Bailout Real Time News items

• Allison: No Plans to Insert Government Representatives into Citi BoardPosted:04/03/2010 15:37 GMT by NeedToKnowNews
• Allison: TSY Plans to Sell Citi Holdings Within a YearPosted:04/03/2010 15:36 GMT by NeedToKnowNews
• Allison: No Plans for Further TARP Injections into CItiPosted:04/03/2010 15:36 GMT by NeedToKnowNews
• Bank Holding Company merge w/ Volcker Act - no prop trading ...with exceptionsPosted:04/03/2010 12:54 GMT by NeedToKnowNews
  PROHIBITION ON PROPRIETARY TRADING.
• Geithner: TARP has "outlived its basic usefulness"Posted:24/02/2010 15:43 GMT by NeedToKnowNews
  Geithner: TARP has "outlived its basic usefulness"
• Geithner: Fin'l firms are much stronger than a year agoPosted:24/02/2010 15:26 GMT by NeedToKnowNews
• Treasury Spokesman on Financial Reform Progress in SenatePosted:11/02/2010 16:18 GMT by NeedToKnowNews
  "We welcome Senator Corker's decision to work on a bipartisan basis with Chairman Dodd to pass financial reform that will end too big to fail and stop abusive practices that hurt American families."
• NY FED reports buying 1.49bln in Agency Debt; Dealers bid for $4.49blnPosted:11/02/2010 16:07 GMT by NeedToKnowNews
• Paulson: without TARP, US unemployment would have topped 25%Posted:09/02/2010 18:35 GMT by NeedToKnowNews
• Volcker - "curbing prop interest of comm'l banks is in the interest of fair and open competition and preserving essential fin'l svs"Posted:02/02/2010 19:05 GMT by NeedToKnowNews
  Volcker - "curbing prop interest of comm'l banks is in the interest of fair and open competition and preserving essential fin'l svs"
• Volcker - every banking I speak with knows very well what "proprietary trading" means and impliesPosted:02/02/2010 19:00 GMT by NeedToKnowNews
  Volcker - every banking I speak with knows very well what "proprietary trading" means and implies
• Volcker - functional definition fo hedge funds, p/e funds that comm'l banks would be forbidden from owning..is not difficultPosted:02/02/2010 18:59 GMT by NeedToKnowNews
• Volcker calls for a new "resolution authority"...saying the concept is widely supported internationallyPosted:02/02/2010 18:57 GMT by NeedToKnowNews
  Volcker calls for a new "resolution authority"...saying the concept is widely supported internationally
• Volcker chastises firms that "assumed the cloak of banking license to facilitate assistance" and the financial affiliate of of one our largest industrial comopanies was also extended privlegde of banking license..and granted large assistancePosted:02/02/2010 18:56 GMT by NeedToKnowNews
  Volcker chastises firms that "assumed the cloak of banking license to facilitate assistance" and the financial affiliate of of one our largest industrial comopanies was also extended privlegde of banking license..and granted large assistance
• Volcker - hedge funds, private equity, trading activities unrelated to customer needs ..should stand on their own..Posted:02/02/2010 18:51 GMT by NeedToKnowNews
• Volcker - There is not a similar rationale for public funds protecting, supporting essentially proprietary, speculative activitiesPosted:02/02/2010 18:49 GMT by NeedToKnowNews
• WH: FNM, FRE Expected to Pay TSY $6.73bln a Year from 2011-2020Posted:01/02/2010 14:59 GMT by NeedToKnowNews
• Budget Forecasts TARP Losses of $117bln vs. $141bln in DecemberPosted:01/02/2010 14:57 GMT by NeedToKnowNews
• Geithner does not recall ANY meetings w/ countreparties; did not direct NY FRB staff to seek concessionsPosted:27/01/2010 16:30 GMT by NeedToKnowNews
• Geithner - to Kaptur - you suggesting people were not acting in the public interest - that is not truePosted:27/01/2010 16:26 GMT by NeedToKnowNews
• Turner, R, OH - this may be the largest theft in historyPosted:27/01/2010 16:18 GMT by NeedToKnowNews
• Geithner Why would we have not separated the good compannies at AIG form the AIGFP; Insurance supervisors did not know extent of insurance companies intertwined w/ AIGFPPosted:27/01/2010 16:18 GMT by NeedToKnowNews
• Giethner - if you are prepared to default, you can get haircuts; we were not prepared to defaultPosted:27/01/2010 16:13 GMT by NeedToKnowNews
• Geithner says he would have made a better deal, I would havePosted:27/01/2010 16:13 GMT by NeedToKnowNews
• Geithner - to Kucinich - it is not true actions we took at AIG was to the benefit of anyone but the American people; the only motive was to prevent catastrophic failurePosted:27/01/2010 16:01 GMT by NeedToKnowNews
• Geithner - I was not aware of precise hedging strategies of all these firms; I asked GS what their exposure was....Posted:27/01/2010 15:58 GMT by NeedToKnowNews
• Congressman calls for Geithner's resignationPosted:27/01/2010 15:55 GMT by NeedToKnowNews
• Geithner - on why he should not resign - "it is a great priviledge to serve this President and will do so as long as he want sme to"Posted:27/01/2010 15:54 GMT by NeedToKnowNews
  Geithner - on why he should not resign - "it is a great priviledge to serve this President and will do so as long as he want sme to"
• Geithner defiant - I am not trying to distance myself from anythingPosted:27/01/2010 15:53 GMT by NeedToKnowNews
• Geithner - I was absolutely aware of 100 cents on the dollarPosted:27/01/2010 15:52 GMT by NeedToKnowNews
• To Geithner - it stretches credulity that you knew nothing about this (AIG decisions)Posted:27/01/2010 15:43 GMT by NeedToKnowNews
• Geithner withdrew from day to day mngmnt of NY FED on 24 November - the day Obama annc'd my nomiation for TSY SECPosted:27/01/2010 14:50 GMT by NeedToKnowNews
• Geithner - decision to stay on as NY FED Pres was to "protect independence of FD...and because I was going to be spending bulk of my time helping shape Pres' econ strategy'Posted:27/01/2010 14:50 GMT by NeedToKnowNews
  Geithner - decision to stay on as NY FED Pres was to "protect independence of FD...and because I was going to be spending bulk of my time helping shape Pres' econ strategy'
• Giethner "I had no role in making decisions regarding what to disclose about specific financial terms of Maiden Lane 2,3 or payments to AIG counterpartiesPosted:27/01/2010 14:49 GMT by NeedToKnowNews
  Giethner "I had no role in making decisions regarding what to disclose about specific financial terms of Maiden Lane 2,3 or payments to AIG counterparties
• Giethner - 'one firm said it would make concession...but only if other firms agreed to equal concessions on their prices'Posted:27/01/2010 14:49 GMT by NeedToKnowNews
• Giethner - FRBNY, AIG talked w/ counterparties about accepting concessions...'most firms would not make concessions'Posted:27/01/2010 14:49 GMT by NeedToKnowNews
• Geithner emphasizes AIG's regulators had no tools to meeting firm's funding needs; no mechanism to unwind firmPosted:27/01/2010 14:48 GMT by NeedToKnowNews
• Geithner - size of AIG failure, "force of storm developing in financial system"...there was no chance of putting together consortium to rescue AIGPosted:27/01/2010 14:48 GMT by NeedToKnowNews
  Geithner - size of AIG failure, "force of storm developing in financial system"...there was no chance of putting together consortium to rescue AIG
• Geithner - AIG failure would have spread to entire insurance industry, would have "dramatically amplified" financial crisisPosted:27/01/2010 14:48 GMT by NeedToKnowNews
  Geithner - AIG failure would have spread to entire insurance industry, would have "dramatically amplified" financial crisis
• Geitnner puts AIG collapse in context saying in part that WB, Wamu collapsed due to bank runs against backdrop of LEH bankruptcyPosted:27/01/2010 14:47 GMT by NeedToKnowNews
• Geithner - team of offcials from NYS Insurance Dept and FED concluded AIG failure would be "catastrophic" noting AIG much bigger than LEHPosted:27/01/2010 14:47 GMT by NeedToKnowNews
  Geithner - team of offcials from NYS Insurance Dept and FED concluded AIG failure would be "catastrophic" noting AIG much bigger than LEH
• Geithner on the Hill re AIG - FRBNY acted at direction of BOG and in cooperation w/ TSY and Executive BranchPosted:27/01/2010 14:47 GMT by NeedToKnowNews
• Geithner once again calls for limiting risk-taking among TBTF firms; says resolution regime is neededPosted:27/01/2010 14:46 GMT by NeedToKnowNews
• Geithner: Federal Reserve should make profits from Maiden Lane II and III; however, gov't will likely sustain losses from AIG investmentsPosted:27/01/2010 14:46 GMT by NeedToKnowNews
• Geithner: US gov't still exposed to "substantial risk of losses" on AIG investmentsPosted:27/01/2010 14:46 GMT by NeedToKnowNews
  Geithner: US gov't still exposed to "substantial risk of losses" on AIG investments
• Geithner: Profits from sale of AIG subsidiaries will first go to pay back gov't for supportPosted:27/01/2010 14:45 GMT by NeedToKnowNews
• Geithner: anticipate that AIG will generate "substantial proceeds" from the sale of insurance subsidiariesPosted:27/01/2010 14:45 GMT by NeedToKnowNews
  Geithner: anticipate that AIG will generate "substantial proceeds" from the sale of insurance subsidiaries
• Geithner: Situation of AIG today is "substantially better" than it was 6-12 months agoPosted:27/01/2010 14:45 GMT by NeedToKnowNews
  Geithner: Situation of AIG today is "substantially better" than it was 6-12 months ago
• NY fed did support idea of keeping information confidential --NY Fed General CounselPosted:26/01/2010 19:41 GMT by NeedToKnowNews
• NY Fed General Counsel: did not pressure or compel AIG to keep CDS counterparty names secretPosted:26/01/2010 19:39 GMT by NeedToKnowNews
• FRE sees foreclosure pace accelerating in 2010Posted:26/01/2010 18:48 GMT by NeedToKnowNews
• TSY owns warrants representing 121.8mln shares w/ $30.79 strike for CPP program; BAC will not buy warrants backPosted:20/01/2010 15:21 GMT by NeedToKnowNews
• Citi on Residential Real Estate - losses down 7%Posted:19/01/2010 14:47 GMT by NeedToKnowNews
  "Net credit losses in North America residential real estate lending declined 7% sequentially to $2.1 billion due primarily to lower losses on second mortgages reflecting the impact of portfolio re-positioning and loss mitigation. In addition, increasing volumes of trial modifications of first mortgages under the HAMP contributed to the sequential decline in losses; the loan loss reserve was increased to offset this impact.?
• Citi talking HAMP - say they've seen some progress on number of loans converted to permanent modsPosted:19/01/2010 14:44 GMT by NeedToKnowNews
• Bair: Have reserved potential losses over the next 5 year period; collection should be sufficient to avoid premium increasePosted:14/01/2010 15:30 GMT by NeedToKnowNews
• Bair, Schapiro doing investigations into how their organizations failed, succeeded during the fin'l crisisPosted:14/01/2010 15:11 GMT by NeedToKnowNews
• Schapiro: Basel II Capital Standards should be scrutinizedPosted:14/01/2010 15:08 GMT by NeedToKnowNews
• Schapiro: Rating agencies share large responsibility for prevalence of subprime related productsPosted:14/01/2010 14:45 GMT by NeedToKnowNews
• Schapiro: Consolidated supervision is necessary but not complete curePosted:14/01/2010 13:52 GMT by NeedToKnowNews
• SEC is conducting investigations of mortgage lenders, investment banks, broker dealers, credit rating agencies to see if investors were mislead --SchaproPosted:14/01/2010 13:51 GMT by NeedToKnowNews
• Bair: Regulators failures spurred financial crisisPosted:14/01/2010 13:50 GMT by NeedToKnowNews
• Bank executives end testimony in front of Inquiry CommissionPosted:13/01/2010 17:06 GMT by NeedToKnowNews
• JPM's board never had discussion expressing need for gov't intervention --DimonPosted:13/01/2010 16:21 GMT by NeedToKnowNews
• Obama to announce measures to recover bank bailout funds tomorrow at 11:45am ESTPosted:13/01/2010 16:17 GMT by NeedToKnowNews
• MS' Mack: Would like to see consolidation among fin'l regulatorsPosted:13/01/2010 16:09 GMT by NeedToKnowNews
• JPM CEO: Growth and Leverage of GSEs an Increasing ConcernPosted:13/01/2010 13:54 GMT by NeedToKnowNews
• Mack: Supports federally regulated clearinghouse for derivativesPosted:13/01/2010 13:49 GMT by NeedToKnowNews
• Mack: Crisis exposed "fundimental flaws" in fin'l systemPosted:13/01/2010 13:48 GMT by NeedToKnowNews
  Mack: Crisis exposed "fundimental flaws" in fin'l system
• GS CEO: Financial Crisis a Result of 'Systemic Lack of Skepticism'Posted:13/01/2010 13:48 GMT by NeedToKnowNews
• MS' Mack: MS is overhauling its pay practicesPosted:13/01/2010 13:48 GMT by NeedToKnowNews
• GS CEO: 'Overwhelming Consensus' that Company's Pay Model is EffectivePosted:13/01/2010 13:47 GMT by NeedToKnowNews
• Moynihan: I-bank losses spread like wild-firePosted:13/01/2010 13:47 GMT by NeedToKnowNews
• WFC: Exercise Price on Warrants Is $34.01, WFC Currently Trading $26.85Posted:23/12/2009 15:59 GMT by NeedToKnowNews
• AIG Financial Products Employees have not returned bonuses --Washington PostPosted:23/12/2009 13:28 GMT by NeedToKnowNews
  The Washington Post is reporting that only $19mln of $45mln has been officially returned to AIG from its employees. Many of those who have pledged to return the money, instead, have left the company. Another retention payment is due for March - setting off what is sure to be a showdown between AIG, its employees, and Pay Czar Feinberg.
• 2/10yr hits year high level on recovery hopes - 285.9bpsPosted:22/12/2009 15:01 GMT by NeedToKnowNews