Word: tarp
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...Administration wants to put longtime Merrill Lynch executive Herb Allison in charge of the $700 billion TARP program. Allison is currently the CEO of Fannie Mae (FNM), a job entrusted to him when the mortgage company was in deep trouble...
Allison may end up finding that he does not have much to keep him occupied in the new role. Several powerful members of Congress have indicated that they will not approve new TARP funds until there is a detailed accounting of where the first $700 billion from the program went. That could take months and, at that point, Congress could still refuse extra money. Allison can help in the detective work, but that would seem to be a waste of his skills...
...TARP oversight committee appointed by Congress has already signaled some hostility about how the program has been managed which will not help Allison do his job. Elizabeth Warren, chairwoman of the Congressional Oversight Panel, has expressed grave concern about whether banks which received government money are setting exorbitant fees and interest rates for their customers. There is also a concern that the new program to buy toxic assets from banks is not set up properly to get fair value for those assets...
...received $10 billion from the government through the Troubled Asset Relief Program, is generating most of those profits by making risky bets on interest rates and other fluctuations in the financial markets with money it has received from the government. Goldman says it would like to pay back its TARP loans as soon as possible, and on Tuesday the company raised $5 billion in a stock offering that the executives said would help Goldman do so. But Goldman's huge trading profits, at a time when it and other banks are pulling back lending, raises new concerns about whether Goldman...
...Henry Paulson threw enough money into the path of the oncoming failure of the credit system to slow it down so that the government could properly go through the process of guaranteeing parts of the balance sheets of firms including Citigroup (C) and Bank of America (BAC). The initial TARP may also have provided time for the new Administration to put together its widely hailed bank "stress test" program meant to determine which of the big financial institutions have dysentery and which do not. Finally, the hundreds of billions of dollars that went into the largest banks late last year...