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Troubled Asset Relief Program

February 24, 2009 | Bloomberg News
American International Group Inc., the insurer bailed out by the U.S. government, may restructure its rescue package for the second time in four months as the recession forces down the value of the firm's assets. AIG may announce that it is converting the government's preferred shares into common stock to relieve pressure on the New York firm's liquidity, a person familiar with the situation said. AIG pays a 10% dividend on preferred stock but none on common shares.
February 23, 2009 | Associated Press
This week, Washington gets another chance to prove to Wall Street it means business. Investors are expecting details on the Treasury Department's plans to fix the financial industry. The questions they want answered: How the government will decide which banks are healthy enough to be saved, how their toxic assets will be priced and how officials will persuade private investors to buy them. The Obama administration has yet to galvanize confidence on Wall Street.
February 13, 2009 | Ralph Vartabedian
Amid growing public consternation with the federal banking bailout, the Treasury Department's special inspector general has opened an examination of political influence in handing out some of the $350 billion in federal bank bailout funds, The Times has learned. The audit, which has just begun, is broad in scope but will focus on lobbying activities by financial institutions and what the special inspector general, Neil Barofsky, has called "outside influences."
The Federal Deposit Insurance Corp. is asking banks tapping the $700-billion U.S. financial rescue program to report how they are using the funds to support consumer lending and foreclosure relief. State banks regulated by the FDIC should start monitoring spending from cash injections, liquidity support and financing guarantees received from programs including the Troubled Asset Relief Program established by the Treasury Department, FDIC and Federal Reserve, the agency said in a letter to banks.
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