Items Tagged with 'Henry Paulson'

ARTICLES

  • Warren: Big banks built on "tricking people"

    Wanted to lead CFPB
    “This is our moment in history,” Sen. Warren said. “This country will either work great for people who have money and power and can hire all the lobbyists they want in Washington and not work so great for everyone else. Or this will be the country that we used to be with a strong middle class.”
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  • ACA Financial sues Goldman Sachs for CDO fraud

    Bond insurer ACA Financial Guaranty filed suit Thursday against Goldman Sachs. The suit alleges fraud and seeks $30 million in compensatory and $90 million in punitive damages stemming from the role the investment bank played in the marketing of the synthetic collateralized debt obligation named ABACUS. Goldman Sachs developed ABACUS and sold it to investors on behalf of its hedge fund client Paulson & Co. in 2007.
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  • Making Money in Mortgages

    One solace that modern mortgage lenders have taken comfort in is the knowledge that if this business was easy, everyone would be doing it and there wouldn’t be any money in it. Modern mortgage lending is hard. It’s like being asked to dance a traditional Russian Prisyadki on a minefield. You never know when you’re going to trip one of those shiny new laws designed to protect consumers from themselves and their bankers. But, on the plus side, you can make a lot of money in the home finance business. Just ask Lloyd Blankfein.
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  • Viewpoint: A TV Special: The House Bank of America Soap Opera

    Call me a geek, but my favorite daytime TV is a Congressional hearing into the causes of and solutions to this financial crisis. Who needs The View when you can watch some of the most ill-informed and selfishly motivated folks in American public life grandstanding for voters back home. The hot ticket in June has been the House Oversight and Government Reform Committee’s inquiry into the BofA-Merrill merger, “How Did a Private Deal Turn Into a Federal Bailout?”
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  • Further Commotion at AIG

    American International Group [stock AIG][/stock] Chairman and CEO Edward Liddy said Thursday he will leave his position as head of the firm once the board of directors is able to locate the appropriate replacements. The roles of CEO and chairman are likely to be split going forward, the company says. Liddy stepped into his position as CEO in September, at the request of previous Treasury Secretary Henry Paulson, when the company turned over a majority of its stake in exchange for a federal bailout.
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  • Geithner Champions TARP Disclosure

    The Senate Finance Committee approved Timothy Giethner's nomination for Treasury secretary Thursday in a 18-5 vote, sending it to to the full Senate for final clearance -- but not without pinging him on a number of hot-button issues, including the transparency of the Troubled Asset Relief Program, which Geithner fervently urged would be implemented under the Obama administration.
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  • Treasury Calls For Details on Bank Lending

    Under pressure to report more clarity and oversight in implementing the Troubled Asset Relief Program and the use of TARP funds given to financial institutions, the Treasury Department is apparently going after banks now with letters written by interim assistant secretary Neel Kashkari asking for figures on business and consumer loans, according to a story Tuesday by Bloomberg.
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  • Paulson: 'Good Portion' of TARP Must Go to Banks

    The Senate voted 52 to 42 Thursday against a measure that would have barred the release of the remaining funds under the Troubled Asset Relief Program, essentially releasing the last $350 billion, some of which Treasury Department secretary Henry Paulson has already spent. Within hours of the vote, the Treasury announced an additional $20 billion in TARP aid to -- troubled? -- banking giant Bank of America Corp. [stock BAC][/stock], which had already received $25 billion in capital purchases through the TARP.
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  • Application Volume Rises, Favoring Refi

    Raw mortgage application volume increased 15.8 percent on a seasonally adjusted basis for the week ending Jan. 9, according to the weekly survey released by the Mortgage Bankers Association. The four-week moving average of raw application volume increased 10.8 percent, suggesting a bit of recovery in the broader market. The MBA's raw refinance application index increased 25.6 percent while its purchase index decreased 14.1 percent for the same week.
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