government bailout

Bank of America is sure it meets TARP exiting requirement

December 6, 2010 - 5:07am | Banks and internet banks | News

According to the newest reports by the Financial Times the largest US lender Bank of America reported to the Federal Reserve it has met the final condition in repaying the government's $45 billion bail-out funding. BofA was given until the end of this year to record the gains.

Bank of America | common shares | government bailout | TARP

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US bailout helped many foreign companies whose states didn’t stir a finger

August 12, 2010 - 9:00am | Analytics | News

The Congressional Oversight Panel said that the United States helped many foreign banks when pouring huge amounts of money into its economy. It noted that bailing out ailing financial firms during the 2007-09 crisis helped many foreign banks whose governments should have shared some of the burden.

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GMAC gets additional government aid in size of $3.5 billion

December 30, 2009 - 6:13am | Banks and internet banks | News

According to the Wall Street Journal report, GMAC Financial Services is close to getting about $3.5 billion in added bailout from the US government.

As it’s known, the company has already gotten $12.5 billion December 2008.

The announcement is expected within days and will coincide with GMAC taking additional steps to absorb losses related to its mortgage operations.

According to a person familiar with the deal, this measure has been crafted to return the company to profitability in the first quarter of 2010.

GMAC Financial Services | government bailout | ResCap | US

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FDIC chairman believes it’s impossible for small banks to contest with giants

October 20, 2009 - 8:28am | News

Community banks are coming under intense pressure from a crumbling commercial real estate market, a weak economy — and lop-sided competition with banking goliaths deemed too big to fail, FDIC Chairman Sheila Bair said Monday.

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Money lent to General Motors and Chrysler is unlikely to be repaid to taxpayers

September 9, 2009 - 12:35pm | Analytics | News

Taxpayers face losses on a significant portion of the $81 billion in government aid provided to the auto industry, an oversight panel said in a report to be released Wednesday.

The Congressional Oversight Panel did not provide an estimate of the projected loss in its latest monthly report on the $700 billion Troubled Asset Relief Program. But it said most of the $23 billion initially provided to General Motors Corp. and Chrysler LLC late last year is unlikely to be repaid.

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FBI is proactive in preventing TARP fraud

June 3, 2009 - 4:52am | Fraud | News

Addressing the Economic Club of New York on Tuesday Director of FBI Robert Mueller said that the FBI along with other U.S. agencies were working to prevent wrongdoing related to the government bailout money and the economic stimulus package.

Mueller also said the agency was shifting resources in New York to combat white-collar crime. He noted that the agency had 1,300 securities fraud cases, including many Ponzi schemes.

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Chairman of Lloyds will leave in a year as shareholders chafe at HBOS purchase

May 18, 2009 - 2:19am | Banks and internet banks | News

A British paper reported on Sunday that the chairman of Lloyds Banking Group PLC Sir Victor Blank will leave his position amid criticism over the purchase of struggling bank HBOS. Sky News and the BBC, meanwhile, said the bank's board was meeting Sunday morning.

Blank has been under pressure of shareholders since he agreed to the Lloyd’s acquisition of ill-fated HBOS that earlier this year posted a full-year loss of 7.5 billion pounds, said the Sunday Telegraph.

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Unlike other banks Citi generously lends TARP money to borrowers

May 12, 2009 - 7:49am | Banks and internet banks | News

Citigroup Inc. has revealed it would use its $45 billion in government capital to make $44.75 billion in new loans. As for other ways the bank plans to spend its finances the Citigroup would spend $2 billion more to finance suppliers, $1 billion more in residential mortgages, and $250 million more in auto loans.

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Barclays’ profits driven by Lehman Brothers

May 5, 2009 - 7:26am | Banks and internet banks | News

It is expected that Barclays will publish its first-quarter profits this week. Many are interested in results as they are supposed to include information regarding the increasing price of the company shares.

There are forecasts that the bank will report profits of about ?1.2 billion, and that is with consideration of impairment charges of over ?2.2 billion.

banking | Barclays | first quarter report | government bailout | Lehman Brothers

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TARP funds repayment becomes a bit of a problem

April 20, 2009 - 1:41am | Banks and internet banks | News

As some largest banks like Goldman Sachs and JPMorgan are seeking to repay the government bailout funds under the TARP program the Financial Times reported that banks will be allowed to return federal aid funds only if they pass special tests meant to determine whether the repay is in the national economic interest.

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GMAC recruits 1,000 people to handle jumbo loans

April 17, 2009 - 4:53am | Banks and internet banks | News

General Motors’ Detroit based subsidiary GMAC LLC, that received government financial support announced that it intends to employ 1,000 people in order to handle a surge in refinancing and jumbo loans. GMAC also said Residential Capital LLC is making more jumbo loans, which are usually in amounts above $417,000, although borrowers are to put down 20% and more.

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Mortgage companies Fannie Mae and Freddie Mac won’t exist any more?

April 16, 2009 - 5:00am | Analytics | News

Lawmakers are pressing Fannie Mae and Freddie Mac to rearrange their operations as the two housing companies are seeking more government financing. One option considered is the merger of the two companies breaking them up or reshaping their missions, reports Bloomberg.

“It’s highly unlikely that they would return to the way they used to be,” said Ira Jersey, the head of U.S. interest rate strategy at RBC Capital Markets in New York.

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Treasury thrust TARP on the financial institutions, Wells Fargo thinks

March 16, 2009 - 9:22am | News | Other themes

Richard Kovacevich, Wells Fargo & Co. Chairman, during his speech on March 13 at Stanford University in California criticized the Troubled Asset Relief Program, and called the stress-testing banks “asinine.”

Kovacevich, 65, stated that when the U.S. Treasury persuaded the nation’s nine biggest banks to accept capital investments in October, it signaled the whole industry was weak, although some of them, including Wells Fargo didn’t need the capital.

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HSBC will not need further capital injection

March 16, 2009 - 9:21am | Banks and internet banks | News

Chief financial officer of HSBC Holdings, the U.K. and Hong Kong listed bank, said it would not require a U.K. government bailout even if economic conditions continue to worsen.

The CFO Douglas Flint added neither was bank planning to raise additional capital from shareholders as it already did raise $17.7 billion earlier this month through a rights share holding. He stated the amount raised was enough to make the bank “robust in any set of circumstances bank analysts could foresee.

banking | financial aid | government bailout | HSBC | shareholders

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AIG to be renamed with additional $30 billion bailout?

March 2, 2009 - 4:54am | News | Other themes

As The Wall Street Journal reported on Sunday, American International Group Inc. will receive additional up to $30 billion federal assistance as a part of a government bailout. It’s an intention to help the baited insurance company wrestle with $60 billion in quarterly losses and other problems.

AIG | government bailout | Moody's | Standard & Poor's | Wall Street Journal

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