Word: bailouts
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...government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist banks. Warren...
Under the Emergency Economic Stabilization Act (EESA), which was passed by Congress in October 2008 and which set up the $700 billion bank-bailout fund, the Treasury Department has the ability to officially deem which firms are receiving exceptional assistance from the government. At issue is executive pay. EESA requires the Treasury Department to monitor executive pay at all the firms receiving government assistance. Last summer the Treasury said firms that are deemed to be receiving exceptional aid from the government would be subject to a pay czar. The office, later filled by high-profile lawyer Kenneth Feinberg...
...squarely in his wheelhouse. The best way for government to stimulate the economy, he argues, is to promote a favorable climate for innovation and then get out of its way. But he's not an absolutist when it comes to government meddling in the markets. Though he denounces the bailout of Detroit carmakers, Romney is a backer of TARP, though he couches his position with a caveat that protects his right flank. "Secretary Paulson's TARP prevented a systemic collapse of the national financial system," he writes. "Secretary Geithner's TARP became an opaque, heavy-handed, expensive slush fund...
That indecision has helped the Perry campaign relentlessly pin the Washington label on the Senator, dubbing her Kay "Bailout" Hutchison for supporting the bailout bill for the banks. The latest online video ad released by the Perry campaign casts Hutchison as the "Earmark Queen" to the music of Abba's "Dancing Queen." Hutchison has said her work for Texas in bringing home funds for the state should be "celebrated and appreciated," but Perry has tapped the zeitgeist and run an astute campaign, according to James Henson, director of the Texas Politics Project at the University of Texas...
...million public-private partnership aimed at increasing tourism in the U.S., which could bring in $4 billion in new revenues and add thousands of jobs. The bill went down in flames last June after Senators from both sides of the aisle sank it with unrelated amendments on the auto bailout and a study on oil prices...