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CNN anchor mocks ‘Occupy Wall Street’ protesters over TARP

CNN anchor Erin Burnett mocked the “Occupy Wall Street” protest during the “Seriously!?” segment of her show, which debuted on Monday. “What are they protesting?” she asked of the demonstration. “Nobody seems to know.” Burnett noted it was not “just a bunch of hippies protesting” and then played footage of…

US bank bailout was ‘critical’: Congress watchdog

WASHINGTON (AFP) – The US government’s multi-billion-dollar bank bailout helped avert a second Great Depression and cost taxpayers much less than expected, but was far from perfect, a congressional watchdog said Wednesday. The Congressional Oversight Panel said the controversial $700 billion dollar bailout, launched in 2008, provided “critical” support for…

AIG repays $6.9 billion of US TARP bailout

WASHINGTON – Bailed-out insurance giant AIG repaid $6.9 billion of a US government bailout Tuesday, using proceeds from the sale of its stake in industry rival MetLife, the US Treasury said. A Treasury statement said that American International Group used $6.6 billion of the $9.6 billion it received from the…

Dem: If we’d let economy crash, we’d be in power for 40 years

A departing Democratic lawmaker says his party is paying a political price for doing the right thing and working to rescue the economy from the financial collapse of 2008. In an interview with The Hill, US House Rep. Brian Baird (D-WA) defended the Democrats’ decision to support the $700-billion TARP…

‘Backdoor bailout’ of Fannie, Freddie could cost $259 billion: report

Kucinich among lawmakers worried that Fannie, Freddie assistance creates ‘unlimited’ bank bailout The cost to taxpayers of bailing out mortgage companies Fannie Mae and Freddie Mac could more than double over the next three years, making it the most expensive of all the recent bailouts. That comes as no surprise…

TARP watchdog: Commercial real estate mortgages sinking quickly

By the end of 2010, half of all commercial real estate mortgages in the United States could be “underwater,” according to the government’s Troubled Asset Relief Program watchdog. Translation: Americans’ financial woes are far from over. The commercial real estate bubble will grow so large that it will become a…

Former bank president arrested, charged with stealing bailout funds

The former president of a small Manhattan community bank on Monday became the first person accused of trying to defraud the federal bailout program. Prosecutors also contend that Charles Antonucci Sr., stole so he could live a lavish lifestyle that included a Super Bowl junket. He was arrested Monday. Antonucci,…

Obama wants TARP funds doled out to small businesses

President Barack Obama called Saturday for new steps to support America’s small businesses, saying they are key to rebuilding the economy on a new, stronger foundation and creating jobs. “These companies represent the essence of the American spirit – the promise that anyone can succeed in this country if you…

Obama: Wall Street will not ‘take the money and run’

US President Barack Obama on Saturday defended a fee he had proposed imposing on the country’s largest financial firms, saying his administration will not allow Wall Street to “take the money and run.” “Those who oppose this fee say the banks can’t afford to pay back the American people without…

‘We want our money back,’ Obama tells banks

President Barack Obama’s message to banks on Thursday was simple. “We want our money back,” he said, during “a brief appearance with advisers at the White House,” the Associated Press reports. “We are already hearing a hue and cry from Wall Street, suggesting that this proposed fee is not only…

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