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BUSINESS
January 13, 2011 | By Jerry Hirsch, Los Angeles Times
The federal government's $85-billion bailout of the U.S. auto industry will be less costly than first thought, but it's still not clear whether taxpayers will recoup all of their investment, according to a congressional watchdog panel. With major automakers on the mend, the taxpayers' position has "starkly improved" since the last review by the Congressional Oversight Panel in September 2009. At that time federal budget analysts estimated that taxpayers would lose $40 billion from the bailout.
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CALIFORNIA | LOCAL
April 23, 2014 | By Seema Mehta
In her new book, “A Fighting Chance,” Massachusetts Sen. Elizabeth Warren accuses California gubernatorial candidate Neel Kashkari of lying to her when he led the taxpayer-funded federal bank bailout. Warren, a Democrat, served as chair of the bipartisan Congressional Oversight Panel that was created in 2008 to scrutinize the $700-billion Troubled Assets Relief Program. In her book, released Tuesday, Warren writes that members of the panel had grown “deeply concerned” that within seven weeks of the law's passage, $172 billion in taxpayer funds had been committed to various banks with little oversight.
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BUSINESS
May 26, 2010 | By Jim Puzzanghera, Los Angeles Times
American International Group Inc., the much-derided prime example of Wall Street excesses during the financial crisis, could end up doing what many thought was impossible: repaying most, and maybe all, of the $132.3 billion in taxpayer funds used so far to bail it out. Company executives and federal officials testified Wednesday at a hearing by the government watchdog commission overseeing the bailouts that the giant New York insurer was regaining some of its financial strength, making the prospects for full repayment look brighter.
BUSINESS
March 13, 2012 | By Jim Puzzanghera, Los Angeles Times
American International Group Inc.'s recent quarterly profit of nearly $20 billion was almost entirely due to an inappropriate tax break, four former members of the watchdog panel that oversaw the financial crisis bailouts said. The break allowed the government-owned insurance company to count its past net operating losses against future taxes. That amounts to a "stealth bailout" of a company that received about $125 billion in taxpayer money, said the former appointees to the Congressional Oversight Panel for the $700-billion Troubled Asset Relief Program.
BUSINESS
March 13, 2012 | By Jim Puzzanghera, Los Angeles Times
American International Group Inc.'s recent quarterly profit of nearly $20 billion was almost entirely due to an inappropriate tax break, four former members of the watchdog panel that oversaw the financial crisis bailouts said. The break allowed the government-owned insurance company to count its past net operating losses against future taxes. That amounts to a "stealth bailout" of a company that received about $125 billion in taxpayer money, said the former appointees to the Congressional Oversight Panel for the $700-billion Troubled Asset Relief Program.
BUSINESS
July 23, 2009 | Jim Puzzanghera
As banks begin paying back their federal bailout money, some lawmakers and government watchdogs worry the Obama administration isn't driving a hard-enough bargain on the one part of the investment that could generate a profit for taxpayers. Banks that received money from the $700-billion Troubled Asset Relief Program were required to supply the government with warrants to buy future stock at a set price. Congress wanted taxpayers to benefit if the banks became financially healthier.
CALIFORNIA | LOCAL
April 23, 2014 | By Seema Mehta
In her new book, “A Fighting Chance,” Massachusetts Sen. Elizabeth Warren accuses California gubernatorial candidate Neel Kashkari of lying to her when he led the taxpayer-funded federal bank bailout. Warren, a Democrat, served as chair of the bipartisan Congressional Oversight Panel that was created in 2008 to scrutinize the $700-billion Troubled Assets Relief Program. In her book, released Tuesday, Warren writes that members of the panel had grown “deeply concerned” that within seven weeks of the law's passage, $172 billion in taxpayer funds had been committed to various banks with little oversight.
BUSINESS
March 5, 2010 | By Jim Puzzanghera
Facing the government's bailout watchdogs for the first time, Citigroup Inc. Chief Executive Vikram Pandit publicly thanked taxpayers Thursday for the $45 billion that helped save the company during the financial crisis and said he was taking steps to ensure future handouts would not be needed. "This is a different company," Pandit told the Congressional Oversight Panel, which monitors the $700-billion Troubled Asset Relief Program. He said he did not anticipate Citigroup would need any additional bailout money, a point echoed by Herbert M. Allison Jr., the assistant Treasury secretary who oversees TARP.
BUSINESS
June 11, 2010 | By Jim Puzzanghera, Los Angeles Times
A watchdog panel Thursday blasted the government's $182-billion bailout of insurance giant American International Group Inc. for its continued "poisonous effect" on financial markets and said it's still unclear whether taxpayers ever will be fully repaid. The Congressional Oversight Panel, set up by lawmakers to monitor the $700-billion bailout fund, also was sharply critical of Treasury Department and Federal Reserve officials for failing to exhaust all other options in 2008 before rescuing AIG as it teetered near bankruptcy.
BUSINESS
September 11, 2009 | Neil Irwin and David Cho, Irwin and Cho write for the Washington Post.
WASHINGTON -- Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months. Geithner, testifying before a congressional watchdog panel, said the nation still has a ways to go before "true recovery takes hold." But he said improved conditions in the banking industry have prompted Treasury to begin winding down emergency support programs.
BUSINESS
January 13, 2011 | By Jerry Hirsch, Los Angeles Times
The federal government's $85-billion bailout of the U.S. auto industry will be less costly than first thought, but it's still not clear whether taxpayers will recoup all of their investment, according to a congressional watchdog panel. With major automakers on the mend, the taxpayers' position has "starkly improved" since the last review by the Congressional Oversight Panel in September 2009. At that time federal budget analysts estimated that taxpayers would lose $40 billion from the bailout.
BUSINESS
June 11, 2010 | By Jim Puzzanghera, Los Angeles Times
A watchdog panel Thursday blasted the government's $182-billion bailout of insurance giant American International Group Inc. for its continued "poisonous effect" on financial markets and said it's still unclear whether taxpayers ever will be fully repaid. The Congressional Oversight Panel, set up by lawmakers to monitor the $700-billion bailout fund, also was sharply critical of Treasury Department and Federal Reserve officials for failing to exhaust all other options in 2008 before rescuing AIG as it teetered near bankruptcy.
BUSINESS
May 26, 2010 | By Jim Puzzanghera, Los Angeles Times
American International Group Inc., the much-derided prime example of Wall Street excesses during the financial crisis, could end up doing what many thought was impossible: repaying most, and maybe all, of the $132.3 billion in taxpayer funds used so far to bail it out. Company executives and federal officials testified Wednesday at a hearing by the government watchdog commission overseeing the bailouts that the giant New York insurer was regaining some of its financial strength, making the prospects for full repayment look brighter.
BUSINESS
March 5, 2010 | By Jim Puzzanghera
Facing the government's bailout watchdogs for the first time, Citigroup Inc. Chief Executive Vikram Pandit publicly thanked taxpayers Thursday for the $45 billion that helped save the company during the financial crisis and said he was taking steps to ensure future handouts would not be needed. "This is a different company," Pandit told the Congressional Oversight Panel, which monitors the $700-billion Troubled Asset Relief Program. He said he did not anticipate Citigroup would need any additional bailout money, a point echoed by Herbert M. Allison Jr., the assistant Treasury secretary who oversees TARP.
BUSINESS
September 11, 2009 | Neil Irwin and David Cho, Irwin and Cho write for the Washington Post.
WASHINGTON -- Citing emerging financial sector stability, Treasury Secretary Timothy Geithner said Thursday that a number of government rescue efforts in place since the Wall Street crisis are no longer needed and that banks will repay $50 billion in rescue funds over the next 18 months. Geithner, testifying before a congressional watchdog panel, said the nation still has a ways to go before "true recovery takes hold." But he said improved conditions in the banking industry have prompted Treasury to begin winding down emergency support programs.
BUSINESS
July 23, 2009 | Jim Puzzanghera
As banks begin paying back their federal bailout money, some lawmakers and government watchdogs worry the Obama administration isn't driving a hard-enough bargain on the one part of the investment that could generate a profit for taxpayers. Banks that received money from the $700-billion Troubled Asset Relief Program were required to supply the government with warrants to buy future stock at a set price. Congress wanted taxpayers to benefit if the banks became financially healthier.
BUSINESS
April 22, 2009 | Jim Puzzanghera
The Obama administration has indicated for the first time that it will let some big banks repay their bailout cash early, estimating that at least $25 billion will come back to the government in the next year. With that money, and at least $110 billion remaining in the $700-billion financial rescue fund, the Obama administration will have enough to pay for its economic initiatives without further action by Congress, Treasury Secretary Timothy F.
BUSINESS
April 22, 2009 | Jim Puzzanghera
The Obama administration has indicated for the first time that it will let some big banks repay their bailout cash early, estimating that at least $25 billion will come back to the government in the next year. With that money, and at least $110 billion remaining in the $700-billion financial rescue fund, the Obama administration will have enough to pay for its economic initiatives without further action by Congress, Treasury Secretary Timothy F.
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