nakedcapitalism.com - 2/23/2009
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Let's see. Citigroup has gotten $45 billion of TARP funds, and backstops on a net of roughly $250 billion of crappy loans after Ciit's first loss and allowing for the split between Uncle Sam and Citi on the balance. And it is pretty unlikely that we have seen the end of Citi's funding needs. GM ...
washingtonindependent.com - 2/18/2009
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washingtonindependent.com —
new report out of the Treasury Department Tuesday
confirmed what many lawmakers, housing advocates, small businesses and...
individual consumers have known all along: That despite hundreds of billions of dollars flowing from Washington to the finance ...
(more)
Treasury: Lending Down Among TARP Recipients
freep.com - 2/18/2009
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freep.com —
General Motors Corp. and Chrysler LLC summoned the
prospect Tuesday of their collapse unless they get $7...
billion in federal aid within six weeks -- part of a dramatic plea for a total of up to $39 billion to survive the worst economic crisis in the ...
(more)
GM, Chrysler now say they need billions more | Freep.com ...
washingtonpost.com - 2/17/2009
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washingtonpost.com —
Comments that include profanity or personal attacks or
other inappropriate comments or material will be removed from...
the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. ...
(more)
GM, Chrysler Ask for Billions More in Federal Aid
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Morning Skim: Bailout Equality; Links for Econ Geeks; an Oscar Invite
Opinionator —
... calls the “cleverest . . . I have yet seen.” Naked Capitalism : Yves Smiths compares the government’s treatment of G.M. and Chrysler with that of Citibank : Let’s see. Citigroup has gotten $45 billion of TARP funds, and backstops on a net of roughly $250 billion of crappy loans after [Citi's] first loss and allowing for the split between Uncle Sam and Citi on the balance. And it is pretty unlikely that we have seen the end of Citi’s funding needs. GM and Chrysler, by contrast, have borrowed (… loans are higher in priority than TARP-y equity) $17.4 billion and are seeking an ...
Economic Potpourri
The Moderate Voice —
... Yves Smith counters that bankruptcy for autos won’t be pretty and could unravel beyond government projections. She doesn’t give an opinion about whether she favors it or not (I personally favor bankruptcy even while expecting it to go horribly awry and requiring programs to help affected workers). ...
It’s Nice To See The Bailouts Working So Well
The Moderate Voice —
Over the course of 48 hours it’s come out that Citi needs to be rescued or it’ll fail the stress tests, GM/Chrysler need to be given more money or declare bankruptcy and AIG needs more money or cause ruin.
Just those four companies will require another $300-$500 billion in my estimation (that’s on the low side actually, if you want to be more pessimistic another $750 billion or so should do it). AIG and Citi want the government to do an accounting move so they are then “ready” to be given more money without triggering ...
Related Content
Obama Moves GM and Chrysler Towards Bankruptcy
emptywheel.firedoglake.com 3/30/2009 —
photo by LA Wad
[ Program note : Jane will be appearing live with David Schuster on MSNBC's 1600 Pennsylvania Avenue to talk about Obama's auto initiative. The show airs at 6 PM Eastern. Jane expects to come on at about 6:3o. ]
Let me start ...
TARP
balloon-juice.com 2/15/2009 — Surprise good news in the TARP bill that President Obama just signed. I could get used to this.
A provision buried deep inside the $787 billion economic stimulus bill would impose restrictions on executive bonuses at financial institutions that ...
TARP Watchdog: Treasury Overpaid For TARP Investments
money.cnn.com 2/5/2009 — WASHINGTON -(Dow Jones)- The three government watchdogs overseeing the $700 billion financial rescue package continued to criticize the Treasury Department's implementation of the plan, suggesting a lack of a strategic vision and raising the concern ...
U.S. Considers Bankruptcy for GM, Chrysler
online.wsj.com 3/31/2009 — The administration is weighing a plan to fix GM and Chrysler by dividing their "good" and "bad" assets and plunging them into bankruptcy to purge their biggest problems.
What Goes Around Comes Around:
volokh.com 1/23/2009 — The Washington Times notes today that many of the recipients of federal bailout funds are also major political donors:...
There’s no way out of TARP
sistertoldjah.com 4/6/2009 — (H/T - Lawhawk )
Back at my regular home, both my co-blogger Shoebox and I have been monitoring attempts, some successful, others not, by banks to get out from under the Troubled Assets Relief Program. In today’s Wall Street Journal , Stuart ...
Executive pay caps that survived in the stimulus
dailykos.com 2/15/2009 — Cross-posted from Congress Matters . If you've got a Daily Kos account, you've got a Congress Matters account. Log in with your existing Daily Kos user name and password. Seems some executive pay limits for TARP recipients did survive the ...
By All Means, Let's Give Treasury More Money to Spend
corner.nationalreview.com 2/7/2009 — The panel of experts created by Congress to oversee the TARP program has found that the Treasury Department drastically overpaid for the stakes it took in financial institutions. The Wall Street Journal reports that "an analysis of 10 TARP ...
GM is toast
meganmcardle.theatlantic.com 3/5/2009 — Image from flickr user D'Arcy Norman After today's annual report , I don't think there's any question of GM's staying out of bankruptcy. The company's revenue fell from $180 billion in 2007 to $149 billion in 2008, with the worst crash in the ...
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