WASHINGTON (Reuters) - President Barack Obama will extend his push to revive the U.S. economy next week with a speech outlining job creation ideas, from encouraging home insulation programs to diverting funds meant to rescue failing banks, officials said on Friday. With unemployment hovering around 10 percent, political pressure is building on Obama to do more to boost the economy after months of debate on overhauling the U.S. healthcare system and a months-long review of Afghan war strategy... Read Full Story
Democratic US House Speaker Nancy Pelosi said Thursday that unspent money from a Wall Street bailout package would pay for a new jobs-creating package the Congress could approve late this year. "It would be my hope that we could get something done by the end of this year," she said. "We are working to that end and we want the investments that we have in jobs to be paid for by TARP funds." Untapped Troubled Asset Relief Program monies would notably go to infrastructure investments like water... Read Full Story
WASHINGTON (Reuters) - Treasury Secretary Timothy Geithner on Thursday said it was vital to get U.S. budget deficits down in order to spur private-sector growth that creates jobs and predicted it will begin happening in 2011. But first the financial system must be stabilized. "You cannot address those long-term deficits, you cannot put the government of the United States in a position that we can go back to living within our means, unless you repair the damage done to this economy and to its... Read Full Story
After announcing yesterday its plan to pay off $45 billion in TARP loans, Bank of America entered into a sale of $19.3 billion of securities today, causing its common stock prices to rise .7% to $15.76.
Bank of America Branch NY
Common Equivalent Securities
The stock that Bank of America put up for sale were some 1.286 billion common equivalent securities according to Bloomberg data, which are made up of one depositary share and one warrant, and is convertible to one common share... Read Full Story
He angered Congress and the public for bailing out Wall Street. He failed to detect early signs of the housing collapse. And now, he may be helping feed another speculative bubble. Yet Ben Bernanke is all but certain to win Senate approval for another term as chairman of the Federal Reserve. Why? Mainly because even his critics concede that Bernanke helped keep the Great Recession from becoming a second Great Depression. President Barack Obama, who nominated him to a second term, has said he... Read Full Story
American International Group has planned to transfer American International Assurance Co. and American Life Insurance Co to the Federal Reserve Bank Of New York. Those exchanges will lower its debt to the government by $25 billion. If the Fed decides to cash in on those companies and it makes more than $25 billion, then AIG will be entitled to keep the additional proceeds. The company said that due to a reduction in the credit line, it will take a $5.7 billion charge in the fourth quarter... Read Full Story
Bank of America’s announcement that it will soon repay the government for money it received through the Troubled Asset Relief Program put additional pressure on Citigroup to do the same. Citigroup executives, however, said the Treasury needs to sell its 34% stake in the bank before it can break free, sources said. “The ball is in the government’s court,” said Chris Kotowski, an analyst at Oppenheimer & Co.
http://www.ft.com/cms/s/0/51649772-e075-11de-8494-00144feab49a.html
Citigroup... Read Full Story
Dec. 4 (Bloomberg) -- House Minority Leader John Boehner talks with Peter Cook about the use of funds from the Troubled Asset Relief Program. Beohner, an Ohio Republican, criticized plans by House Democrats to use some of the unspent money from TARP to finance new job-creation programs. Boehner also discusses the prospects for a financial-transactions tax. (Source: Bloomberg) Read Full Story
NEW YORK (Reuters) - Bank of America Corp <BAC.N> has reached an agreement with the U.S. government repay its $45 billion in bailout funds in the next few days, the company said on Wednesday. The Charlotte, North Carolina-based banking giant is expected to sign the documents repaying its Troubled Asset Relief Program funds over the next few days. The move comes as the bank has struggled in its ongoing CEO search to find a replacement for retiring Chief Executive Ken Lewis. Analysts and bank... Read Full Story
Bank of America announced late Wednesday that it plans to soon pay back the $45 billion in bailout funds it received from the government’s coffers under the Troubled Asset Relief Program (TARP). The move, in eyes of the public, could pave the way for redemption for the bank, which has suffered the stigma of being known as one of the most troubled banks to emerge out of the financial crisis last year.
As another sign that Bank of America has indeed started to recover from the greatest... Read Full Story
