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Chicago’s Arie and Ida Crown Memorial, the Crown Investment Fund, the Edgar D. Jannotta Jr. Revocable Trust and Allstate were among the “material investors” in various trusts and funds that borrowed under Federal Reserve programs aimed at easing the financial crisis, newly released records show.
The Term Asset-Backed Securities Loan Facility, or TALF, was set up by the Fed in November 2008 and began lending in March 2009. Get the full story »
Harris Bank on LaSalle Street. (Phil Velasquez/Chicago Tribune)
About two dozen Illinois banks, including failed Amcore Bank and the parent of foreign-owned Harris Bank, tapped a Federal Reserve program that increased the amount of liquidity available to lenders during the financial crisis.
The Fed’s Term Auction Facility was established in December 2007, shortly after the first signs of the financial crisis began appearing.
Under the new Dodd-Frank Wall Street Reform & Consumer Protection Act of 2010, the Fed was required to make more details available on the more than 21,000 transactions in TAF and other programs intended to stabilize markets during the financial crisis, and to help get credit flowing again in hopes that the economy would recover and jobs would be created. Get the full story »
Goldman Sachs CEO Lloyd Blankfein testifies before a Senate investigative committee on Capitol Hill, April 27, 2010. (Jim Watson/AFP/Getty Images)
Goldman Sachs, Citigroup and other big U.S. banks repeatedly sought help from the Federal Reserve during the financial crisis, according to data on Wednesday that showed just how precarious their situation was at the time.
Many of the firms now boasting solid profits had to rely on funding from the U.S. central bank, which essentially acted as the glue holding the financial system together in the tumultuous months that followed the bankruptcy of Lehman Brothers in September 2008.
Citigroup, Morgan Stanley and Merrill Lynch, now part of Bank of America, were the three biggest recipients of the Fed’s key emergency lending programs, according to a Reuters analysis of Fed data. Goldman Sachs was sixth on the list, contradicting claims from its top executives that the firm always had plenty of cash on hand. Get the full story »
The U.S. Treasury said on Monday that bailed-out insurer American International Group will draw up to $22 billion in Treasury funds to facilitate its restructuring and prepare for an eventual government exit. Get the full story »
American International Group is close to finalizing a plan for the U.S. government to sell its stake in the insurer and is hoping it will yield a profit for taxpayers who bailed out the company, Chairman Steve Miller said on Wednesday. Get the full story »
More than 100 U.S. banks failed to pay an Aug. 16 dividend on bailout money they borrowed from the U.S. government, signaling that the number of banks struggling to meet obligations under the program is rising. Get the full story »
General Motors Co. took a big step toward repaying a controversial taxpayer-funded bailout by declaring plans for a landmark stock offering that represents a critical test for the Obama administration.
The automaker said it planned to list the shares on the New York Stock Exchange and the Toronto Stock Exchange in an initial public offering that comes amid a still-weak global market for cars that is vulnerable to a further downturn.
The Obama administration wants to be able to cast its $50 billion GM bailout as a financial success in the face of public skepticism and Republican political opposition but some analysts are still wary of the offering. Get the full story »
