Tarp, Bailouts | featured news

Automaker will repay $6.7B in taxpayer-funded loans by end of June, new chief executive says.

Despite the massive repayments of TARP money coming from our biggest banks, the financial system is still very much dependent on the rescue operations of the government.

Perhaps the best illustration of this is the massive balance sheet of the Federal Reserve, which has inflated by purchases of $1.058 Trillion of mortgage backed securities.

Wells Fargo said Monday evening that it would repay the entire $25 billion that it received in the government's bailout last year. It said some of the money would come from a $10.4 billion stock sale.

Citigroup Inc. said Monday it is repaying $20 billion in bailout money it received from the Treasury Department, in an effort ...

Treasury Secretary Timothy Geithner on Wednesday moved to extend the government's $700 billion bailout fund into October 2010 and pledged to deploy no more than $550 billion of it.

The Obama administration, buoyed by a resurgent Wall Street, plans to cut the projected long-term cost of the Troubled Asset Relief Program by more than $200 billion, in a move that could smooth the way for the introduction of a new jobs program.

The U.S. Federal Reserve this month asked banks that were part of "stress tests" conducted earlier this year that have not yet repaid money injected under the Troubled Asset Relief Program (TARP) to submit plans to do so, a person familiar with the situation said on Tuesday.

A majority of Republicans in the U.S. Senate on Friday called on the Obama administration to let the authority to tap a $700 billion financial bailout fund expire at the end of the year as scheduled.

With the wiring of nearly $10 billion to the Treasury, U.S. Bancorp and BB&T became the first large financial institutions to announce that they have repaid the government in full.

U.S. officials on Tuesday gave 10 of the nation's biggest banks approval to pay back a combined $68 billion of taxpayer money pumped into them to combat the credit crisis.