Were Healthy Banks Forced Forced to Surrender Ownership Stakes to Government? It’s question that needs to be answered… From reading this CNSNews.com piece it would seem at least a few “healthy” banks were forced into surrendering ownership stakes to the government: Last October, then-Treasury Secretary Henry Paulson ordered nine banks that the Treasury Department described […]
FDIC
TARP Price Tag Could Reach $2.9 Trillion?
CNSNews has a rather frightening report on the Special Inspector General for the Troubled Asset Relief Program’s report to congress. In short the report says that although Congress limited the Treasury Dept. to spending only $700 billion on TARP the program’s partnerships with the Federal Reserve and the Federal Deposit Insurance Corporation could bring the […]
Dianne Feinstein Routed Government Money to Husband’s Firm
The Washington Times is reporting today that Senator Dianne Feinstein (D-CA) took unusual steps to route route taxpayer dollars to the Federal Deposit Insurance Corp. which had just awarded her husband’s firm a lucrative contract: On the day the new Congress convened this year, Sen. Dianne Feinstein introduced legislation to route $25 billion in taxpayer […]
Washington Mutual Sues the FDIC
Washington Mutual Inc. has filed suit against the FDIC seeking to recover roughly $13 billion connected to the seizure and sale of its banking arm by federal regulators. From Reuters: NEW YORK (Reuters) – Washington Mutual Inc, the failed U.S. savings and loan, has sued the Federal Deposit Insurance Corp for well over $13 billion […]
Here We Go Again: Feds Agree to Citibank Bailout
From the Wall Street Journal: The federal government agreed Sunday to take unprecedented steps to stabilize Citigroup by moving to guarantee close to $300 billion in troubled assets weighing on the bank’s books. Treasury has agreed to inject an additional $20 billion in capital into Citigroup under terms of the deal hashed out between the […]