CALIFORNIA | LOCAL
February 28, 2014 |
A Republican who wants to be California's governor is staking his bid on having run the $700-billion federal bank bailout - even as GOP candidates across the nation distance themselves from the highly unpopular program. As he courts voters, former U. S. Treasury official Neel Kashkari rarely mentions the Troubled Assets Relief Program (TARP) by name. But he says that it staved off another Great Depression, and he cites his work on the program as proof of what he could do in Sacramento.
February 21, 2014 |
WASHINGTON -- Fannie Mae posted its eighth straight profitable quarter in the final three months of last year and will send the federal government $7.2 billion, pushing its total dividend payments above the cost of the 2008 bailout for the first time, the company said Friday. Boosted by the housing market rebound, the mortgage giant posted $6.5 billion in profit in the fourth quarter of 2013 and a record $84 billion for the year. The dividend payment, based on those profits, will bring the total amount Fannie Mae has paid to the Treasury Department to $121.1 billion.
January 31, 2014 |
Ever since the housing market collapse, nothing stokes the flames of public outrage quite like the phrase "government bailout. " It's become the condemnation of choice for both parties when faced with a policy they don't like. Lately, conservatives have been arguing that an obscure provision of the 2010 healthcare law would provide a taxpayer bailout to insurance companies that don't charge high enough premiums. Funny, but they didn't have a problem with that concept when it was used to help launch Medicare's prescription drug program under (Republican)
January 16, 2014 |
The wind-down of the bailout continues. The Obama administration has decided to sell about $3 billion of the government's common stock holdings in Ally Financial Inc., a former General Motors Corp. lending arm propped up with taxpayer assistance during the financial crisis. That would bring the recovery from Ally to $15.3 billion, or 89%, of the $17.2 billion bailout provided by the Troubled Asset Relief Program, the Treasury Department said Thursday in announcing its plan. QUIZ: big business news of 2014 The deal would involve unloading 410,000 shares of Ally common stock at $7,375 apiece in a private offering, the department said.
November 21, 2013 |
WASHINGTON - The Treasury Department said Thursday it has sold an additional 70.2-million shares of General Motors Co. stock acquired as part of the automaker's bailout and expects to unload the rest by the end of the year. The sale of the final 31.1-million shares would close the books on GM's $51-billion rescue. The Obama administration expects to post a $10-billion loss on the bailout, although officials have said they never expected to turn a profit and that saving the auto industry was crucial to the economic recovery. The latest sale of GM stock took place over about two months and reduced the government's ownership stake to 2.2%.
CALIFORNIA | LOCAL
November 18, 2013 |
Meeting with half a dozen formerly homeless people at an Orange County nonprofit, Neel Kashkari told them what has been an open secret in California political circles: The former U.S. Treasury Department official and banker is weighing a run for governor next year. "I'm considering running for governor of California, and the biggest issues I'm focused on [are] the economy, creating more jobs so people can work, get a decent job, afford a place to live and education," Kashkari said at the Illumination Foundation in Stanton last week.