(LA Times) — For former insiders at some of the several hundred banks that collapsed during the financial crisis and in its aftermath, a day of reckoning has arrived. The Federal Deposit Insurance Corp. has told dozens of former bank officers and directors that it has drawn up lawsuits accusing them of misdeeds such as […]
(Washington Post) — Senate Minority Leader Mitch McConnell (Ky.) was a fierce critic of the federal bailout of General Motors and Chrysler last year, saying he could not “ask the American taxpayer to subsidize failure.” But GM doesn’t seem to hold a grudge. The political action committee formed by the company, which is now largely owned […]
(AJC) — The taxpayers’ investment in Georgia banks has by and large been a good one, but last quarter a handful of small community banks did not cut a quarterly check to repay the Treasury Department’s bank bailout program. Five Georgia banks in August were listed as having missed at least one quarterly Capital Purchase […]
(NYPost.com) — Fannie Mae said it will need an additional $8.4 billion in aid from the Treasury Department after reporting an 11th-straight quarterly loss. The company lost $11.5 billion in the first three months of this year, it said yesterday in a Securities and Exchange Commission filing. Fannie Mae had posted $136.8 billion in losses […]
(CNBC.com) — The U.S. government’s bailout of the financial system is expected to cost $89 billion, much lower than earlier projections, the Wall Street Journal reported on Sunday, citing Treasury Department officials. The Journal also said that Treasury officials were looking into ways to disentangle the government from its nearly 80 percent stake in American International […]
Officials conducted a fraud investigation.