Former Treasury Secretary Henry Paulson gave his testimony on the BofA/Merrill deal to the House Committee on Oversight & Government Reform this morning, and he’s still being cross-examined now, a couple of hours later. Watching it, the only thing that comes to mind is a little lesson from the movie Clear & Present Danger. In
Treasury Secretary
Tim Geithner was sworn in as Treasury Secretary this afternoon. According to CNBC: “We are at a moment of maximum challenge for our economy and our country,” Geithner said at a swearing-in ceremony as he stood by the President Barack Obama’s side. “Our agenda is to move quickly to help you do what the country
Tim Geithner was approved by the Senate Finance Committee as Treasury Secretary, the vote was 18-5.
Treasury Secretary nominee Tim Geithner is in confirmation hearings today with a vote set for tomorrow to see if he will be confirmed as Treasury Secretary. The big issue is that Geithner was late on $34,000 in self-prepared taxes. Thankfully lawmakers know the bigger issues are billions in market losses, and as former Fed chairman
Kevin Warsh, the 38-year-old Fed governor and former M&A executive at Morgan Stanley, was thought to be the lead contender to succeed Tim Geithner as the head of the New York Fed when Geithner takes over as Treasury Secretary under President Obama. But now the number two speculative pick, former Goldman Sachs economist William Dudley,
Years ago when I was working for UBS, I read this book on Goldman Sachs, because I wanted to see how their culture had evolved up to the IPO stage—the book came out the same year as their IPO. Our company had been a private partnership (Brinson Partners) that sold to UBS a few years
There is $350b left in of the original $700 billion Troubled Asset Relief Program funds that were approved by Congress and the White House in October. At that time, funds were to be used to buy troubled assets from banks—illiquid mortgage securities mostly—to get banks to regain their appetite for lending again. Right after TARP
GMAC, which is the lending arm of General Motors and makes auto, home and commercial real estate loans, will get $6 billion from the Treasury Department. Stocks are rallying today on the news, since it will help the firm continue giving auto loans to car buyers. This follows the $13.4 billion Treasury already agreed to
Fox Business News launched in October 2007, two months after the financial crisis began, with lowbrow programming like their market wrap show Happy Hour which takes place in a bar and features segments like Quick Shots where they offer stock picks. To some, it lacks financial credibility but to Fox it brings the broadest possible
JP Morgan Chase received $25 billion from the Treasury’s Troubled Asset Relief Program, and CEO Jamie Dimon told CNBC today, that while they didn’t need it, they are lending it. Treasury called for banks to re-deploy TARP assets, saying it was the only way for the program to work. But if they’re giving money to
Bloomberg estimates that the government bailouts could total $8.5 trillion, which is about 60% of GDP. About $5.5 trillion comes from the Federal Reserve, about $1.1 trillion comes from Treasury, and the rest comes from the FDIC for banking issues and the FHA for housing issues. “Only” about $3.2 trillion has been used so far.
Everyone is waiting to see what Barack Obama has got planned. We already know his economic plan. It’s designed to help small businesses that make under $250,000 a year…Like General Motors and Chrysler. $600b Mortgage Bond Investment By Fed Seriously, this morning rates have improved dramatically the Federal Reserve and Treasury Department unveiled hundreds of
As the Economist said this week: “The New York Fed president is by tradition the financial system’s go-to crisis manager. Even in calm times the job places a premium on steady nerves, good judgment, stature, even temperament and an ability to learn quickly. That premium has been multiplied in the current environment.” Which is why
Timothy Geithner, current president of the New York Fed and voting member of the Ben Bernanke’s FOMC which sets interest rates, will replace Treasury Secretary Henry Paulson in Barack Obama’s new administration. Former Treasury Secretary from 1999-2001 Larry Summers will also have a key economic and regulatory advisory role. Geithner (pronounced GYTE-ner) has played a
The NY Times has an interactive chart to track the Treasury’s $700b TARP (Troubled Asset Relief Program). Almost half of funds have been committed by the Bush administration and they announced this week that the remaining funds would be allocated by the Obama administration. As of this morning, it looks like Hillary Clinton is Obama’s
Fixed and ARM rates for loans up to $729k are even since last week, ending several weeks of .5% price swings. Rates on loans from $729k to $1m are also about even. Rates on loans above $1m are not shown below because that pricing is truly custom based on client profiles. Only a few lenders
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