Some good reading today in The Washington Post, which got its hands on transcripts depicting reactions from some AIG employees when their bonuses were threatened last year.
Behind closed doors, employees at AIG’s Financial Products division — the very unit whose trading had hastened the insurance giant’s collapse
So says The Washington Post, reporting this morning that, for the sake of passing banking reforms this year, the White House is willing to drop its insistence on a stand-alone consumer protection agency — an idea championed by a number of consumer advocates, including Elizabeth Warren, More…
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…
It was a tough morning for Treasury Secretary Tim Geithner, summoned to Capitol Hill to testify on the decision-making surrounding the federal bailout of American International Group, which ultimately received more than $180 billion in taxpayer cash.
The controversy in recent weeks has centered not on the money More…
Earlier in the month, Sen. Charles Grassley (R-Iowa) had some questions for the administration about just how it happened that a top AIG lawyer was given millions of dollars in severance after she quit the bailed-out company in lieu of accepting a pay cut.
Yesterday, Grassley was at More…
Late last week, it seemed as if the tide of Democratic support was shifting away from Ben Bernanke’s bid to serve a second term atop the Federal Reserve. Just a few days later, he’s not looking so bad.
Over the weekend, Bernanke won the endorsement of Sens. Chris More…
It’s no mystery that Treasury Secretary Tim Geithner has been opposed to some of the very bank reforms proposed by President Obama yesterday (which explains why those reforms weren’t rolled out earlier). But it’s quite another thing for Geithner to go behind Obama’s back and grumble More…
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