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Troubled Asset Relief Program

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.
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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.
NATIONAL
June 19, 2009 | Tom Hamburger
A Treasury Department challenge to the authority of government bailout watchdog Neil M. Barofsky came just as he had begun a sensitive investigation of the department's role in approving bonuses to executives of insurance giant AIG, sources said Thursday. Department lawyers had sent a message to Barofsky, special inspector general for the Troubled Asset Relief Program, suggesting that lawyer-client privilege could restrict some of his inquiries.
NATIONAL
June 18, 2009 | Tom Hamburger and Peter Wallsten
He was appointed with fanfare in December as public watchdog over the government's multibillion-dollar bailout of the nation's financial system. But now Neil Barofsky, inspector general of the Troubled Asset Relief Program, is embroiled in a dispute with the Obama administration that delayed one recent inquiry and sparked questions about his ability to investigate without interference. The Treasury Department contends that Barofsky does not have a completely independent role.
BUSINESS
June 18, 2009 | Tom Petruno
Ten big banks made good Wednesday on their promises to repay $68 billion in government capital received under the Troubled Asset Relief Program. JPMorgan Chase & Co. said it paid the Treasury $25 billion, Morgan Stanley returned $10 billion, Goldman Sachs Group Inc. repaid $10 billion, U.S. Bancorp returned $6.6 billion, Capital One Financial Corp. gave back $3.6 billion, and American Express Co. sent back $3.4 billion. The other banks returning the federal money were BB&T Corp.
BUSINESS
June 3, 2009 | Binyamin Appelbaum, Appelbaum writes for the Washington Post.
Several large banks may get government approval to repay billions of dollars in federal aid next week after completing a series of tests to prove they can stand without crutches. JPMorgan Chase & Co., Goldman Sachs Group Inc. and American Express Co. are among the most likely candidates to get the Treasury Department's blessing, according to financial analysts. Together they owe the government $38.4 billion. Other banks bidding for approval include credit card giant Capital One Financial Corp.
BUSINESS
May 6, 2009 | Tom Petruno
The parent of City National Bank on Tuesday added its name to the list of financial companies that want to exit the industry's strained partnership with Uncle Sam. Beverly Hills-based City National Corp. said it raised about $100 million by selling new shares to investors, and intended to put the money toward repayment of $400 million in government capital it received in November. "We'd like to repay the whole thing," said Russell Goldsmith, the company's chief executive.
BUSINESS
April 9, 2009 | Michael Oneal
Extending a lifeline to what had long been some of the nation's most prudently managed firms, the Treasury Department has decided to make ordinary life insurance companies eligible for federal bailouts. The expansion marks another sign that the economic crisis plaguing the nation and the world has spread to the seemingly safest corners of the financial system.
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