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U.S. watchdog agency blasts executive pay at bailed-out firms
A US government auditor has blasted the Treasury for approving high levels of executive pay at firms it bailed out in the financial crisis. The Special Inspector General for the Troubled Asset Relief Program said that in 2012 the Treasury ignored its warnings on the “excessive” compensation for the top…
U.S. taps pension fund to avoid debt ceiling
The US government stopped investing in a federal employee pension fund Tuesday to avoid breaching the nation’s legal borrowing limit, the Treasury Department said. The action is among the extraordinary bookkeeping measures the Treasury announced on December 31 to keep the government’s debt below the current $16.4 trillion limit. In…
Treasury Dept. warns of ‘extraordinary measures’ amid fiscal cliff deadlock
Barack Obama cuts short holiday to tackle budget crisis as country faces breaching its $16.4tn debt limit US Treasury secretary Tim Geithner warned on Wednesday he would have to take “extraordinary measures” to avoid a default on the US’s legal obligations as the country is set to breach its $16.4tn…
U.S. again says China not currency manipulator
WASHINGTON — The US Treasury on Tuesday again stopped short of labeling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains “significantly undervalued.” In a twice-yearly finding to answer congressional critics of China’s overwhelming bilateral trade advantage, the Treasury declined to slap…
U.S. Treasury: AIG bailout funds have been ‘fully recovered’
The U.S. Treasury said the sale of $18 billion worth of stock in AIG will mean that the taxpayer funds used to bail out the insurance giant in 2008 have been “fully recovered.” The Treasury also provided additional details about the sale, first announced Sunday, specifying that it would sell…
U.S. auto bailout cost keeps rising
The U.S. Treasury raised its estimate of the net cost to U.S. taxpayers of rescuing the country’s auto industry by $3.3 billion, as the weak economy restrains the industry’s rebound. The Treasury told Congress in a new report seen on its website Monday that the cost of the government’s massive…
U.S. slaps more sanctions on Iran
WASHINGTON — The United States unleashed a fresh wave of sanctions against Iran Thursday, ratcheting up pressure to convince Tehran to take seriously concerns about its suspected nuclear weapons program. The actions impose additional sanctions on Iran’s nuclear and ballistic missile proliferation networks and identify Iranian “front” companies and banks…
U.S. Treasury to sell $5 billion of AIG stock
The US Treasury is to sell $5 billion worth of shares in American International Group Inc. (AIG) in a stock offering, with the bailed-out insurer buying $2 billion. AIG, seen as a symbol of the excesses that epitomized the global financial meltdown in 2008, was saved from almost certain bankruptcy…
Mortgage-backed securities that brought about the financial crisis earned the U.S. Treasury $25 billion
The US Treasury said Monday it had earned $25 billion from investments it made in mortgage-backed securities during the height of the financial crisis in 2008-2009. Announcing the completion of its disposal of its position in the securities, which were at the center of the meltdown of the financial system,…
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