Word: questioned
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Citigroup and other banks have also lost money and will need more capital to survive. But in those cases it's not clear who will take the hit - shareholders, bondholders or the government. In the cases of AIG, Freddie Mac and Fannie Mae, however, there is no question where the money will come from. Freddie and Fannie were taken over by the government and put into conservatorship last fall. AIG is currently 80% owned by the government. The losses at those companies are now taxpayer losses. (See 25 people to blame for the financial crisis...
...when Geithner rolls out more details of his plan later this week - this time on the tricky question of getting toxic assets off the banks' books - it will be a dangerous moment for him. Not only will the health of the banks and the economy depend on whether his new program is well received but Geithner's reputation will be on the line as well. Panned after he put out a vague framework on Feb. 10, the new Treasury Secretary has only so many chances to instill confidence. With the new bank plan, he's getting a second chance...
...interest in tapping the trillion-dollar subsidy to buy toxic assets from the banks. Hedge funds and other players all want to know the terms of the sale before they even think about stepping up to the plate. So far, Geithner and Treasury have provided little detail. "The question of how to price the asset is still on the table, unresolved," says Scott Talbott, a top lobbyist for the Financial Services Roundtable, an industry association...
...truth is they can. And they probably will. And Obama, despite his popularity and moral indignation, has few tools to stop them. The Treasury Department has already concluded that the bonuses in question, which were first made public in late January, cannot be rescinded because they resulted from airtight contracts that had been signed in April...
...Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion) and Citigroup ($2.3 billion). The same firms, directly or indirectly, also received earlier bailout cash under the Troubled Asset Relief Program (TARP). The group includes some of the most sophisticated investors in the world, prompting critics to question why the companies should not take responsibility for their own financial decisions, rather than accept a U.S. taxpayer handout...