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Tag Archives: tarp
U.S. Treasury Sells Final Shares of AIG Common Stock. Taxpayers Earn $22.7 Billion! More Profits to Come from the Bailout
Along with today’s stock sale, the return to date on the Federal Reserve and Treasury’s combined $182 billion commitment to bailout AIG during the financial crisis is now $22.7 billion. Treasury has now earned a positive return of $5 billion and the Federal Reserve has posted a profit of $17.7 billion. Continue reading
GM Buys Overseas Finance Business from Ally for $4.2 Billion
GM said that with addition of Ally’s international operations, GM Financial will be able to provide credit for customers and dealers in markets that make up about 80% of GM’s global sales. In essence, GM is recreating GMAC. Continue reading
Posted in auto news, economy, news analysis
Tagged ally, auto bailouts, auto informed, autoinformed.com, automotive news, finance, gm financial, Ken Zino, tarp
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Ally Financial Repays $2.9 Billion of FDIC Debt
Ally Financial today announced it has repaid $2.9 billion in debt issued under the FDIC’s Temporary Liquidity Guarantee Program (TLGP). The bank holding company issued this debt on 30 October 2009 with a maturity date of 30 October 2012. The final Ally debt guaranteed under the TLGP will be repaid in December 2012 and totals $4.5 billion. Continue reading
Posted in auto news, economy, milestones, news analysis, results
Tagged ally financial results, auto informed, autoinformed.com, automotive news, fdic, Ken Zino, tarp
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Treasury To Sell More AIG Stock. Taxpayers Still Owed $24 Billion and Hold 53% from Controversial Bailout of Reckless Company
Today, the U.S. Department of the Treasury announced that it expects to receive an additional $750 million from its public offering of American International Group (AIG) common stock. The Wall Street underwriters have exercised their so-called over-allotment option to purchase another 24.6 million additional shares of AIG common stock at the public offering price of $30.50 per share. Continue reading
Treasury Makes $245 Million in Added Profits from TARP
TARP’s bank programs have already earned a significant profit for taxpayers. Including the expected proceeds from today’s transaction, Treasury has now recovered $264 billion from TARP’s bank programs through repayments, dividends, interest, and other income – compared to the $245 billion initially invested. Continue reading
Treasury to Sell Preferred Bank Stock Acquired Under TARP
The U.S. Department of the Treasury announced today that it is starting secondary public offerings of the preferred stock it holds in seven so-called CPP institutions (Capital Purchase Program under TARP). The Troubled Assets Relief Program, which injected huge amounts of taxpayer cash into U.S. banks, was sold to the American public as a way to encourage banks to lend money to free up the frozen capital markets. From October 2008 through December 2009, Treasury invested almost $205 billion in 707 financial institutions as part of the federal government’s efforts to help stabilize U.S. financial markets and the economy.
However, some the banks used part of the funds to pay huge executive bonuses, repurchase stock and pay dividends, according to the Government Accountability Office. Now GAO concerns are being raised about the health of the banks remaining in the program. Continue reading
Posted in economy, financial results, news, news analysis
Tagged auto informed, autoinformed.com, automotive news, cpp, gao, Ken Zino, tarp, taxpayer bailouts, treasury
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U.S. Treasury to Sell $5 Billion of AIG Stock. Taxpayers Still Owed $39 Billion from Controversial Bailout of Company
Today’s announcement is part of Treasury’s ongoing efforts to wind down the Troubled Asset Relief Program (TARP). More than 81% ($338 billion) of the $415 billion funds disbursed for TARP have already been recovered to date through repayments and other income – before including any expected proceeds from today’s announcement.
Ideologues will never admit it, but TARP is looking like an effective government intervention in the failed capital markets. Little has been done to make sure that it does not happen again in the view of critics. Continue reading
Taxpayers to Turn Profit from Controversial TARP Bailouts
TARP, arguably the most contentious of the Federal government’s attempts to stop the U.S. and global economies from sliding into another Great Depression or worse, prevented the collapse of the financial system by bailing out profligate and reckless Wall Street firms. To date not one person has been successfully prosecuted for the rampant financial fraud that caused the housing and stock markets to collapse. Continue reading
AIG Repays Taxpayers $1.5 Billion, Still Owes $45 Billion
During the financial crisis, overall support for AIG through Treasury and the Federal Reserve Bank of New York totaled approximately $182 billion. The remaining $45 billion investment consists of Treasury’s investment ($35.7 billion) for which it holds 1.248 billion shares of AIG common stock a whopping 70% of outstanding common stock. Then there is the Federal Reserve Bank of New York, which lent $9 billion to AIG. Continue reading
Posted in economy, financial results, fools 'n frauds, news, people, results
Tagged aig, auto informed, autoinformed.com, automotive news, Ken Zino, tarp, taxpayer bailouts
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Treasury Receives $2 Billion TARP Repayment from American International Group. U.S. Taxpayers Still out at Least $51 Billion
During the financial crisis and Great Recession caused by Wall Street financiers, the U.S. Government’s support for AIG totaled approximately $180 billion. After today’s repayment, the taxpayers remaining outstanding investment in AIG through Treasury is $51 billion. Not one of the involved executives has been prosecuted for what were various forms of financial fraud that lead up to the near collapse of the global financial system and the ongoing Great Recession. Continue reading
U.S. Treasury to Sell $2.7 Billion of Ally Preferred Securities
As part of this corporate welfare program, Treasury invested a total of $17.2 billion in a failing Ally. This was the result of what critics called reckless lending practices in the home mortgage markets, which caused huge Ally losses when the housing bubble burst in 2009. Continue reading
U.S. Taxpayers Get $13.5 Billion from GM IPO. Still Own 33%
The U.S. Department of the Treasury said today it received $1.8 billion in additional net payments from General Motors’ initial public offering (IPO), bringing overall net proceeds for taxpayers from the GM IPO to $13.5 billion. Continue reading
Posted in auto news, economy
Tagged auto informed, autoinformed, autoinformed.com, gm bailout, gm ipo, Ken Zino, tarp, taxpayer return on gm, U.S. Department of the Treasury, zino
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Bailout Blessing! GM Saves 184 Jobs in Three Plants
General Motors has just announced a $163.2-million investment in its operations in Flint and Bay City, Michigan, and Defiance, Ohio, to support engine production for the Chevrolet Volt, Chevrolet Cruze and a new Chevrolet small car to be built in the United States. The investment will protect 184 jobs at the three sites. Continue reading
Posted in auto news, economy
Tagged auto informed.com, auto news, autoinformed, chevrolet cruze, chevrolet volt, gm bailout, gm bankruptcy, gm ecotec engine, gm ipo, Ken Zino, tarp
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