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  • TARP

    The TARP Bailout Parade: Is California Next?

    During yesterday’s Senate Banking committee TARP oversight hearing, Sen. Jim DeMint (R-SC) asked Treasury Secretary Tim Geithner: So it’s your understanding that you have $700 billion to use permanently as you see fit? Secretary Geithner replied: I’m not quite sure ‘permanently’ is right. So then what is the right word? … 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

    End TARP and End the Stimulus

    Earlier this month the Treasury Department found that all 19 banks subject to government “stress tests” passed. Now this past Sunday, White House Director of the Office of Management and Budget Peter Orszag announced that: “The freefall in the economy seems to have stopped.” Economic catastrophe was the only rational … 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

    President Obama Still Running Auto Companies

    “I don’t want to run auto companies.” – President Barack Obama, April 29, 2009. “Obama Halves Chrysler’s Planned Marketing Budget” – Advertising Age, May 11, 2009. Congress should help President Obama stop running auto companies. We must repeal TARP now.

    Financial Prison Break: Banks Flee TARP

    In the weeks leading up to last week’s release of “stress test” results, there was quite a bit of talk about more bailout money for troubled banks — how much they would need, and how much Washington would force them to take. (Yes, force.) How things have changed. Not only … More

    The Zombie Contagion Spreads

    The New York Times reports: Hartmarx, known for its Hart Schaffner & Marx and Hickey Freeman suits, and for making President Obama’s inauguration tuxedo and topcoat, has long been America’s leading clothier for men. Now its workers want to make the company, which is in bankruptcy, a leader in a … More

    CEO Confirms Treasury is Calling Shots at GM

    In a surprisingly frank statement this morning, General Motors CEO Fritz Henderson confirmed that the Treasury Department is calling the shots on the company’s on-going restructuring. As reported by the New York Times, Henderson stated that GM was told by the Treasury Department to offer bondholders only up to 10 … More

    TARP and Stress Tests: Now Can Banks Return the Money?

    The results aren’t officially out yet, but it looks like 14 of the 19 financial firms subjected to “stress tests” by the Treasury Department passed their exams with flying colors. Now, the question is will they be allowed to return the money they borrowed from taxpayers? Many of them want … More

    Chrysler: Pay Back the Money!

    The Obama Administration appears about to walk away from $7.5 billion in taxpayer money used to prop up Chrysler. This little information nugget was buried in Chrysler’s filing before the bankruptcy judge last week and confirmed by Administration sources. So much for responsible government and transparency! The Bush Administration pumped … More