure, which would have taxed the bonuses at 90%, was directed specifically at the troubled AIG Insurance group, but could have snared executives at other financial firms. The move comes after President Barack Obama expressed doubts about the constitutionality of the bill in his 60 minutes interview this past Sunday."I think that as a general proposition, you don't wanna be passing laws that are just targeting ...
Banks Seek to Return Bailout Money, Avoid Restrictions
By Mark Impomeni - Politics DailyWhat does a doctor do when his terminally ill patient tries to give back the potentially life-saving medicine he just administered? What does the dying patient do if the doctor wants to extract unwanted lifestyle changes in exchange for the treatment he needs?These are essentially the questions facing Congress and a growing list of financial institutions that have received federal funds under the Wall Street bailout program. Responding to voter anger at perceived abuses and irresponsible squandering of the first round of $350 billion in bailout money, the Democratic Congress has placed more ...
Obama's CEO Pay Caps Lack Teeth
By Mark Impomeni - Politics DailyPresident Barack Obama recently announced to great acclaim that companies receiving bailout money from the federal government under the second half of the Troubled Assets Recovery Plan, or TARP, would have to agree to limitations on the compensation packages they can provide to executives. It was a populist and popular move that gave the appearance that the Administration was being responsible with the taxpayers' money in administering the program. But an analysis by the Los Angeles Times of the actual rules governing the pay limitations reveals that President Obama's CEO pay restrictions can ...
Geithner Blamed For 382 Point Stock Slide
By Tommy Christopher - Politics DailyTreasury Secretary Tim Geithner is taking the fall for the Dow's largest single-day drop since President Barack Obama took office. From WSJ:The Dow Jones Industrial Average slid steadily in the hours after Mr. Geithner's morning announcement of the Obama administration's revamp of the financial-sector rescue effort. The Dow ended the day down 4.6%, nearly 400 points. On the Hill, senators from both parties grilled Mr. Geithner for 3½ hours in the afternoon during his first appearance before Congress in his new job, with many complaining about the lack of details in the plan. ...
Despite Ban, Another Lobbyist Lands Top Spot in Obama Administration
By Mark Impomeni - Politics DailyTwo days after the White House waived ethics rules designed to curb the influence of former lobbyists in government to allow William Lynn to take the post of Deputy Secretary of Defense, another former lobbyist was named to a high-powered post in the Obama Administration. Mark Patterson will serve as Chief of Staff to newly confirmed Treasury Secretary Timothy Geithner. Up until April of last year, Patterson was a registered lobbyist for banking and investment giant Goldman Sachs.Like Lynn, who was a lobbyist for defense contractor Raytheon as recently as this past fall, Patterson will be in a ...
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