Word: tarp
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Dates: during 2000-2009
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...number of other financial analysts. Bank balance sheets are so complex that applying one set of measures for all of them is irresponsible reductionism, these analysts argued. The second part of the fraud was much more elaborate. The government, led by Henry Paulson, forced large banks to take TARP money that they did not need. He made sure that the taxpayers received preferred shares in the firms in exchange for the capital. After Paulson retired the new administration began testing the banks, knowing that, based on the criteria they had set, many of the firms would fail. The credit markets...
...April 14 that for once had nothing to do with bankruptcy or federal intervention. The bank posted better-than-expected earnings--more than $1.8 billion. More strikingly, the firm 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...
...have too much trash on their balance sheets to make it through the year without large cash infusions. If anything like that is true, how well all the medium-sized banks are doing is hardly material. Since Geithner did say that only about $110 billion of the TARP was left in reserve, the water is inching toward the top of the levy. He did not refer to the new IMF data which came out just before his testimony. It said that worldwide banks were facing more severe write-offs. That fact was conveniently left outside the door...
...this point in the history of American financial markets that means that the government will be stuck with the check. No one else is going to touch a bank that the Treasury says is faltering. But, Geithner says that he has the money left in the TARP to cover such a contingency, going so far as to say that conservative estimates would allow him to get by saving the banks without asking for more capital from Congress. In the Secretary's eyes, that means the TARP has worked because it has been well-run due to superior government intelligence...
...which have the most bearing on how whether recession is beginning to reverse or not. The first is access to credit. To the horror of members of Congress and the governors of the Fed, The Wall Street Journal came out with an analysis showing that the banks which received TARP funds are lending less now than they were before the facility was created as the handiwork of Henry Paulson...