Two former officials of the failed San Francisco-based United Commercial bank that received a $298 million loan from the federal government have been charged with securities fraud.
The bank ultimately failed and cost the Federal Deposit Insurance Corp. an estimated $2.5 billion. Read More
WHO: Treasury Department Office of Financial StabilityWHAT: The OFS paid “$91,482 in ineligible fees and expenses” to a law firm working on issues related to the Troubled Asset Relief Program, according to the special inspector general for TARP.WHY IT’S AN OUTRAGE: The OFS should have known the fees were ineligible because they were specifically disallowed under the contract with the law firm. Read More
First General Motors falsely claimed they repaid all of their TARP money. Then Chrysler did the same thing. Now a slew of banks is using the same playbook to claim they have paid the government for their TARP funds. Read More
President Obama's claims to have saved the U.S. auto industry with government bailouts, takeovers and buyouts in 2009 don't quite square with the facts. Read More
If what this country needs is a good 5-cent cigar, as a long-ago politician once opined, the last thing it needs today is another federal police force. But that is what it seems to be getting. Read More
Another way in which the federal budget vote and the state-level battle over public-sector unions are related:
Illinois, which plans to sell $3.7bn of pension bonds next week, may seek a federal guarantee on retirement-system debts if its unfunded liabilities can’t be eliminated, according to budget documents.
Illinois's pension plans have an unfund Read More
Sen. Orrin Hatch from Utah participated on a balanced budget panel yesterday at CPAC, but was immediately questioned by a member of the audience about his 2008 vote for the Wall Street bailout. “Under the circumstances at that time, we were going down,” Hatch said. “Let me tell you, we were going down. The secretary of the treasury said this is what had to be done.” Read More
President Obama's former director of the Office of Management and Budget Peter Orszag fired back over criticism for his move to Citigroup as an example of the revolving door between big government and big business. He claims he had nothing to do with the White House's financial rescue efforts, which is such a distortion of fact, it's hard to know where to begin.
According to The Daily, Orszag explained: Read More
The Wall Street Journal released this little tidbit about Citigroup from the Treasury Department today:
Overall, taxpayers are expected to end up with a $12.3 billion profit on the government's $45 billion investment in the company during the 2008 financial-sector bailout. Last year, Treasury sold its 34% stake of common shares of Citigroup. Read More
After President Obama uses the State of the Union address to call for increased "investment" in projects like high-speed rail and clean energy, Republicans will deliver a response emphasizing the urgent need to cut federal spending. House Budget Committee chairman Paul Ryan will do the talking, but the fact is, Republicans aren't speaking with one voice these days when it comes to the most important item on their agenda. Read More