The Swiss bank UBS — last seen by The New York Times supposedly donating to Republicans to avoid regulation — is doing something more in line with President Obama’s calls to limit executive bonuses when companies fare poorly. UBS, which posted a $2.56 billion loss in 2009, is More…
In an interview with Business Week, Obama said that he didn’t “begrudge” J.P. Morgan Chase CEO Jamie Dimon or Goldman Sachs CEO Lloyd Blankfein their bonuses for 2009, which amounted to $17 million and $9 million in stocks. While this has spurred outrage and unfavorable comparisons to More…
Bankrupt lender CIT Group announced today that it hired former Merrill Lynch Chairman and CEO John Thain to take over the top slot at the company and, hopefully, lead it out of bankruptcy. A bit of background on CIT Group: The company accepted $2.3 billion from the TARP More…
Gretchen Morgenson and Louise Story’s New York Times piece yesterday was a thorough explanation of Goldman Sachs’ machinations that contributed to the collapse of AIG and the government’s perceived need to jump in and pay for everything without negotiating prices.
But unless you’re well-versed in the modern minutiae More…
The co-CEO of the Pacific Investment Management Company, which currently employs former TARP head Neel Kashkari — whose job it was to rescue the U.S. economy — is no longer as in love with the Treasury as he once was. Today, and despite the deepening concerns about a More…
And not just on health care reform. Sen. Chris Dodd (D-Conn.), head of the Banking Committee, announced this morning that, after weeks of financial reform negotiations with the panel’s senior Republican, Sen. Richard Shelby (Ala.), the two sides “have reached an impasse.”
While I still hope that we will ultimately
The trouble facing Democrats hoping to use repaid bailout money to fund other things is this: The Troubled Asset Relief Program stipulates that all such funds be used to pay down the nation’s staggering debt.
That little inconvenience hasn’t dissuaded the Obama administration from proposing a More…
More scrutiny of President Obama’s proposed bank regulations coming this week. Not only will Paul Volcker, chairman of the White House Economic Recovery Advisory Board, be testifying tomorrow before the Senate Banking Committee, but another hearing featuring Wall Street executives has been scheduled for Thursday, the committee just More…
To hear Treasury Secretary Tim Geithner tell the tale, the federal officials negotiating the taxpayer bailout of American Insurance Group had no choice but to provide full payment to the company’s trading partners, including Goldman Sachs.
“There was no way, financial, legal, or otherwise, we could have imposed More…
To what extent were Wall Street’s largest firms willing to sacrifice their own skin to fix the economy they helped topple? Well, not much of one.
During today’s House hearing on AIG’s bailout, a central focus was on why AIG’s counterparties — including giants like Goldman Sachs — were paid More…
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