The financial crisis that started with overly indebted Greece is spreading rapidly to engulf Spain, Portugal, and European Union banks. The world may need a TARP-like rescue effort to contain Europe's contagion.
Continue reading Can a TARP in the EU Buffer the World From Europe's Crisis?
Can a TARP in the EU Buffer the World From Europe's Crisis? originally appeared on DailyFinance on Thu, 29 Apr 2010 10:10:00.
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Moody's Corp.
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bank bailout, banking crisis, crzby, crzby, ing, eu, europe, European Union, greece bailout, greek debt crisis, ING, Portugal, ratings agencies, sovereign debt, spain, TARP
Senate Banking Committee, which Dodd chairs, retains a general counsel, Amy Friend, who apparently tried to profit off the implosion of Wells Fargo, Morgan Stanley, AIG and other financial institutions in the 2008 collapse. The counsel's actions were legal -- but despicable.
Continue reading With Friends Like Friend, Who Needs Financial Reform?
With Friends Like Friend, Who Needs Financial Reform? originally appeared on DailyFinance on Thu, 18 Mar 2010 11:40:00.
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People,
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Morgan Stanley ,
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| AIG, bank bailout, Chris Dodd, Countrywide Financial, financial crisis, fnm, fre, ms, ms,wfc,aig,fnm,fre, Wall Street bailout, wfc
Citigroup's CEO told the TARP oversight panel that "Citi is now a smaller institution that is focused on being a bank." He also called for greater consumer protections at the federal level. And Pandit stressed that Citi is solvent and won't need more TARP funds.
Continue reading Vikram Pandit: Citi Is No Longer a Financial Supermarket
Vikram Pandit: Citi Is No Longer a Financial Supermarket originally appeared on DailyFinance on Thu, 04 Mar 2010 12:00:00.
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Wells Fargo CEO John Stumpf made $21.3 million last year, up from a mere $8.8 million in 2008.
Continue reading Wells Fargo Chief Makes $21.3 Million
Wells Fargo Chief Makes $21.3 Million originally appeared on DailyFinance on Thu, 04 Mar 2010 05:00:00.
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Citigroup,
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In perhaps the most epic lawsuit of the bailout era, the free press, led by Bloomberg L.P., has sued the Federal Reserve over its commitment to keep the bank bailout details secret. If the Fed and its bank allies win, all the bailout details will remain shrouded in secrecy.
Continue reading Latest Legal News: Why Is the Fed Siding With Banks Over Taxpayers?
Latest Legal News: Why Is the Fed Siding With Banks Over Taxpayers? originally appeared on DailyFinance on Sun, 14 Feb 2010 20:45:00.
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| bac, bank bailout, c, federal reserve, financial crisis, jpm, jpm,c,bac,nyt,nws, legal affairs, nws, nyt
The
Washington Post reports that American International Group (
AIG) is poised to pay workers in its Financial Products Group (FPG) a $100 million bonus today. FPG sold credit default swaps (CDSs), a form of bond insurance, without reserving against the possibility that it would have to pay claims on them. And that group is primarily responsible for America's
$182.3 billion AIG bailout in September 2008.
In a normal business, you pay bonuses to top-performing employees if the business earns a hefty profit. So, of course, AIG must have earned a profit, right? Not exactly. It lost $99 billion in 2008 and $5 billion in the first three quarters of 2009. So why do these people now deserve a bonus?
Continue reading Here's a Suggestion for AIG and Its $100 Million Bonus Plan
Here's a Suggestion for AIG and Its $100 Million Bonus Plan originally appeared on DailyFinance on Wed, 03 Feb 2010 12:10:00.
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