Word: bailouts
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...Wall Street Journal suggests that B of A may hold a special place in the government's heart because it bought Countrywide and Merrill Lynch at times when a public bailout of those companies could have caused the credit system angina. With Congress and watchdog agencies watching how the Treasury and Fed are using their thinning cash reserves, B of A will not be getting any sympathy or special dispensations from regulators...
...Chrysler vehicles will get a dash of Fiat spice. A secretive visit by Fiat executives to Chrysler's design studio in Auburn Hills, Mich., last December convinced Fiat executives that Chrysler could still put some new zip into vehicles such as the Jeep Grand Cherokee. Even before the bailout, Chairman Robert Nardelli had decreed that the company, with help from A123, a battery maker, and General Electric would move ahead to develop electric vehicles with four times the fuel economy of Chrysler's traditional sedans and Jeeps. "We're not going back," Nardelli said...
...their let's-all-take-our-medicine determination, but he criticized a group of financial firms - the holdouts - for their unpatriotic greed. "While many stakeholders made sacrifices," Obama said, "a group of investment firms and hedge funds decided to hold out for the prospect of an unjustified taxpayer-funded bailout." And then he added, "I do not stand with them...
...revealed it had sold $5 billion in stock and plans to use the money to repay the $10 billion in TARP funds it borrowed in October 2008. In clearing its debt, Goldman hopes to free itself from the restrictions-- like those on executive pay--imposed on firms that received bailout money. Last year, 1 in 30 of its employees reportedly earned more than $1 million...
...Washington Haste Makes Waste In an April 21 report to Congress, the special inspector general overseeing the government's $700 billion financial bailout offered some grim news and a stern warning. Neil Barofsky said he had begun "almost 20 preliminary and full criminal investigations" into allegations of fraudulent use of bailout funds. He urged the government to revamp the bailout rules so it can better track spending. According to Barofsky, the bailout's Public-Private Investment Partnership program, in particular, is "inherently vulnerable to fraud, waste and abuse...