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Geithner to leave Treasury on Friday: source

US Treasury Secretary Timothy Geithner, who steered the administration of President Barack Obama through the financial crisis, will step down from his post Friday, a source told AFP on Tuesday. Geithner had said he would leave the department after the conclusion of Obama’s first four-year term. The president was sworn…

U.S. finally penalizes major banks for mortgage modification failures

The Obama administration’s mortgage modification program is more than two years old. From the beginning, it’s been apparent that the participating banks and mortgage servicers were breaking the program’s rules. The administration has long argued it has little power to do anything about it. But now, after millions of homeowners…

Chrysler repays Treasury Dept. for auto bailout loan

WASHINGTON (Reuters) – The Treasury department said on Tuesday that automaker Chrysler Group LLC has repaid $5.1 billion in bailout loans and ended its ability to draw a remaining $2.1 billion. The government committed a total $12.5 billion to Chrysler under the Troubled Asset Relief Program, or TARP, and the…

US Fed delivers $79 billion boost to government

WASHINGTON – The US central bank was a pretty profitable business in 2010, returning $79.3 billion to the government, much of it interest on securities bought to prop up the economy, it said Tuesday. The Federal Reserve published its official accounts showing a net profit of $81.7 billion, a 53…

Pentagon accounting problems ‘serious’: Treasury

WASHINGTON — The US administration is taking a hard look at problems in the Defense Department’s accounting, after a report called its books unauditable, the Treasury said Wednesday. Treasury assistant secretary Richard Gregg told a Congressional panel there were “serious financial reporting issues” at the Pentagon, which in the current…

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…

US Treasury Secretary Geithner bullish on global economy

BERLIN – The US Treasury Secretary said Tuesday the global economy was at its healthiest for several months, in bullish remarks on a whirlwind trip to Germany where he also discussed the euro crisis. Speaking after a meeting with Wolfgang Schaeuble, Germany’s finance minister, Timothy Geithner said: “We see a…

US warns banks on Libya transfers

WASHINGTON — The Treasury Department has warned US banks to be vigilant of transfers linked to Libya’s political leaders, as the international community moves to slap sanctions on top government officials. The Treasury’s Financial Crimes Enforcement Network told banks to be aware of “the potential increased movement of assets that…

Special report: China flexed its muscles using US Treasuries

NEW YORK (Reuters) – Confidential diplomatic cables from the U.S. embassies in Beijing and Hong Kong lay bare China’s growing influence as America’s largest creditor. As the U.S. Federal Reserve grappled with the aftershocks of financial crisis, the Chinese, like many others, suffered huge losses from their investments in American…

Dems: Obama broke pledge to force banks to help homeowners

Before he took office, President Obama repeatedly promised voters and Democrats in Congress that he’d fight for changes to bankruptcy laws to help homeowners—a tough approach that would force banks to modify mortgages. “I will change our bankruptcy laws to make it easier for families to stay in their homes,”…

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