Treasury: TARP has generated at least $16B in profit so far December 24, 2009
Posted by Judy in BankNotes, Emergency Economic Stabilization Act, TARP.Tags: BankNotes, Emergency Economic Stabilization Act, TARP
add a comment
With Citigroup and Wells Fargo repaying a total of $45 billion in funds they received through the Troubled Asset Relief Program, the total amount repaid to the program now stands at $164 billion, according to the Treasury Department. By the end of 2010, total repayments should exceed $175 billion, the Treasury estimated. “Taxpayers have already received over $16 billion in profits from all TARP programs and that profit could be considerably higher as the Treasury sells additional warrants in the weeks ahead,” the department said in a statement. MarketWatch (12/23) , Reuters (12/24) , The Wall Street Journal (12/24)
Wall Street Must Change and the Debt Must Come Down November 1, 2009
Posted by Judy in Economy, Financial Regulatory Reform, FinancialStability.gov.Tags: Economy, Financial Regulatory Reform, FinancialStability.gov
add a comment
In a pretaped exclusive interview with David Gregory for Meet the Press Treasury Secretary Timothy Geithner said two things must happen: Wall Street must change and the debt must come down. He also said that the growth that occured was a positive sign but the recovery would take a while.
The indicators of a budding recovery were that GDP growth was at 3.5% for the third quarter and that job losses had slowed. The reason the growth will remain sluggish is because other indicators relaeased were lower than previous months.
Mr. Geithner repeated his admonition (AFP) that the debt was too high and must come down. The debt would be addressed as the economy continues to grow and policies would be decided as conditions dictated. The other importnat statement was that Wall Street must change. The regulatoy proposal caused Wall Street to balk.
Three Cheers for the Obama Economic Team before Advancing to the Next Battle August 10, 2009
Posted by Judy in Economy, Financial Regulatory Reform, FinancialStability.gov.Tags: Economy, Financial Regulatory Reform, FinancialStability.gov
add a comment
We entered a severe economic downturn or “Great Recession”last September and have been losing higher numbers of jobs consistently, until recently, when the recnt economic data has started to look better. While we are still losing far too many jobs the numbers are not increasing by as much or looking as bad as they once did. The stock market has had another streak of gains for the past four weeks.
When they eneterd office the Obama economic team, Treasury Secretary, Tim Geithner in particular weathered harsh criticisms from both the right and the left. They also resisted both the right-wing group that wanted to “let the banks fail” and the left-wing group that wanted to “nationalize the banks.” As a result of ignoring both of these groups they have proposed a balanced plan for regulatory reform.
However, there seem to still be rocky scholas ahead on the regulatory reform front. Today , according to The Washington Post, Sen. Mark Warner announced through an op-ed in the Financial Times that he cannot support the Treasury Department proposal becasue it does not actually create a strong single regulator. While the Treasury’s proposal simply merges the Office of the Comptroller of the Currency and the Office of Thrift Supervision to create the National Bank Supervisor. The “Nationalize the Banks” crowd will flock to Sen. Warner’s proposal because it appears tougher then the Treasury proposal, however, one large agency can cause as many issues.
Treasury Reports CPP dividend for First Quarter April 17, 2009
Posted by Judy in FinancialStability.gov.Tags: FinancialStability.gov
add a comment
According to Reuters the U.S. Treasury is reporting that investments made through the Capital Purchase Program have earned $2.52 billion in dividends. This program seeks to asist in strengthening the financial sector. Secretary Geithner said, in a letter to lawmakers, that he would publish dividend data on a monthly basis so the people could evaluate the results of the program.
Treasury Releases Letters to Congress April 17, 2009
Posted by Judy in FinancialStability.gov.Tags: FinancialStability.gov
add a comment
Secretary Geithner today released the two letters he sent to congress regarding transparency and communications.
Read them here:
Welcome to Treasury Times! April 17, 2009
Posted by Judy in Welcome.1 comment so far
Welcome to The Treasury Times. I hope you will enjoy my writings on this issue weather you agree or disagree with my position on the issues presented. For more information about my take please see the About Page. I suggest that all people read the about page prior to reading anything else. Thank you for reading and participating.
Banks Complain About 5% Interest Rate April 17, 2009
Posted by Judy in BankNotes, Economy, Emergency Economic Stabilization Act, FinancialStability.gov.Tags: BankNotes, Economy, Emergency Economic Stabilization Act, FinancialStability.gov
add a comment
According to Scrath Pad bank CEO’s are protesting the requirement that they pay a 5 percent interest rate on their TARP funds. They must have though they could borrow th emoney for free becasue it was lent through the Treasury. The Bankers Association should know better. If they want banks to have zero percent loan maybe they should also advocate for students who currently pay 6 percent or 8.5 percent on a PLUS loan on their debt for the current academic year to also pay zero percent on their academic loans. They are claiming that the 5 percent amounts to an exit fee because it was predicated on the thought that banks would need money for years.
They suddenly want to get out of a legal binding contract, and none of us could get out of our loan contracts just because we did nto like it. They are complaining about changes in the rules being retroactive. Well, so how it feels when something changes retroactively and applies to everything.
Judy
The Treasury Times 