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Wall Street bailout
Rep. Dana Rohrbacher: George W. Bush 'Destroyed' the GOP
By Christopher Weber - Politics DailyA GOP congressman says former President George W. Bush is "not a class act" who "destroyed" the Republican Party. Rep. Dana Rohrabacher of California made the comments Wednesday on his Twitter account, in response to a tweet from a conservative law professor who complimented Bush for not criticizing his successor, Barack Obama. Rohrabacher, who won re-election last week, tweeted back: @MarkRMatthews Bush not class act, destroyed GOP, jailed Ramos & Compean, left us bailouts, gave more power to fed gov & China. Rohrbacher alluded to Border Patrol agents Ignacio Ramos and Jose Compean, who ...
Sen. Ted Kaufman to Replace Elizabeth Warren On Bailout Oversight Panel
By Christopher Weber - Politics DailySen. Ted Kaufman (D-Del.) has replaced Elizabeth Warren on the panel that oversees the federal government's Wall Street bailout program. Kaufman was appointed Thursday to the Congressional Oversight Panel by Senate Majority Leader Harry Reid, MarketWatch reported. COP is charged with keeping track of the $700 billion spent as part of the Troubled Asset Relief Program at the height of the financial crisis. It will oversee TARP and report on its effectiveness until its authority expires on April 3, 2011. The outgoing senator, a longtime aide to Vice President Joe Biden, fills the seat left ...
Public Gives High Marks to Tougher Financial Regulation, but Pans Other Measures
By Bruce Drake - Politics DailyThe new law increasing regulation of banks and the financial industry is the only one of five major initiatives passed by Congress that gets support from a majority of Americans, according to a Gallup poll conducted Aug. 27-30. Sixty-one percent approve of the legislation that expanded federal banking and securities regulation, brought the trade in derivatives under government oversight for the first time, and created a council of federal regulators to monitor the financial system as well as a new regulator to protect consumers. Thirty-seven percent disapprove of the measure. The government ...
Financial Reform Bill Signed into Law: 5 Key Changes Outlined
By Dana Chivvis - AOL News(July 21) -- President Barack Obama signed the sweeping financial reform bill into law today, just six days after it passed the Senate. The Dodd-Frank Wall Street Reform and Consumer Protection Act is meant to protect consumers, add transparency to the financial markets, and restructure government power so that companies are no longer "too big to fail." Below, Surge Desk reminds readers of the five most important aspects of the bill, as outlined here last week. 1. The economy gets a new monitor, and failing firms a new undertaker. Headed by the secretary of the treasury, the Financial ...
Chaos Theory: The Banks Are Back; Break Out the Chianti
By Robert and Donna Trussell - Politics Daily...
Chaos Theory - AIG's Bonus of Contention
By Robert and Donna Trussell - Politics Daily...
Chaos Theory - Bonus on Wall Street: Nothing Can Stop It
By Robert and Donna Trussell - Politics Daily...
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 ...
Obama Accepted AIG Cash for Campaign
By Mark Impomeni - Politics DailyWith all the outrage coming from the White House over bonuses paid to executives at the troubled AIG Insurance group, the White House might be a bit embarrassed to admit that as a Senator, President Obama took plenty of money from AIG in the form of campaign contributions. According to OpenSecrets.org, Senator Obama was the second largest recipient of campaign dollars from AIG at $101,332. Only Connecticut Senator Chris Dodd (D-CT), Only Connecticut Senator Chris Dodd (D-CT), who, it turns out, is responsible for the loop hole that allowed the bonuses to be paid to AIG executives.For ...
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 ...
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