Even as voters rage and candidates put up ads against government bailouts, the reviled mother of them all — the $700 billion lifeline to banks, insurance and auto companies — will expire after Sunday at a fraction of that cost, and could conceivably earn taxpayers a profit. (From the New York Times)
Following the lead of Europe’s approach to their financial industry reforms, the Obama Administration in coming weeks is poised to take a more aggressive stance with the financial industry. In response to the proposed measures, Edward Yingling, President & CEO of the American Bankers Association (ABA), the banking sectors powerful industry lobby, said “It is perplexing to us,” why taxpayers are outraged about the bailouts and other financial indsutry behaviors.
According to reports in both the Financial Times of London, as well as the New York Times, the Federal Reserve has made a $14Bn profit on TARP loan programs to struggling banks using tax-payer funds.
Morgan Stanley re-pays Federal government +20% annualized return TARP bail-out funds.
The Wall Street Journal is reporting, based on unnamed sources, that the Obama administration’s top regulators are resisting the ‘New Financial Foundations’ regulatory reform plan written and proposed by U.S. Treasury Timothy A. Geithner, and the President’s White House Economic Advisor, Lawrence Summers. In attendance were Federal Reserve chairman Ben Bernanke, Federal Deposit Insurance Corp. […]
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