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Stories Tagged With Bailout

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7 Pikks

Wall Street reform gives regulators power over executive pay

Many analysts, academics and government officials have blamed the compensation plans that were common on Wall Street before the financial crisis for encouraging executives to take unnecessary risks. These plans put a premium on pursuing short-term profits and increases in stock price.
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7 Pikks

Obama considers new fee on banks to help get our $700B back

The budget that President Obama submits next month is likely to include new fees on financial firms as the White House seeks to recover the full costs of its $700 billion bailout of the banking industry, officials said.
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8 Pikks

AIG executives renege on promises to return bonuses

New York Attorney General Andrew M. Cuomo threatened to publicize the recipients' names, prompting executives at AIG Financial Products to hastily agree to return about $45 million in bonuses by the end of the year.
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4 Pikks

Eliot Spitzer proposes full "open source" review of AIG emails

The three of us, as experienced investigators and prosecutors of financial fraud, cannot answer these questions now. But we know where the answers are. They are in the trove of e-mail messages still backed up on A.I.G. servers, as well as in the key internal accounting documents and financial models generated by A.I.G. during the past decade. Before releasing its regulatory clutches, the government should insist that the company immediately make these materials public. By putting the evidence online, the government could establish a new form of “open source” investigation.
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4 Pikks

Pikk a side - the AIG executives or the government

Five senior executives at American International Group told the insurer last week they may quit if their compensation was cut significantly by the U.S. pay czar, The Wall Street Journal reported on Sunday.
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MEH

8 Pikks

Morgan Stanley’s $9,000,000,000.00 Check. That’s $9 Billion! 

(click to see the check) Morgan Stanley received a $9 billion investment from Mitsubishi UFJ in the fall of 2008 that kept the firm from collapsing. The payment was supposed to be wired electronically, but because it needed to be made on an emergency basis on a holiday, Mitsubishi cut a physical check, perhaps the largest ever written.
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6 Pikks

Will GM pay back America in full?

General Motors is expected to announce on Monday that it will begin repaying its debt to the United States next month, years earlier than required. The nation's largest automaker plans to pay $1 billion per quarter until the $6.7 billion loan is repaid, according to a source familiar with the matter.
Tags: Gm Bailout Cars
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5 Pikks

Senate votes to renew tax credit for first-time home buyers

The Senate voted Wednesday to renew the government's $8,000 tax credit for first-time home buyers through the first six months of next year as part of a broader bill designed to extend unemployment benefits. For the first time, the tax credit program would also enable many homeowners who buy a new primary residence to receive a $6,500 refund.
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5 Pikks

Treasury, GMAC in talks for 3rd round of US aid- You decide

GMAC Financial Services, the former lending arm of General Motors Co., is in talks with the Treasury Department for a third injection of taxpayer aid, a further sign of the U.S. government's entrenchment in the U.S. auto industry.
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5 Pikks

Bill in works to let U.S. dissolve failing firms

House Democrats and the Obama administration are preparing to introduce major legislation aimed at eliminating the devil's choice the government faced last fall, when officials felt forced to decide between spending billions of dollars to rescue some of the nation's most powerful financial firms or letting their failures sink the economy.
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8 Pikks

Obama administration to cut executive pay at 7 bailed-out firms

But executives can still receive additional salary in stock, the source said. The portion of salary given in stock would vest immediately, although executives will have to wait two years before redeeming the shares. Even then, they will be able to cash in on only a third of that stock. The executives will be able to cash in another third after three years and the rest after four years. Because the shares are considered salary, executives get to keep the stock even if they leave their employers before they are allowed to cash in their shares.
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9 Pikks

President Obama to Nominate Federal Ben Bernanke For New Term

OAK BLUFFS, Mass., August 24 -- President Obama will reappoint Ben S. Bernanke as chairman of the Federal Reserve, administration officials said Monday night, electing to maintain continuity in the nation's most powerful economic policymaker in a time of crisis.
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