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  • Obama v. Geithner on TARP Repayments: Save or Spend?

    In his statement yesterday announcing that 10 banks would be repaying $68 billion in TARP bailout funds, President Obama proudly asserted that the step would reduce the national debt: “And as this money is returned, we’ll see our national debt lessened by $68 billion — billions of dollars that this … More

    TARP Repayments: "Letting Banks Slither Away from the Grasp of the Government"?

    Yesterday, the Treasury Department announced that 10 financial institutions had been cleared to return their TARP bailout money — totalling some $68 billion to the government. This is good news — taxpayers are finally getting some of their money back, and banks look to regain their independence, putting the threat … More

    Is An Automaker a "Financial Institution"? You Decide

    Yesterday afternoon, Supreme Court Justice Ruth Bader Ginsburg issued an order delaying the sale of Chrysler’s assets to a new firm controlled by Fiat, in order to more fully consider claims by a group of Indiana pension funds that the process violated federal law. A key argument made by the … More

    Feds To Fire Another CEO? FDIC Plans Citi Beheading

    Here we go again. Barely two months after President Obama sacked the CEO of General Motors — and less than a week after the outright nationalization of that firm was announced — the head of yet another U.S. corporation is in Washington’s sights. According to the Wall Street Journal, the … More

    Chavez to Fidel: We May End Up on Obama's Right

    The Administration’s plan to take over General Motors certainly startled a lot of people, both in the U.S. and internationally. Now comes word that even Hugo Chavez — an acknowledged expert in the theory and practice of nationalization — found the move remarkable, publicly musing as to whether President Obama … More

    GM To Keep Lobbyists: Government to Influence Itself

    As a candidate, Barack Obama repeatedly pledged that no lobbyist would work in his White House. But does that policy apply to his auto companies? It’s a timely question, as General Motors, soon to be majority-owned by the U.S. government, announced this week that it planned to retain its in-house … More

    The Government and GM: How Reluctant a Shareholder?

    Will the new majority owner of General Motors — the United States Government — take an active role in managing the firm as it struggles for viability? In a statement earlier today, President Obama insisted that the government wouldn’t impose it’s own political agenda on GM. “What we are not … More

    News Flash: Obama-Appointed GM CEO Supports Obama

    Here’s a shocker. Among the cheerleaders for President Obama’s plan to increase federal fuel efficiency mandates were General Motors and Chrysler — two companies that are, at the moment, virtually run by the federal government itself. GM’s Fritz Henderson, who was made CEO when Rick Wagoner was effectively fired by … More

    Insurers Just Saying "No" To TARP?

    What if they ran a bailout program and no one came? Last year, the Bush Administration Treasury Department opened TARP’s doors to insurance companies, a number of which promptly filed for aid. Last week, the applications of six of those were approved, totalling some $22 billion. But rather than rush … More

    Paulson and the Banks: What an Offer You Can’t Refuse Looks Like

    Ever since the results of the government’s stress tests were released, banks across the country have been rushing to escape from their TARP traps. Now comes more details on how they got snared to start with. Documents made public this week by the Treasury Department – pursuant to a Freedom … More