A published report says Fannie Mae CEO Herb Allison is expected to be named by the Obama administration to head the government's $700 billion Troubled Asset Relief Program.
Shares of Genworth Financial Inc. lost nearly a fifth of their value Monday after the insurance company said it would not be eligible to participate in the government's $700 billion financial rescue program, deflating hopes that it would soon get a lifeline.
In an April 8 story about life insurers, The Associated Press reported erroneously that regulators approved applications earlier this year from Genworth Financial, Prudential Financial and Aegon NV to become thrift holding companies so they could gain access to the Treasury Department's bank rescue fund. Aegon withdrew its application to become a thrift holding company, while Genworth's application hasn't yet been approved. Prudential never had an application pending because it is already a thrift holding company.
Shares of large U.S. life insurance companies initially surged Wednesday following news they may receive aid from the government's $700 billion financial industry rescue program. But the Treasury Department said only life insurers that own banks or saving and loans qualify for assistance, and that no new programs for the industry were being considered.
Treasury Secretary Timothy Geithner made the rounds of Washington talk shows Sunday to make the case that the government’s efforts to bailout the financial system are on track. Geithner also said the Treasury has about $135 billion left in bailout funds and that, if more is needed, “we’ll cross that bridge when we come to it.”
Goldman Sachs Group Inc. said Tuesday it hopes to return its $10 billion investment from the government as soon as possible.
With a key deadline looming just a day away, GMAC LLC is running out of time and hasn't found nearly enough support for its plan to swap $38 billion of debt, become a bank holding company and gain eligibility for part of the government's $700 billion bank rescue package.
GMAC Financial Services, the financing arm of General Motors, said Wednesday that its bid to become a bank holding company and qualify for aid under the government's $700 billion bank rescue plan may be in danger because it hasn't raised the capital needed to meet federal requirements.
GMAC Financial Services, the financing arm of General Motors, said Thursday it applied to become a bank holding company, making it eligible for aid under the government's $700 billion bank rescue plan.
This weekend's summit of world leaders was supposed to generate ideas about how to repair battered financial markets. Instead it is shaping up as a philosophical debate about the future of free-market capitalism.
A strong burst of wind caught the tarp as the Colorado Rockies' grounds crew tried to roll it over the infield during a seventh-inning rain delay on Sunday, sending crew members flying into the air.
Since Madoff, it appears the house of cards is now collapsing. It's obvious these cases take extensive effort to uncover and investigate. Good Job, SEC. We'll stay tuned to see how many more like this from other financial firms have sparked the collapse.
OMAHA, Neb. (Fortune) -- Berkshire Hathaway chief Warren Buffett defended the government's handling of the economic crisis, but warned that the purchasing power of the dollar may fall as policymakers stretch to finance expensive rescue plans.
The Chrysler reorganization is shaping up as another milestone in the decline of the rule of law under Barack Obama.
Moving it on quickly through the legislative process, if approval is gained in the Senate, some changes won't be in effect for one year. You also might want to check out the CEO salaries for 2008. Notice top dollar has gone to the fat cats in this sector.
More lawyers? C'mon. Be gentlemen & ladies and focus on cleaning up the mess. Courts are clogged with senseless drivel already. Let Judge Judy decide this one.
I've physically seen credit reports of someone who's considered in the upper echelon. His scores were through the roof and not a single blemish to be seen anywhere at anytime. Pristine. What I'd like to know...
For a year or more, the power of the media and its impact on the world today has taken shape. For years, we have had those whose belief in the media has trumped all else. Some of the most famous were almost never seen before they began to us the media to their advantage.
Big difference between BofA and American Express. Shareholders are informed.
Not that my piddly shares held could ever compete with that of the current board or Buffett's ownership... I didn't receive a proxy statement regarding this. The statement also didn't disclose how MUCH that pay was either.
I realize changes have to be made for the auto industry to survive here in Detroit but as changes are considered and decisions are made keep in mind that these decisions affect the people in this entire region, not just the bottom line of the big 3.
The legislation would expand federal fraud laws to cover funds disbursed under both the $700 billion financial rescue program enacted last year and the $787.2 billion economic stimulus package signed into law this year.
The Wall Street Journal reports that the biggest financial institutions "made or refinanced a total of $226.3 billion of loans in October.
On July 15, 2007, The New York Times published an article with the headline "The Richest of the Rich, Proud of a New Gilded Age." The most prominently featured of the "new titans" was Sanford Weill, the former chairman of Citigroup, who insisted that he and his peers in t …
Wow, a great summary of government power gone awry. And the cap and trade will multiply this by a factor of ten at least.
Where oh where has my Rodeo Drive gone? My Black Card has been cut off. Credit lines should now be called Shopausaurus as they are extinct.
The U.S. Treasury and financial regulators are clashing with each other over how to disclose results from the stress tests of 19 U.S. banks, with some officials concerned at potential damage to weaker institutions.
WASHINGTON – The Federal Reserve on Friday said the government is prepared to rescue any of the banks that underwent "stress tests" and were deemed vulnerable if the recession worsened sharply.
President Barack Obama today signed into law a bill introduced and championed by U.S.
This is going to get ugly before it´s over.
People used to say, "Follow the money." However, in the Obama administration the new saying is, "Control the money." And that is exactly what they are doing.
Chrysler LLC's first-lien lenders are preparing another counter-offer to the U.S. Treasury that involves reducing the automaker's debt, sources familiar with the matter said on Thursday.
(April 21, 2009) - As the nation looks back to January 20, many people will remember the tears of joy and reminiscing as Barack Obama took the oath of office as America's first Black president.
The Administration is coming up to that magical 100-day mark, at which point measures are taken of how a new president is doing. As a university professor I'm accustomed to giving grades. So here's my report card on Obamanomics so far:
The acting chief financial officer of troubled mortgage giant Freddie Mac was found dead in his Fairfax County home early this morning after an apparent suicide, according to Fairfax police.