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 helping hand to Read More
The star Republican congressman Kevin McCarthy was standing in front of a hardware store display of screws last month, recording the Weekly Republican Address. “Just as John Hancock,” he said into the camera, “boldly signed his name to the Declaration of Independence, so that even Britain’s King George could read it, I want to say Read More
As the end of the Troubled Asset Relief Program draws near, the agency that hunts down fraudulent recipients of bailout funds is staffing up and ratcheting up its efforts.
Reuters reports that the office of the TARP Special Investor General, which also goes by the spy agency – sounding name TARPSIG, plans to expand Read More
The number of banks that for whatever reason decided they were better off not paying the government the money they owe under the Troubled Asset Relief Program rose to 115, up from 91 in May, TheStreet.com reports.
If a bank racks up six delinquent payments, the government gets to install two new directors on Read More
The healing continues for AIG, one of the most horrifyingly awful performers in the financial crisis and the U.S. insurer that’s most deeply in hock to the federal government. The company announced today that it has paid back almost $4 billion to the Federal Reserve Bank of New York’s revolving credit facility. Not counting interest Read More
There have been rumors all week that something interesting is coming tomorrow from Kenneth Feinberg, who steps down as the so-called Pay Czar next month (because the president put him in charge of BP’s $20 billion compensation fund).
Thanks to the Journal‘s Deborah Solomon, we know a little more about Friday’s surprise, and it Read More
New York’s cover story about the strained relationship between Obama and Wall Street doesn’t offer much in the way of new information, but author John Heilemann did pepper the article with some juicy Glengarry-Glen-Ross-meets-The West Wing-style quotes.
The best among them is a cringe-inducing moment in a section devoted to the lack of Read More
It’s October 2008, the middle of the global financial apocalypse, and Treasury Secretary Henry Paulson has kayaked to a private island. The most expensive government spending act in American history passed a day earlier, but now he’s hunting redfish. “I felt like myself for the first time in a long while,” he sighs in On Read More
