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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bank bailout, banking crisis, crzby, crzby, ing, eu, europe, European Union, greece bailout, greek debt crisis, ING, Portugal, ratings agencies, sovereign debt, spain, TARP
Ratings downgrades for Spain, Portugal and Greece have alarmed already-rattled credit markets, sending borrowing costs sky-high. As contagion spreads, Europe's politicians need to stop dithering over the bailout and take dramatic steps to reassure markets.
Continue reading Greek Debt Crisis: Europe Needs to Act Decisively Now
Greek Debt Crisis: Europe Needs to Act Decisively Now originally appeared on DailyFinance on Wed, 28 Apr 2010 16:15:00.
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The feds's $700 billion bailout program has helped big banks but hasn't done much for the little guy, a key government official said Tuesday. Long-term unemployment remains at the highest rates in memory and this year's foreclosures are expected to eclipse the 2.8 million in 2009.
Continue reading Bailout Has Been Good for Wall Street, Not Main Street
Bailout Has Been Good for Wall Street, Not Main Street originally appeared on DailyFinance on Tue, 20 Apr 2010 19:00:00.
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A year ago, the Feds estimated bailout costs at more than $250 billion. But thanks to a faster-than-expected economic rebound, Treasury now forecasts that the real price to taxpayers could drop to approximately $89 billion. Of course, some big ifs still lurk.
Continue reading Federal Bailout Costs Now Look $161 Billion Slimmer
Federal Bailout Costs Now Look $161 Billion Slimmer originally appeared on DailyFinance on Mon, 12 Apr 2010 16:34:00.
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The government could garner some $8 billion in profit when it sells its common stock in the troubled banking giant over the course of the year. Treasury received its Citi stake of about 27% last year in the $45 billion federal bailout.
Continue reading Treasury Will Sell Its Citi Stake -- and Reap Billions in Profit
Treasury Will Sell Its Citi Stake -- and Reap Billions in Profit originally appeared on DailyFinance on Mon, 29 Mar 2010 11:35:00.
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Kenneth Feinberg, the Obama administration's pay czar, issued several rulings Tuesday reducing compensation packages for executives at five U.S. companies that have yet to fully repay their federal bailout funding.
Continue reading Obama's Pay Czar Cuts Compensation at Five Bailout Companies
Obama's Pay Czar Cuts Compensation at Five Bailout Companies originally appeared on DailyFinance on Tue, 23 Mar 2010 16:34:00.
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General Motors' new Chief Financial Officer says there is a "reasonable chance" the company will show a profit by the end of the year. And although the slimmed down auto giant is in no rush, it could even do an IPO in 2010.
Continue reading GM May See Profit in 2010, Mulling Possible IPO
GM May See Profit in 2010, Mulling Possible IPO originally appeared on DailyFinance on Wed, 17 Mar 2010 11:33:00.
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In Tuesday's legal news, the former CEO of Park Avenue Bank of New York City, which failed last week, is accused of fraud, and Wells Fargo is fined for changing locks and trespassing on Long Island property in foreclosure.
Continue reading Legal Briefing: Bank Exec Charged with TARP Fraud
Legal Briefing: Bank Exec Charged with TARP Fraud originally appeared on DailyFinance on Tue, 16 Mar 2010 11:30:00.
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Last week, Citigroup CEO Vikram Pandit said the bank owed U.S. taxpayers a "large debt of gratitude." Reports out Wednesday show how he plans to bolster Citi's balance sheet after repaying the government for its financial aid.
Continue reading Grateful Citigroup Reveals Plans for Digging Itself Out of the Hole
Grateful Citigroup Reveals Plans for Digging Itself Out of the Hole originally appeared on DailyFinance on Wed, 10 Mar 2010 12:15:00.
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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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