Inside these posts: TARP

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Fed’s Evans: Investors still expect bailouts

Federal Reserve Bank of Chicago President Charles Evans on Friday said investors may still expect ailing financial institutions to be bailed out by governments despite reforms aimed at reversing market psychology. Get the full story »

Fed reveals which banks borrowed during crisis

Foreign banks, regional U.S. banks, and banks fighting for their last chance at survival counted among the heaviest users of the Federal Reserve’s emergency discount lending window during the heat of the 2008 financial crisis. Get the full story »

Fed to identify banks that drew emergency loans

The Federal Reserve plans to release documents on Thursday identifying financial companies that received Fed loans to survive the financial crisis. Get the full story »

Fed to release loan data after Supreme Court move

The Supreme Court has rejected banks' attempts to shield Federal Reserve lending data. (AP Photo/Manuel Balce Ceneta)

The U.S. Federal Reserve Board on Monday said it is preparing to release sensitive emergency lending data from the peak of the 2008 financial crisis after the Supreme Court rejected a bid by major banks to keep the information secret.

The justices, in a short written order, left in place a 2010 federal appeals court decision that ordered the Fed to identify commercial banks that received emergency loans from the central bank during the crisis. Shortly after the announcement, a Fed spokesman said the central bank would release the information, but didn’t provide a time frame. Get the full story »

Princeton bank among 142 to skip Treasury payment

Nearly 150 U.S. banks, including  Princeton National Bancorp, failed to pay a Feb. 15 dividend on bailout money borrowed from the U.S. Treasury. That’s  up from the 123 that skipped their payouts in November.

The study by SNL Financial, tracker of banking industry data, showed that 142 U.S. lenders deferred the dividend payment due under the Troubled Asset Relief Program, or TARP. Get the full story »

U.S. panel issues mixed final verdict on bailouts

The government’s bailout of banks, auto makers and insurers helped prevent a more severe economic crisis, but might have sowed the seeds of the next one, a congressional watchdog group said Wednesday in its final report.

The Congressional Oversight Panel said that the government’s rescue fund may have prevented an economic depression by sending billions of dollars to companies crippled in financial crisis that erupted in 2008. But little has been done to aid to homeowners facing foreclosure or others far from Wall Street, it said. Get the full story »

AIG pays more funds back; TARP recovery at 70%

American International Group repaid another $6.9 billion of its bailout on Tuesday, the U.S. Treasury said.

With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or TARP. Get the full story »

3 years into federal bailout, costs declining

Almost three years after a series of government bailouts began, what many feared would be a deep black hole for taxpayer money isn’t looking nearly so dark.

The brighter picture is highlighted by the outlook for the bailouts’ centerpiece — the $700 billion Troubled Asset Relief Program.

“It’s turning out to cost one heck of a lot less than what we all thought at the beginning,” said Ted Kaufman, a former U.S. senator from Delaware who heads the congressionally appointed panel overseeing TARP. Get the full story »

Treasury receives $25.6M from Wintrust warrants

The government has received $25.6 million after selling warrants it held in Illinois-based Wintrust Financial Corp., the latest move to recoup the costs of the $700 billion financial bailout. Get the full story »

U.S. to auction Wintrust warrants Tuesday

The government says it will auction warrants it holds for Illinois-based Wintrust Financial Corp. on Tuesday in the latest effort to recoup the costs of the $700 billion financial bailout. Get the full story »

CEO: Chrysler must shed ’shyster’ bailout loans

Chrysler is working to refinance what its chief executive characterized as “shyster loans” that the Obama administration extended as part of a bailout to keep the automaker from collapse in 2009.

“I want to pay back the shyster loans,” Sergio Marchionne said at an industry conference, using a derogatory term for an unprincipled lawyer or politician. “Pay back the loans, get those out and then take (the company) public.”

Marchionne, who is also CEO of Italy’s Fiat SpA, has said repeatedly that the high interest rates on $5.7 billion that Chrysler owes to the U.S. Treasury have been an obstacle in the automaker’s return to profitability. Get the full story »

Fifth Third Bank repays bailout money

From DealBook | Midwestern bank Fifth Third Bancorp said Wednesday that it has repaid the $3.4 billion bailout money it received from taxpayers at the height of the financial crisis.

Wintrust looks at multiple acquisitions

OMG. That’s what Wintrust Financial Corp. Chief Executive Ed Wehmer, whose Lake Forest-based company is the first locally headquartered mid-sized bank to repay its bailout money to the U.S. Treasury Department, says he has said when looking at 20 to 25 potential acquisitions recently.

Wintrust hasn’t pulled the trigger on any of them because of their credit problems.

“You get in there, and you go, ‘Oh my God,’” said Wehmer, whose $14 billion-asset company owns 15 banks. Also, the potential acquisition targets didn’t have that great of a franchise, he said. Get the full story »

Metropolitan group banks warned about capital

Most local banks owned by $2.93 billion-asset Metropolitan Bank Group Inc., a Chicago-based lender owned by animal adoption advocates Peter and Paula Fasseas, have been ordered by state and federal banking regulators to shape up. Get the full story »

Treasury announces auction of Wintrust warrants

The government announced Friday that it will auction warrants it holds from Citigroup Inc., Wintrust Financial and another smaller bank in the first quarter of this year. It is the latest effort to recoup costs of the $700 billion financial bailout. Get the full story »