Mississippi Business Journal » bailout

AIG reaches agreement to repay bailout money

Associated Press — Thu, 30 Sep 2010 14:47:35 +0000

NEW YORK — AIG, which became a lightning rod for criticism over government bailouts, said it reached a deal to repay billions of dollars it received during the credit crisis. The plan announced today could return a profit to taxpayers who footed the bill for AIG’s near collapse in Sept. 2008. “This is a pivotal [...]

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Treasury to auction The Hartford warrants

Associated Press — Mon, 20 Sep 2010 14:32:45 +0000

WASHINGTON — The Treasury Department announced it would auction 52 million warrants it holds from The Hartford Financial Services Group tomorrow. It is the latest effort to recoup costs of the $700 billion financial bailout. In its announcement today, Treasury set a minimum bid price of $10.50 per warrant. A warrant gives the purchaser the [...]

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AIG to repay nearly $4B in federal bailout loans

Associated Press — Mon, 23 Aug 2010 14:33:38 +0000

NEW YORK — American International Group Inc. says it is repaying nearly $4 billion in federal bailout loans. The insurer said today it will pay back the taxpayer-funded loans with proceeds from a recently completed $4.4 billion debt sale at its aircraft leasing company, International Lease Finance Corp. The payment will trim AIG’s outstanding balance [...]

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No government plan to exit mortgage industry expected

Associated Press — Tue, 17 Aug 2010 10:40:47 +0000

WASHINGTON — Talk of shrinking the government’s involvement in the mortgage market is growing. Just don’t expect action any time soon. A conference today at the Treasury Department is the first of many steps toward restructuring the nearly $11-trillion mortgage market. So far, rescuing mortgage giants Fannie Mae and Freddie Mac has cost the government [...]

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Panel: Billions in TARP money went overseas

Associated Press — Thu, 12 Aug 2010 11:38:22 +0000

WASHINGTON — The $700-billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than other countries’ financial rescue plans did on the U.S., according to a new report from a congressional watchdog. Billions of dollars in U.S. rescue funds wound up in big banks in France, Germany [...]

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Wicker wants probe of GM’s use of TARP funds

Wally Northway — Fri, 25 Jun 2010 13:06:09 +0000

WASHINGTON—Yesterday, Sen. Roger Wicker (R-Miss.) introduced legislation to require the Government Accountability Office (GAO) to conduct a non-partisan, independent analysis of the propriety of federal financial assistance under the Troubled Asset Relief Program (TARP) provided to the General Motors Corporation and its treatment of certain Delphi retirees. Wicker voted against TARP in 2008. “The TARP [...]

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Treasury prepares for Citigroup stock sale

Associated Press — Mon, 26 Apr 2010 13:05:16 +0000

WASHINGTON — The Treasury Department said today that its first sales of Citigroup stock will cover up to 1.5 billion shares. That would amount to about 20 percent of the 7.7 billion shares of Citigroup common stock that the government owns. It received the shares as compensation for the massive support it extended to the [...]

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Treasury unloading Citigroup shares

Associated Press — Mon, 29 Mar 2010 13:56:12 +0000

WASHINGTON — The Treasury Department says it will begin selling the stake it owns in Citigroup. The government received 7.7 billion shares of Citigroup Inc. in exchange for $25 billion it gave the bank during the 2008 credit crisis. It says today it will sell the shares over the course of this year, depending on [...]

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Pay czar cuts executives’ compensation

Associated Press — Wed, 24 Mar 2010 11:41:50 +0000

WASHINGTON — The administration’s pay czar said Tuesday that the top 25 earners at five companies still receiving extraordinary aid from the government’s bailout fund will be paid an average 15 percent less in 2010 than in 2009 under his restrictions. The companies include troubled automakers General Motors and Chrysler and insurance giant American International [...]

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Pay czar reviewing executives’ compensation

Associated Press — Mon, 22 Mar 2010 23:54:04 +0000

NEW YORK — The Obama administration’s pay czar is launching a review of compensation for 25 top executives at all financial firms that received federal bailout money, according to three people familiar with the plan. Kenneth Feinberg can seek to renegotiate any pay deemed not in the public’s interest but can’t forcibly recoup funds, government [...]

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