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FinancialCrisis
Bloomberg Report Shows TARP Profits Top Treasury Bond Returns
By Steven Hoffer - AOL News(Oct. 20) -- Returns on the Troubled Asset Relief Program used to bail out the financial industry, better known as TARP, generated higher profits for taxpayers than 30-year Treasury bonds, according to a Bloomberg report. The government earned $25.2 billion on its investment of $309 billion in the financial sector, which many critics originally believed would result in losses of hundreds of billions of dollars. However, concerns persist regarding the TARP program. "From the perspective of the taxpayers getting their money back, TARP has been a great success," Todd Petzel, chief investment ...
Opinion: Will Financial Reform Work? It Depends
By not in system - AOL News(July 16) -- In speaking about the financial regulation bill he will soon sign, President Barack Obama said that the bill "will prevent a financial crisis like this from happening again." This is oversimplified -- there is no way to prevent every crisis and this bill doesn't come close. In leaving Fannie Mae and Freddie Mac untouched, for example, the legislation fails to address a key factor behind the recent crisis. Still, there are elements of the bill that will help prevent future crises even as other parts are likely to have unintended negative consequences. An important innovation is ...
Banks, CDOs and Prison Futures
By Robert and Donna Trussell - Politics Daily...
Wall Street Reform Passes Senate With Scott Brown's Backing
By Patricia Murphy - Politics DailyEighteen months after the 2008 financial crisis brought the American economy to the brink of collapse, the Senate passed a bill to add significant regulations to Wall Street firms and banks in an effort to prevent a similar crisis in the future. The bill passed by 59 to 39. Four Republicans -- Sen. Scott Brown, Sen. Charles Grassley, and Maine's senators, Susan Collins and Olympia Snowe -- supported the bill, while two Democrats, Sen. Russ Feingold of Wisconsin and Sen. Maria Cantwell of Washington, joined Republicans in opposing it. Senate Majority Leader Harry Reid said Thursday that the ...
E.U. Leaders Promise $957 Billion Rescue Package for Euro Zone
By David Sessions - Politics DailyIn a meeting that extended into the early hours of Monday morning in Brussels, European leaders agreed on a plan to inject nearly $1 trillion into the continent's economy to help struggling nations like Greece and Portugal, the New York Times reports. The package will deliver $560 billion in new loans and $76 billion under an existing lending program. The International Monetary Fund plans to contribute up to $321 billion, for a total of $957 billion. The European Central Bank also reversed its previous position and agreed to purchase government and corporate debt. The U.S. Federal Reserve ...
Bank Bailout Tax: 'Simple and Fair,' Geithner Says
By John Lund - Politics DailyTreasury Secretary Timothy Geithner made his case for a bank tax to lawmakers on Capitol Hill Tuesday, calling it a "simple and fair principle" to help the government recover bailout money. The proposal would impose a 10-year, $90 billion tax on the largest financial institutions to recoup money from the government's Troubled Asset Relief Program (TARP) put in place to resolve the financial crisis. Geithner said the tax would be levied on banks, broker-dealers and insurance firms that have more than $50 billion in assets. Geithner faced a bipartisan grilling during a Senate Finance ...
Economy Seen as Poor by Many, Despite Signs of an Upturn
By Bruce Drake - Politics DailyWhile the stock market has been generally higher, consumers are spending again, and business activity has picked up, 49 percent of Americans still consider economic conditions to be poor and another 39 percent rate them as "only fair," numbers that are little changed since last June, according to a Pew Research Center poll conducted April 21-26. Sixty-two percent say the economic stimulus program approved by Congress last year has not helped the job situation. Seventy-nine percent of Republicans and 69 percent of independents share that view, while Democrats do believe it has helped by a ...
Senators Assail Goldman on Conflicts of Interest
By Joseph Schuman - AOL NewsANALYSIS (April 27) -- An increasingly frustrated Republican Sen. Susan Collins wanted a yes-or-no answer. Did Fabrice Tourre, the Goldman Sachs executive accused of securities fraud in a government lawsuit against the firm, think Goldman owed a good-faith effort to all the company's investors? "I understand that you do not have a legal fiduciary obligation. But did the firm expect you to act in the best interests of your clients as opposed to acting in the best interests of the firm?" she asked during questioning about a series of deals that featured heavy investor losses on bonds backed ...
Obama Makes Case About Capitalism's Drift
By Joseph Schuman - AOL NewsANALYSIS (April 22) -- It was a policy speech promoting the congressional overhaul of rules that govern banks and finance. It was a political speech arguing for Democrats' economic credentials ahead of midterm elections this fall. But even more, President Barack Obama today made a case that the current financial crisis was caused by an American capitalism that has drifted away from the legitimate aim of mutually helping investors and businesses toward a system that allows a Wall Street elite to grow excessively rich at the expense of most Americans. "A free market was never meant to be a ...
Wide Range of Wall Street Reform Critics
By Steve Pendlebury - AOL News(April 22) -- Not all the criticism of the Democrats' plan for new financial industry regulations is coming from Capitol Hill Republicans. As President Barack Obama demands action, commentators from across the political spectrum are calling for changes in Senate Banking Committee Chairman Chris Dodd's bill. (Click here for summary in PDF.) Their complaints fall into three broad categories. It Won't Really End 'Too Big to Fail' and Bailouts The initial attack, led by Senate Minority Leader Mitch McConnell, claimed that Dodd's legislation would institutionalize "endless taxpayer-funded ...
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