Thirteen companies that received money from the Troubled Asset Relief Program owed more than $220 million in unpaid federal taxes despite telling the Bush administration they owed nothing, Rep. John Lewis of Georgia said. Speaking Thursday at a House Ways ...

Tagged with: TARP Troubled Asset Relief Program

Federal Reserve Chairman Ben S. Bernanke warned that a fiscal stimulus won’t be enough to spur an economic recovery and that the government may need to buy or guarantee banks’ tainted assets to revive growth. “Fiscal actions are unlikely to ...

Tagged with: Barack Obama Ben Bernanke Federal Reserve Janet Tavakoli stimulus TARP

President-elect Barack Obama said reviving the U.S. economy will require scaling back on his campaign promises and personal sacrifice from all Americans. “I want to be realistic here, not everything that we talked about during the campaign are we going ...

Tagged with: Barack Obama Congress economy Labor Department TARP Troubled Asset Relief Program

Federal Reserve officials are focused on driving down the spreads between U.S. Treasury yields and consumer and corporate loans, after cutting the main interest rate to almost zero failed to revive lending. Credit costs for households and businesses haven’t followed ...

Tagged with: bank Barack Obama Federal Reserve Henry Paulson mortgage TARP Timothy Geithner U.S. Treasury Department

As the new owner of $172.5 billion of preferred shares and warrants in 208 U.S. financial institutions, the Treasury Department hasn’t succeeded in thawing frozen credit markets, leaving taxpayers propping up an industry that won’t lend to them. While inter-bank ...

Tagged with: AIG Alan S. Blinder Congress credit markets Henry Paulson Jeffrey Garten JPMorgan Chase & Co. TARP Treasury Department Wells Fargo & Co.