This Old House
A coalition of grassroots groups released a report today accusing the Andrew Cuomo-allied Committee to Save New York of taking billions of dollars in government subsidies and of trying to shirk paying taxes. The Public Accountability Initiative says that businesses affiliated with the committee have been approved for $2 billion in state and local subsidies and Read More
Corporate fireman and Bank of America CEO Brian Moynihan can give himself a little pat on the back over the putback deal he’s inked with mortgage giants Fannie Mae and Freddie Mac. In the wake his companies’s agreement to settle putback claims by the government-sponsored entities yesterday, Barry Ritholtz at The Big Read More
Treasury Secretary Tim Geithner is just bursting with pride over the government’s bailout of the nation’s large banks during (and beyond) the 2008 financial crisis. By Mr. Geithner’s estimation, the intervention will only cost around 1 percent of U.S. GDP — pretty cheap as far as systemwide emergency procedures go. The New York Times Read More
This Old House
AIG, the U.S. government’s $100 billion-plus foster child, has succeeded in borrowing money from people not named Uncle Sam for the first time since its spectacular 2008 implosion, The Wall Street Journal reports.
According to The Journal, AIG sold $2 billion in three- and 10-year notes at yields that were higher than those Read More
Naked Capitalism’s Yves Smith, a razor-tongued chronicler of the assorted banking foibles that are tied up in the ongoing foreclosure crisis, has a sharp takedown of the financial services industry in Sunday’s New York Times.
Some pointed and articulate excerpts from “How the Banks Put the Economy Underwater“:
Banks are claiming that these Read More
AIG, the enormous bailed-out insurance company, announced today that the sale of its ALICO life insurance unit to MetLife and its initial public offering of AIA on the Hong Kong stock exchange have netted billions of dollars to repay the U.S. government, which has generously and repeatedly extended a Read More
Apparently Bloomberg BusinessWeek has a severe beef with the very idea of any future government bailouts of U.S. financial firms. Readers who use an RSS reader have seen Chris Farrell’s Monday evening missive titled “End Bailouts — No Ifs, Ands, or Buts” cycle before their eyes untold times today.
The Observer wouldn’t Read More
The end of the troubled marriage between hobbled insurer AIG and the U.S. taxpayer draws near. But the major news outlets haven’t quite made up their minds how near th end really is. Today, The New York Times reports that the U.S. is getting ready to present an exit plan “by next week.” Read More
Bloomberg reports that a specific timetable is emerging for a Treasury exit from AIG, the insurer that nearly blew up in the fall 2008 but was systemically important and hence bailed out. Citing three people with knowledge of the talks, Bloomberg says Treasury could announce a plan to get taxpayer money out of Read More