… increased value. And in at least the case of CIT group, we won’t even get a repayment of the bailout money.

The government’s pay czar, Kenneth Feinberg, recently slashed pay for the top 25 executives at the seven companies that received the biggest bailouts: Bank of America, AIG, Citigroup, General Motors, GMAC, Chrysler and Chrysler Financial. But if you thought that would put other banks on notice, you’re only partly right. Feinberg’s move has not only put banks on notice, it …

Tags: American International Group Bailout Bank of America France General Motors Goldman Sachs JPMorgan Chase Kenneth Feinberg Morgan Stanley UK United States

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Sunday night congressional leaders and the White House created a new bailout bill to present to Congress today. The bill will offer up to $700 billion dollars to Wall Street’s failing institutions. The bill calls for the government, as a shareholder of a large number of mortgage securities, to "encourage" loan servicers to modify more troubled loans and for servicers of mortgages to do all they can to stem foreclosures. But there is no specific …

Permalink: /breaking-news/lawmakers-set-to-make-decision-on-new-bailout-proposal/

… feed at the trough of the American taxpayer. That’s why this proposed $700 billion dollar bailout may be unconstitutional and unpatriotic. Unless this proposed $700 billion bailout contains language that helps those facing financial hardship stay in their homes and avoid foreclosure, it must be considered an utter disaster and significant failure.

Legislation introduced by Senator Dodd will give homeowners the option to convert their Adjustable Rate Mortgage into a traditional …

Tags: Bailout Legislation Senator Dodd

Permalink: /breaking-news/bailout-the-banksters-bailout-the-average-joe-american/

… to materialize critics’ fears. The 101 year old commercial bank received a $2.3 billion taxpayer bailout; but its Chapter 11 bankruptcy wiped out its obligation to repay that money. And many analysts closely watching developments in the banking industry predict that taxpayers losses with CIT Group may be only one of potentially many to come.

The government’s $700 billion bailout fund could literally cost American taxpayers billions of dollars if other banking giants follow CIT Group’s …

Permalink: /chapter-11-bankruptcy/cit-group-emerges-from-chapter-11-bankruptcy-%e2%80%93-taxpayers-lose-bailout-money/

… and/or bankruptcy, if then. Maybe the airlines know something, we don’t. Could we see another bailout? Southwest Airlines carries more passengers in the U.S. than any other airline, do you think the government will deem it worthy of being saved from bankruptcy?

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… are experiencing foreclosures, job losses and bankruptcy, we can’t afford to waste any more bailout money.

Permalink: /breaking-news/texas-poised-for-bailout-funds/

… Dallas Morning News, nearly bankrupt banks who received the multi-billion dollar taxpayer funded bailout rewarded their top executives with nearly $1.6 billion in salaries, bonuses and other benefits in 2007. Personal use of company planes, private drivers, company funded financial planners and country club memberships were just a few of the perks offered by bankers who received bailout money. Although many banks have made an effort to trim executive costs, most executives are still making …

Permalink: /breaking-news/bank-executives-get-biggest-bailout/

According to CNN, the federal government announced a $13.4 billion bailout for automakers General Motors and Chrysler.

“Allowing the U.S. auto industry to collapse is not a responsible course of action,” President Bush said. The automaker loans are designed to stabilize General Motors and Chrysler until March 2009.

“If the firms have not attained viability by March 31, 2009, the loan will be called and all funds returned to the Treasury,” the …

Permalink: /breaking-news/automaker-bailout-approved/

An article on MSNBC asked some probing questions about the viability of an automaker bailout and the ramifications of an automaker bankruptcy. Greg Chaney, Manager of Chacon Autos, the Dallas-based owner of eight automotive dealerships adds his two cents:

“…if there is to be a bailout, I think there should certainly be strings attached, as the status quo is not working. They must present some sort of business plan to a board created by the government prior to any money …

Permalink: /breaking-news/dallas-based-automotive-dealership-chimes-in-on-potential-automaker-bailout/

… News, many small banking institutions are unable to access the government’s $700 billion bailout fund. When the bailout fund was initially opened, it was publicly traded banks that had access to it. But now, nearly two months later, smaller banks are suppose to have access to the fund; but the necessary guidelines for access have not been released to the 3000 private banks, mostly partnerships.

Without access to the bailout funds many smaller banking institutions are at a …

Permalink: /credit-crisis/small-banks-finding-it-difficult-to-access-bailout-funds/

… Automakers this past week and the White House is now considering allocating some the Wall Street bailout funds to shore up the U.S. auto industry, which according to many analysts is on the verge of bankruptcy. Currently approximately $15 billion of the Wall Street bailout fund is not committed to anyone; but to dip into this fund for automakers, the White House administration would be required to notify Congress of its intentions. Congress has the power to block usage of the Wall Street …

Permalink: /breaking-news/bailout-denied-to-automakers/

… into the hands of the nearly bankrupt automakers who have been petitioning the government for a bailout. The proposal would be funded by money from an existing loan program designed to help automakers build fuel-efficient vehicles. If this proposal is approved, a "car czar" would be appointed to oversee the nearly bankrupt automakers’ restructuring and repayment of the loans. The "car czar" would also write the guidelines that automakers would be required to adhere to …

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