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The G.O.P. Players Present: 'Et Tu?'
By Robert and Donna Trussell - Politics DailyFollow the Trussell cartoons on Twitter at ChaosTheoryPD ...
Obama Plan to Make Cheaper Coins Criticized by Businesses
By Christopher Weber - Politics DailyThose pennies and nickels in your pocket cost more to manufacture than they are worth. That's why the Obama administration wants to use cheaper materials -- possibly an aluminum alloy -- to make the coins. "Making coins from more cost-effective materials could save more than $100 million a year, which isn't just pocket change," said Dan Tangherlini, the Treasury Department's chief financial officer. But some businesses, particularly vending machine owners and laundromat owners, are preparing to fight the administration plan to downgrade nickels. They're worried that any change in weight ...
Elizabeth Warren: Bank Watchdog Who Belongs on Supreme Court
By Donna Trussell - Politics DailyOn Monday CNN reported that Elizabeth Warren, Harvard law professor and chair of the Congressional Oversight Panel for the Troubled Assets Relief Program (TARP), made the short list of nominees to replace Justice John Paul Stevens. What a difference a year makes. I called it here on Politics Daily last May, but back then I was dreaming more than predicting. ...
Treasury Quickly Halts Plan to Sell Citigroup Stock
By David Sessions - Politics DailyThe U.S. government abruptly halted its plan to begin selling its 34 percent stake in Citigroup after investors demanded a price so low that the Treasury Department would have lost money on the deal, the Wall Street Journal reports. The decision comes an embarrassing two days after the department arranged major tax breaks with the IRS in order to broker a deal to help Citi repay its $20 billion in bailout money. The government's shares in Citigroup got a lukewarm response on Wall Street this week, where investors were wary of earnings prospects and had already spent heavily on shares from ...
Treasury to Deploy 'Financial SWAT Teams' to Police Mortgages
By Christopher Weber - Politics DailyThe Treasury Department says it will try and reduce the high national rate of foreclosures by sending financial "SWAT" teams this month to police the performance of leading mortgage servicers.The monthlong effort is part of the $75 billion Home Affordable Modification Program, which calls for permanent changes to distressed mortgages that would benefit homeowners in financial trouble, McCLatchy reported Monday. The Obama administration accuses servicers of acting too slowly to modify toxic mortgages. A trial period of 650,000 mortgage modifications has saved borrowers an average of $576 per ...
Treasury to Auction Off Investments in Three Banks
By Christopher Weber - Politics DailyThe Treasury Department will auction off its remaining investments in three banks, freeing them from the federal bailout program, it was reported Friday. As part of last year's Troubled Asset Relief Program, the Treasury received warrants from JP Morgan Chase, Capital One Financial, and TCF Financial. By selling those warrants, which are similar to stock options, the government will release the lenders from TARP and raise up to $3.1 billion, the New York Times reported. One analyst predicts the warrants on JP Morgan alone could collect as much as $2.75 billion, which would bring a profit for ...
Administration Plans Limits on Institutions 'Too Big to Fail'
By David Sessions - Politics DailyCongress and Obama administration officials are planning to introduce legislation this week to rein in companies so large that the government has no choice but to rescue them from financial trouble, the New York Times reported Monday. The Times says the proposed legislation would "make it easier for the government to seize control of troubled financial institutions, throw out management, wipe out the shareholders and change the terms of existing loans held by the institution."Rep. Barney Frank, the chairman of the House Financial Services Committee, could introduce the bill this week after ...
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 ...
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 ...
Fed Resuce of Mortgage Giants Planned
By Mark Impomeni - Politics DailyThe Federal Reserve and the Treasury Department announced plans today to throw troubled mortgage giants Fannie Mae and Freddie Mac a lifeline, granting the Federal Reserve Bank of New York authority to lend money to the companies for the first time. The companies were created by the federal government to broaden access to home ownership. Both have since transitioned from government owned to privately owned companies. Together, they hold or guarantee $5.3 trillion in mortgage debt, nearly half of the outstanding mortgages in the United States. A loan backed by either Fannie or Freddie ...
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