AIG Has “Excellent Chance” to Repay Bailout Money
Will it be enough to restore confidence?
Of all the companies the United States government has bailed out during this recession, few have drawn as intense a degree of the public’s ire as American International Group, the company that is commonly known as AIG. Their indiscriminate use of the credit default [...]
No Hope for Installment Loans as A-List Banks Repay Bailout Funds
Banks Feel The Heat
As many of the nation’s A-List banks including Goldman Sachs decide to pay back government aid, it is a sign of impending doom for the public waiting in line for installment loans. Economists view such a move skeptically. While it may seem to be a sign of [...]
Taxpayers Look to Payday Loans as their Own Personal Bailout
Payday advances are growing in popularity
Payday loans are still a trustworthy bailout option for American taxpayers. The Recovery Plan included a huge $767 billion bailout for the struggling banking industry. With the affects of rising unemployment and the lending crash, the economy needed a hefty revival to bring it out [...]
Even Obama’s cash advances do not come free
Obama is ready to be tough
With the Fed’s coffer shrinking faster than ever, President Barack Obama has now made it clear that the cash advances that he is offering to corporate America will not be for free. In his recent speech at the Georgetown University, while he defended his economic [...]
GM Says it Might Miss $1 Billion Debt Payment
Bankruptcy ‘probable’ says finance chief
General Motors is proving to be a good example of what can happen if you take on more debt than you can handle. Unfortunately for the automaker, I don’t think any amount of debt consolidation can dig this company out of the hole.
GM has a $1 [...]
Scam Watch | TARP Overseer Vows to Prevent Fraud
Transparency is inspector general’s main goal
So there’s good news and bad news. Obama is making good on his promise of transparency when it comes to distribution of TARP funds via Inspector General Neil Barofsky. The bad news is Barofsky has opened 20 criminal investigations to see whether tax dollars are [...]
Protesters Invoke 10th Amendment
10th Amendment movement spreading
Public and legislative outcry regarding government spending has led to a new grassroots movement, called “The Tenth Amendment Movement.” Others refer to it as the New Boston Tea Party.
Whatever you call it, it means that state lawmakers and citizens are asking for their 10th Amendment rights back. [...]
GM Recall Affects 1.5 Million Vehicles | Oil Leak Could Cause Fire
GM will replace faulty part for free
General Motors is recalling 1,497,516 cars because of an oil leak that could start an engine fire. The company says the root of the problem is the plastic spark plug retention channel.
GM dealers will replace the defective part with two new spark plug wire [...]
America is high on double-edged cash advances
Loads of new plans and approvals
It’s true that the cash advances given by the government to the economy seem to be working, but now the government seems to be overdoing it. The latest in the long list of bailouts and blueprints for the next year is the approval of President [...]
Chrysler Unveils 2011 Jeep Grand Cherokee as Part of Viability Plan
Pushing for a bailout
Chrysler has a lot on the line as it unveils its 2011 Jeep Grand Cherokee. Unless the company can reorganize debt, win labor concessions and form a partnership with Turin, Italy-based Fiat before May, the U.S. president has said he will allow the company to go bankrupt.
More [...]
No loans for the automakers, says White House
Obama bows to Main Street
Finally, the verdict has come out and President Barack Obama has said a big ‘no’ to any kind of payday loans to the troubled automakers. Considering the fact that General Motors and Chrysler are surviving on the bailout money that they received in December 2008, their [...]
Obama to Kick GM, MOPAR Out of NASCAR
Obama: NASCAR is a no-go, 10-4
President Obama’s cash advance bailout of America’s automobile industry giants has left a sour taste in the mouths of many. Why should financially irresponsible automakers that flood the market with metal hulks that lose value fast be allowed to spend the taxpayers’ money in ways [...]
Byron Trott to Start Merchant-Banking Fund
Warren Buffet’s adviser leaves Goldman Sachs
The man responsible for advising one of the richest men in the United States is leaving his job to start his own merchant-banking fund. Byron Trott is financial adviser to Warren Buffett. He has worked at Goldman Sachs for 27 years.
More about Trott
Trott lives in [...]
Short Term Loans Could Help the Crumbling Auto Industry
Should the government bail out the auto industry?
In the middle of talk about government loans, the question may be whether short term loans would be a better solution to the crippling effects the current economic downturn is having on the automobile industry.
The President of the United States has requested the [...]
Lance Poulsen Gets 30 Years For $1.9 Billion Fraud Case
All aboard the corporate fraud express
The numbers in bailout and corporate fraud cases lately is staggering. How do people like you and me begin to comprehend what $1.9 billion looks and feels like? I’m far closer to needing a cash advance loan than I am to building an addition on [...]
Is Obama’s cash advance actually working?
The bailout mission
When President Barack Obama signed his mega stimulus package in February, it was nothing less than a big cash advance for ‘keeping the American dream alive in our time.’ Since then, Mr. President has left no stones unturned to bring the economy back on track. Plan after plan [...]
Wells Fargo Mortgage Rates Bring in Business
Bank uses TARP right
Wells Fargo Mortgage rates are at historic lows. The bank’s 4.89 percent interest rate sent it to the No. 1 spot on the list of new mortgages. Furthermore, Wells Fargo took bailout money from the Troubled Asset Relief Program and used it for its intended purpose: to [...]
AIG Hearing: Justice For the American Taxpayer?
AIG faces the crucible
Jane Hamsher reports for firedoglake that 20,000 signatures from readers of the finance blog have been presented to the House Financial Services Committee in time for the AIG hearing. Like millions of Americans, they’re outraged over the liberties AIG has taken with taxpayer bailout money for executive [...]
Freddie Mac Comes Back for More Bailout
Mortgage company needs more funds
Freddie Mac, a company that has already received billions of dollars of government funding, is asking for another $30.8 billion from the U.S. Treasury.
Right now taxpayers own 79 percent of the company, after the government moved the company into conservatorship in September.
Troubled times
Freddie Mac says it [...]
Officials Demand Details of Bank of America Bonuses
Government wants report
U.S. Rep. Barney Frank on Monday said (see http://abcnews.go.com/Business/Economy/WireStory?id=7040710&page=2) Bank of America Corp. must provide more details on $6.9 billion in bonuses the company paid in 2008. Because the bank got quick loans from the government, officials say it must disclose who got what.
Bank of America accepted large amounts [...]
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