Advertisement
 
YOU ARE HERE: LAT HomeCollectionsTroubled Asset Relief Program
IN THE NEWS

Troubled Asset Relief Program

NATIONAL
October 20, 2009 | Tomoeh Murakami Tse, Tse writes for the Washington Post.
Even as the nation's biggest financial firms were struggling and the federal government was spending hundreds of billions to save many of them, the companies as a group were boosting the perks and benefits they pay their chief executives. The firms, which account for more $350 billion in federal bailout funds, increased these perks and benefits 4% on average last year, according to an analysis of corporate disclosures filed in recent months. Some chief executives, such as Kenneth D. Lewis of Bank of America Corp.
Advertisement
BUSINESS
October 1, 2009 | Jim Puzzanghera
The Treasury Department's long-awaited attempt to deal with toxic mortgage securities cleared another hurdle as two of the nine fund managers selected to lead public-private partnerships to purchase the assets raised at least $500 million each. Invesco Ltd. and Los Angeles-based TCW Group Inc. have completed their initial fundraising from private investors, bringing in a total of $1.13 billion in capital commitments as part of the Public-Private Investment Program, the Treasury said Wednesday.
BUSINESS
September 25, 2009 | Alexander C. Hart
The Treasury is unlikely to get back the full amount of money lent under the Troubled Asset Relief Program despite a recent spate of repayments from large banks, warned the program's watchdog. The program "played a significant role" in rescuing the financial system from a meltdown, Neil Barofsky, special inspector general for TARP, testified before the Senate Banking Committee on Thursday. But it was "extremely unlikely that the taxpayer will see a full return on its TARP investment," according to his prepared testimony.
BUSINESS
September 2, 2009 | Tom Petruno
No big bank wants to be the last one in the TARP pit. On Tuesday, as Bank of America Corp. was reported to be working on a plan to repay part of its federal capital injection under the Troubled Asset Relief Program, Wells Fargo & Co. Chief Executive John Stumpf was on TV promising that Wells would be returning its TARP money soon. "We will pay it back shortly," Stumpf said in an interview with Bloomberg TV, referring to $25 billion in capital received last fall under TARP. He didn't give a date, saying repayment had to be worked out with the Federal Reserve.
BUSINESS
August 27, 2009 | E. Scott Reckard
An inspector general's audit has found no wrongdoing in the U.S. Treasury Department's $400-million investment of bailout funds in Los Angeles-based City National Bank, according to people familiar with the report. The audit, which is expected to be made public as soon as today, was launched late last year by Treasury Department Inspector General Eric Thorson amid concerns over how and why banks were chosen to receive bailout money. Its focus was whether Treasury officials properly followed the rules established in October when the controversial $250-billion banking bailout was announced as the largest component of the $700-billion federal Troubled Asset Relief Program.
BUSINESS
August 4, 2009 | Walter Hamilton and E. Scott Reckard
Bank of America Corp. has agreed to pay $33 million to settle allegations that it misled shareholders by indicating that Merrill Lynch & Co. would not pay year-end bonuses -- when in fact the bank had already approved up to $5.8 billion in payments. Federal regulators, who brought the suit against BofA, said the episode occurred as shareholders were considering the bank's proposed acquisition of Merrill Lynch last year.
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.
NATIONAL
July 21, 2009 | Tom Hamburger and Peter Nicholas
As the watchdog of the government's massive bailout of the financial sector, Neil M. Barofsky had a simple question: What had the nation's banks done with all their bailout money? Can't be answered, said the Treasury Department, because of the way banks move money internally. The department declined to put the question to the banks.
BUSINESS
July 15, 2009 | Ralph Vartabedian
Despite evidence that banks are regaining their health, the Treasury Department is pressing forward with a highly controversial program to help finance purchases of toxic assets that were at the heart of the nation's plunge into economic chaos last year. Treasury officials say the program is still needed because the assets -- complex securities on the balance sheets of banks that have virtually no market to trade in because they are so difficult to value -- still pose a threat.
BUSINESS
July 15, 2009 | Times Wire Reports
Chrysler Financial, the former lending arm of automaker Chrysler, said it repaid a $1.5 billion, five-year loan it received in January from the federal government's Troubled Asset Relief Program. The company raised the money by packaging and selling top-rated car loans to investors using the government's Term Asset-Backed Securities Loan Facility, according to a statement.
Los Angeles Times Articles
|