Foreign banks, regional U.S. banks, and banks fighting for their last chance at survival counted among the heaviest users of the Federal Reserve’s emergency discount lending window during the heat of the 2008 financial crisis. Get the full story »
Inside these posts: Bailout
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Fed turns down AIG bid to rebuy dodgy assets
The Federal Reserve Bank of New York has turned down an offer by American International Group to repurchase dodgy mortgage bonds that the Fed had taken off the insurance company’s hands during the financial crisis. Get the full story »
GM to sell preferred shares of Ally for $1B
General Motors Co. says it will sell all of its shares of a certain type in Ally Financial Inc., its former finance arm, for $1 billion. The shares to be sold represent all of Ally’s Series A preferred stock outstanding, the automaker said Tuesday. Get the full story »
Fed to release loan data after Supreme Court move
The Supreme Court has rejected banks' attempts to shield Federal Reserve lending data. (AP Photo/Manuel Balce Ceneta)
The U.S. Federal Reserve Board on Monday said it is preparing to release sensitive emergency lending data from the peak of the 2008 financial crisis after the Supreme Court rejected a bid by major banks to keep the information secret.
The justices, in a short written order, left in place a 2010 federal appeals court decision that ordered the Fed to identify commercial banks that received emergency loans from the central bank during the crisis. Shortly after the announcement, a Fed spokesman said the central bank would release the information, but didn’t provide a time frame. Get the full story »
CEO: Chrysler must shed ’shyster’ bailout loans
Chrysler is working to refinance what its chief executive characterized as “shyster loans” that the Obama administration extended as part of a bailout to keep the automaker from collapse in 2009.
“I want to pay back the shyster loans,” Sergio Marchionne said at an industry conference, using a derogatory term for an unprincipled lawyer or politician. “Pay back the loans, get those out and then take (the company) public.”
Marchionne, who is also CEO of Italy’s Fiat SpA, has said repeatedly that the high interest rates on $5.7 billion that Chrysler owes to the U.S. Treasury have been an obstacle in the automaker’s return to profitability. Get the full story »
Fifth Third Bank repays bailout money
From DealBook | Midwestern bank Fifth Third Bancorp said Wednesday that it has repaid the $3.4 billion bailout money it received from taxpayers at the height of the financial crisis.
AIG, Treasury, Fed complete recapitalization deal
The Treasury on Friday said it completed a massive recapitalization of bailed out insurer American International Group, paying off the New York Federal Reserve Bank and giving the U.S. government a 92 percent equity stake in the company. Get the full story »
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 »
AIG deal to close next week: Source
The recapitalization deal for bailed-out insurer American International Group is done and all but certain to close on January 14, a person familiar with the situation said on Friday. Get the full story »
Wintrust, five others return $2.7B to Treasury
The Treasury Department says six banks have repaid government bailouts worth a combined $2.66 billion.
The banks are returning taxpayer money that they received in the aftermath of the 2008 financial crisis.
The banks that repaid their bailouts on Wednesday are Huntington Bancshares, First Horizon National Corp., Wintrust Financial Corp., Susquehanna Bancshares Inc., Heritage Financial Corp. and The Bank of Kentucky Financial Corp. Get the full story »
U.S. plans two large AIG stock sales in 2011
The Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year, officials briefed on the situation told Reuters. 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 »
