At a hearing last fall, U.S. Treasury Secretary Timothy Geithner told lawmakers that he and his team were working to put the $700 billion financial bailout fund out of its misery. But some in Washington now see a second, backdoor bailout in its place.
Consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, but a surprise drop in new home sales was a reminder that the economic recovery would be bumpy.
Consumer spending rose for a second straight month in November as incomes recorded their biggest gain in six months, data showed on Wednesday, boosting hopes of a self-sustaining economic recovery.
Americans looking for work are unlikely to find new jobs before next spring, U.S. Treasury Secretary Timothy Geithner said on Wednesday, though he insisted the economy was on the mend.
The Treasury is working on a number of fronts to use the government's $700 billion bailout fund to boost lending to small businesses, a senior Treasury official said on Wednesday, adding that tax incentives to boost hiring should be considered.
Treasury Secretary Timothy Geithner said on Tuesday that U.S. banks will be in a better position to resume lending as they pay back the unprecedented cash injections the government provided to keep them afloat during the financial crisis.
Plans from Wells Fargo & Co and Citigroup to repay taxpayer funds will put the U.S. government on track to reduce its bailout investments in banks by more than 75 percent, while earning a healthy profit for the U.S., Treasury Secretary Timothy Geithner said on Monday.
Plans from Wells Fargo & Co and Citigroup to repay taxpayer funds will put the U.S. government on track to reduce its bailout investments in banks by more than 75 percent, while earning a healthy profit for the U.S., U.S. Treasury Secretary Timothy Geithner said on Monday.
The European Union urged the International Monetary Fund on Friday to pursue a global tax on financial transactions to limit the risk of another economic crisis, despite U.S. opposition.
The Obama administration plans to channel money from the government financial bailout fund to small businesses in an effort to stem the political and economic fallout of high unemployment, the Washington Post said in its Friday editions.
Less than 5 percent of homeowners whose mortgage payments were cut under an Obama administration aid plan have received a permanent reduction, the Treasury Department said on Thursday.
The U.S. economy is struggling against headwinds that mean the government must retain the ability to respond to unexpected crises, even as it starts to wind down emergency programs, Treasury Secretary Timothy Geithner said on Thursday.
Citigroup Inc is talking with the U.S. government about paying back its bailout money, but it is not clear whether a deal is imminent, a person familiar with the matter said on Thursday.
The U.S. economy is struggling against headwinds that mean the government must retain the ability to respond to unexpected crises, even as it starts to wind down emergency programs, Treasury Secretary Timothy Geithner said on Thursday.
Citigroup Inc is talking to the U.S. government about paying back its bailout money, but it is not clear if a deal is imminent, a person familiar with the matter said on Thursday.
It wasn't too long ago big-time hedge fund managers like James Pallotta were erecting monuments to themselves. In Pallotta's case, it was a $21 million Georgian-style mansion he built in 2007 in Weston, a leafy Boston suburb uncomfortable with such displays of wealth.
Stocks ended higher on Wednesday as the U.S. dollar fell and investors' appetite for risk returned, lifting shares of financial, technology and natural resource companies.
Stocks ended higher on Wednesday, reversing earlier losses, as a weaker dollar fueled appetite for riskier assets, boosting shares of financial, technology and natural resource companies.
A lawyer for the U.S. Treasury department said Wednesday that the U.S. will lose $30 billion of the $82 billion bailout investment it made in the auto industry.
U.S. stocks rebounded late on Wednesday, led by shares of financial, technology and natural resource companies.
The $700 billion bailout of the U.S. financial system authorized by Congress in October of 2008 will be extended until October 2010, President Obama's top economic official wrote in a letter to the leaders of the U.S. Congress today.
The U.S. government's $700 billion bailout program helped stabilize the financial system, but has done little to boost lending or stave off millions of home foreclosures, a government watchdog group said on Wednesday.
