U.S. To Extend $20 Billion In Fresh Capital To Bank of America
U.S. officials Friday unveiled plans to provide Bank of America Corp. (BAC) with an additional $20 billion in capital and to help it absorb losses related to a $118 billion pool of troubled assets. The 00:15 EST announcement from the U.S. Treasury Department comes the day after the U.S. Senate voted against blocking the release of a second tranche of funding under the $700 billion Troubled Asset Relief Program and just hours before Bank of America was scheduled to release its fourth quarter earnings.
Fed Details Decision to Save Bear
The Federal Reserve in March believed it had no choice but to help facilitate the rescue of iconic Wall Street investment firm Bear Stearns Cos. to protect financial markets, minutes of March meetings released Friday show.
U.S. AIG Aid Strongly Benefited Foreign Banks
By seeking more information from foreign governments, the U.S. could have borne less of the financial risks related to the rescue of the American International Group (AIG).
Geithner Denies Role in AIG Counterparty Payment Decisions
U.S. Treasury Secretary Timothy Geithner on Wednesday will tell lawmakers that he wasn’t involved in deciding what information to disclose about controversial payments the rescued American International Group made to its counterparties.
Citigroup Not Subject To Pay Controls
Citigroup Inc. (C) executives have just gotten an early Christmas present from the U.S. government: confirmation that they won’t be subject to special-master pay rulings in 2010.
Treasury Bailout’s Limits on Lobbyists Still Haven’t Taken Effect
A plan by Treasury Secretary Timothy Geithner to limit lobbyists’ influence over the $700 billion bailout program has yet to get off the ground — even as the program nears an end.
TARP Dividend Collections To $7.3Billion Despite Nonpayments
The U.S. Treasury has so far collected a combined $7.3 billion in dividend payments from many of the hundreds of banks to which it has loaned government capital.However, 17 banks have failed to make dividend payments due to the Treasury on May 15.
Obama Administration’s Homeowner Aid Will Bypass Many
Despite its improving efforts to slow the pace of foreclosures, the administration’s homeowner rescue programs “even when they are fully operational, will not reach the overwhelming majority of homeowners in trouble.”