TARP bailout to be extended

There has been a debate in Washington, D.C. about what to do with the remaining of the TARP bailout funds. Those funds were set aside originally to purchase toxic assets from banks, ensuring that they could survive the recession without a major collapse of the banking industry. Soon after it’s inception, the purpose of the [...]

Bailed-out companies to receive pay cut orders

Here is a formula for you. Take greed and bad business practices in equal parts and mix it with companies who were deemed “to big to fail”. Once stirred together, combine the resulting mix with $700 billion in bailout money. After baking for several months, what do we get? Let’s see now, we have seven [...]

CIT lender in talks for financial bailout

I have to be honest with you, I had no idea who CIT was until this morning. As I was browsing the news, I came across a headline that intrigued me, so I clicked on the Associated Press link and discovered that yet another credit lender is in trouble. CIT Group, Inc. is one of [...]

General Motors near bankruptcy

In spite of everything the Obama administration has done towards keeping General Motors out of bankruptcy, in spite of the billions of dollars that the federal government has pumped into the company, GM has failed to reach an agreement with bond holders to swap their unsecured debt for a 10% equity share in the company. [...]

Bailout recipients slow to release information

Back in December 2008, I wrote an article that discussed how the original $700 billion was given to the banks and other companies and no strings were attached as to how the money should be spent. At that time, most of the recipients of the bailout were simply refusing to disclose how they were spending [...]

AIG is still giving bonuses

This is another one of those “someone will have to explain this to me” stories. If you haven’t heard of American International Group or AIG by now, then you haven’t been paying attention for the past several months. AIG made big news when the federal government first supplied them with $85 billion in September 2008 [...]

Senate gives Obama remaining $350 billion TARP money

As I suspected they would do, the United States Senate has just approved giving Barack Obama the remaining $350 billion of the TARP bailout money. As I mentioned in a previous article, I would have been very surprised if the approval had not passed. It appears our political leaders are determined to squeeze every penny [...]

Senate set to vote on the 2nd $350 billion

With the first half of the $700 billion spent and no tangible results to show, the Senate is set to decide if Barack Obama will get the second $350 billion of the Wall Street bailout. With a vote set for Thursday, the Senate faces a a veto threat by Obama, if he doesn’t get what [...]

$700 billion with no strings attached

Do you remember how the American taxpayer was made to feel in September, about the $700 billion financial bailout for Wall Street? Treasury Secretary Henry Paulson came to Congress and said the bailout had to be passed quickly, that the health of our economy depended on it. I said back then, that anytime someone started [...]

TARP bailout money may be used to help automakers

After the breakdown of Congressional talks Thursday night, in an attempt to work out a compromise for the Detroit automakers, it looked as if the three companies might actually have to declare bankruptcy. All of this because the UAW is unwilling to make labor and benefit concessions some Senators wanted, before they agreed to give [...]

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