General Motors Co. has completed the contribution of 60.6 million shares of its stock to its U.S. hourly and salaried pension plans, wrapping up the last part of its planned $6 billion in payment. Get the full story »
Inside these posts: TARP
Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.
Fed turns record profits over to Treasury
The Federal Reserve is turning over a record $78.4 billion to the U.S. Treasury Department after its swollen securities portfolios generated big profits in 2010, the central bank said on Monday. Get the full story »
6 banks pay back Treasury’s TARP program
Six banks have repurchased investments the government made under its taxpayer-funded financial rescue program, paying a total of $626 million including dividends, the Treasury Department said Wednesday. Get the full story »
Treasury brings in $35B to offset bailout losses
The Treasury Department has brought in $35 billion in revenue over two years, boosted by ongoing sales of Citigroup stock, new data show. But the Congressional Budget Office projects taxpayers will still lose $25 billion for bailing out the financial sector and U.S. automakers.
AIG comes out of hiding on employee ID cards
Bailed-out insurer American International Group took another step in its restructuring this week, but it is only noticeable to those looking closely: it put the company’s logo back on employee identification cards. Get the full story »
AIG, Treasury plan large stock sale
The government's bailout of AIG during the financial crisis caused controversy, but an offering of AIG stock could come as early as March. Here, workers protest outside of AIG's Chicago offices in 2009. (AP Photo/M. Spencer Green)
The U.S. Treasury could cut its stake in bailed-out insurer American International Group by as much as 20 percentage points through a large stock offering in the first half of 2011, sources familiar with the matter said.
AIG and the Treasury would both sell stock in the offering, which could total more than $10 billion, according to the sources.
The government has seen strong market appetite for stock in bailed-out companies in the past few months, allowing it to be more aggressive in winding down its unpopular rescue of financial firms and other businesses. Get the full story »
Treasury to publicly offer 2.4 billion Citi shares
The Treasury said on Monday it is commencing an underwritten public offering of its remaining 2.4 billion shares of Citigroup common stock. Get the full story »
Treasury gets another $1.8 billion from GM stock
The Treasury Department has received an additional $1.8 billion in net proceeds from the sale of additional stock in General Motors. Get the full story »
Amcore, Harris, other Illinois banks tapped TAF
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 »
Banking giants leaned heavily on Fed in crisis
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 »
GM can avoid federal taxes on $50B of profits
General Motors will not have to pay U.S. federal taxes on up to $50 billion of profits for as long as 20 years, The Wall Street Journal reported on Tuesday, citing people familiar with the matter.
With the standard federal corporate tax rate at 35 percent, that tax break could save GM $17.5 billion, not factoring in tax deductions, the Journal reported. Get the full story »
AIG to get $22B in TARP funds for restructuring
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 »
AIG raises $37 billion to pay back U.S.
American International Group said Monday that it has raised nearly $37 billion as part of its plan to pay back the government’s multi-billion dollar bailout. Get the full story »
TARP report cites bailout’s risks to public trust
An oversight panel for the government’s Wall Street bailout cited risks to the public trust over the handling of the program, as the special inspector general for the Troubled Asset Relief Program released a quarterly report Monday.
The special inspector general was created to monitor the activities of the Treasury Department involving the program started two years ago to save Wall Street from the financial crisis. Get the full story »
