Category Archives: Pay Back

Bank bailout turns a profit

By doris | Published: March 30, 2011

Full Story at money.cnn.com The bank bailout — part of the Troubled Asset Relief Program — is now $6 billion in the black, a profit that might ultimately rise to $20 billion, according to the Treasury. And that’s nice. But if you look at the whole program, there are still some trouble spots, and not [...]

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US, AIG announce plan to end federal stake

By doris | Published: January 15, 2011

Full Story at msnbc.com NEW YORK — The U.S. government and AIG, the giant insurer rescued with $182 billion at the depths of the 2008 financial meltdown, announced a plan Friday to end taxpayer involvement in the company over the next two years. American International Group Inc. paid its $21 billion outstanding balance to the [...]

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AIG: $51 billion down, $51 billion to go

By doris | Published: March 9, 2010

Full Story at money.cnn.com On Monday, the insurer announced that it would sell foreign life insurance business Alico to MetLife (MET, Fortune 500) for $15.5 billion. Last week, AIG said it reached an agreement to sell Asian life insurance giant AIA for $35.5 billion. That’s $51 billion that AIG said will eventually be used to [...]

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Taxpayer advocate to IRS: Don’t lien too heavily

By doris | Published: January 10, 2010

Full Story at money.cnn.com NEW YORK (CNNMoney.com) — The tax man has gotten a lot more aggressive in slapping liens on taxpayers who are seriously delinquent in their payments. In fact, the Internal Revenue Service issued 475% more liens last year than it did in 1999.

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U.S. Treasury Says TARP to Cost $200 Billion Less

By doris | Published: December 7, 2009

Full Story at  Bloomberg.com Dec. 7 (Bloomberg) — The Obama administration expects the cost of the Troubled Asset Relief Program to be $200 billion less than projected, helping to reduce the size of the budget deficit, a Treasury Department official said yesterday. The administration forecast in August that the TARP would ultimately cost $341 billion, [...]

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BofA to return $45 billion to taxpayers

By doris | Published: December 4, 2009

Full Story atmoney.cnn.com NEW YORK (CNNMoney.com) — Bank of America said late Wednesday it planned to return the entire $45 billion in bailout money it received from the government over the past year. The move would allow Bank of America, the nation’s largest lender, to wriggle free from a variety of government restrictions it has [...]

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U.S. wants AIG bonuses curtailed

By doris | Published: October 14, 2009

Full Story at mone.cnn.com NEW YORK (CNNMoney.com) — The Treasury Department, after missing an opportunity to rein in controversial bonuses to AIG employees last year, is now pressing the bailed out insurer to reduce a $198 million bonus pool, according to an overseer’s report released Tuesday. Neil Barofsky, the special inspector general of the $700 [...]

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Goldman Sachs bites Uncle Sam’s hand

By doris | Published: July 18, 2009

Full Story at money.cnn.com NEW YORK (Fortune) — I’ve always thought that the guys running Goldman Sachs were really smart, not only about making money, but also about projecting a classy image to the world outside of Wall Street. Clearly, I overestimated them. If there was ever a firm with the motivation — and the [...]

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‘Goodbye and good riddance’ AIG directors!

By doris | Published: July 1, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — AIG shareholders, a.k.a. U.S. taxpayers, ousted the majority of the company’s leadership at AIG’s annual shareholders meeting Tuesday, removing the overseers of one of the biggest corporate unravelings in American history. Just three of the 11 directors that oversaw the company’s downward spiral in September remained on [...]

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Michael Jackson concert refund plan unveiled

By doris | Published: June 30, 2009

Full Story At mney.cnn.com NEW YORK (CNNMoney.com) — In the wake of Michael Jackson’s death, concert promoter AEG Live said on Tuesday that ticket holders for his canceled shows in London will be fully refunded. “Since he loved his fans in life, it is incumbent upon us to treat them with the same reverence and [...]

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GM faces $250M past due notice

By doris | Published: June 20, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — General Motors owes hundreds of millions of dollars to major suppliers who have never made an auto part, rubber tire or sheet of steel — and they’re not likely to get paid anytime soon. GM is on the hook for more than $100 million for advertising it [...]

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Recession hits Social Security hard

By doris | Published: May 13, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — The recession has taken its toll on Social Security. The officials who oversee the program forecast Tuesday that the Social Security trust fund will be exhausted by 2037 — four years earlier than estimated last year. The trust fund reflects a $2.4 trillion surplus paid into Social [...]

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Chrysler won’t repay bailout money

By doris | Published: May 6, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Chrysler LLC will not repay U.S. taxpayers more than $7 billion in bailout money it received earlier this year and as part of its bankruptcy filing. This revelation was buried within Chrysler’s bankruptcy filings last week and confirmed by the Obama administration Tuesday. The filings included a [...]

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AIG: Doomed to fail?

By doris | Published: April 29, 2009

Full Story At money.cnn.com NEW YORK (CNNMoney.com) — Once a titan in the insurance world, AIG is a shadow of its former self, and experts say the company is likely doomed for failure. That’s partly because AIG (AIG, Fortune 500) is slowly getting rid of its strong, moneymaking businesses as it attempts to pay back [...]

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