WASHINGTON— The Federal Reserve's new No. 2 official says regulators must continue to work to end the need for the government to bail out big banks in a crisis. Fischer, a former official of the International Monetary Fund and a head of the Bank of Israel, said regulators "need to be vigilant" in trying to prevent the next crisis— "and there will one."» Read More
Government-controlled mortgage buyer Fannie Mae is asking for $2.5 billion in additional federal aid after posting a narrower loss in the third quarter.
Former President George Bush told NBC in an interview airing on Monday that he believes that TARPfunds used to bail out Wall Street banks in 2008 saved the economy and that he would “absolutely” do it again today, if presented with the same problem.
AIG says it has raised $37 billion from the recent sale of two foreign insurance units to help repay U.S. government bailout money.
Anyone else see something wrong with this? Cramer does.
The Troubled Asset Relief Program, commonly known as TARP, will cost the U.S. government about $50 billion, far less than originally anticipated but not quite enough to allow the government to break even on the controversial bailout, CNBC has learned.
The traders are keeping a close eye on stocks Monday, after President Obama spoke on CNBC and the S&P held its ground.
By day, hundreds of General Motors workers make pistons and other engine parts at a factory on this city’s east side. By night, gangs of thieves have repeatedly looted empty G.M. plants on the same property, and have twice fired shots at security guards.
For 16 years, Marshall A. Cohen served as a director of the American International Group, stepping down just months before the company’s near-collapse in 2008. Several months later, Mr. Cohen was again in demand, joining the board of Gleacher & Company, a New York investment bank.
The decline of the Western economic model will bring about hyperinflation and decades of painful readjustment, Egon von Greyerz, founder of gold investment intermediary Goldswitzerland.com told CNBC Thursday.
Like a car spinning its wheels, the American economy hasn’t been getting much traction. The NYT reports.
After a dismal period of huge losses and deep cuts that culminated in the bailout of General Motors and Chrysler, the gloom over the auto industry is starting to lift. The NYT reports.
US taxpayers will be repaid in full for the government bailout of General Motors when the once-bankrupt automaker offers stock to the public later this year, President Obama said in an interview on CNBC Thursday.
With a Ford Motor assembly plant as the setting, President Barack Obama is arguing anew that his politically risky decision to bail out the auto industry saved it from collapse.
With the automaker's stock offering, Cramer fears that only the board and unions will benefit, leaving the taxpayers in the dust.
The Treasury Department's pay czar has called out 17 companies that took a bailout, then gave their employees lavish payments during the financial crisis.
The Troubled Assets Relief Program (TARP) places more burdens on small banks than on big ones, exacerbating the difference between financial institutions that are too big to fail and the rest, Congressional Oversight Panel Chairwoman Elizabeth Warren told CNBC Wednesday.
Executives of Goldman Sachs were grilled by members of an inquiry panel Thursday on the firm's full recovery of billions in debt in 2008 from crippled AIG, for which U.S. taxpayers footed the bill.
The assumption that European governments will never do something like the US allowing Lehman Brothers to fail in September 2008 is trumped by the fiscal reality, Niall Ferguson, Harvard University professor and author, told CNBC Tuesday.
The US needs to stop being the world spender of first and last resort, former IMF chief economist Raghuram G. Rajan told CNBC Monday.
An announcement from government-owned mortgage giant Fannie Mae warns: "Defaulting borrowers who walk-away and had the capacity to pay or did not complete a workout alternative in good faith will be ineligible for a new Fannie Mae-backed mortgage loan for a period of seven years from the date of foreclosure."