TARP

Russ Carnahan Is Co-Sponsor of Bipartisan Bill to Enact Closer Monitoring of TARP Program

November 16, 2009 -- (WASHINGTON, DC) - Congressman Russ Carnahan (MO-03) today urged the U.S. House of Representatives to pass bipartisan legislation that will create strong new accountability measures to monitor the Troubled Assets Relief Program (TARP).

Carnahan is a co-sponsor of the legislation, which amends the Emergency Economic Stabilization Act with stricter accountability and monitoring measures to ensure that financial institutions are effectively utilizing funds provided under TARP.    » read more »

Sends Letter to the President Urging Action

November 16, 2009 -- Representative Mike Capuano today called on President Barack Obama to use the remaining funds from the Troubled Asset Relief Program (TARP) to create jobs.

In a letter to the President, Rep. Capuano noted that the unemployment rate is at a "26 year high" and asked the President to "direct the remaining TARP funds towards projects that put more Americans back to work." With $210 billion in TARP funds currently unspent, and another $50 billion expected to be repaid in the next year, Rep. Capuano urged that these funds should be used for job creation.

"TARP was established to address the financial crisis," state Rep. Capuano in his letter. "I do not believe we can reasonably say that the job of TARP is complete."    » read more »

Nearly $760 Billion in Credit Extended Since TARP Investment Began

CHARLOTTE, N.C., Nov. 9 -- Today, Bank of America issued its third quarterly Lending & Investing Initiative report, which outlines the company's progress in driving economic recovery through 10 key areas, including lending to consumers and businesses of all sizes, support for municipalities and nonprofits, community development and other initiatives.

(Logo: http://www.newscom.com/cgi-bin/prnh/20050720/CLW086LOGO-b )

The report, which delivers on a commitment to provide greater transparency into the company's lending and investing efforts across the enterprise, demonstrates how Bank of America is using the government's investment in the company to support the U.S. economy.    » read more »

October 6, 2009 -- Washington, DC -- Congressman Paul Hodes issued the following statement after the release of a new report that shows that the Treasury Department misled the public in statements on the TARP program. Special Inspector General Neil M. Barofsky’s report charges that Treasury officials made inaccurate statements regarding the financial health of some of the nation’s biggest banks while they were receiving billions of dollars in aid from taxpayers.

"The details of this report are troubling," said Congressman Hodes. "Treasury officials must be accountable to American taxpayers, especially when taxpayers are being asked to pay for the mistakes and greed of Wall Street. Granite Staters have a right to know exactly how their tax dollars are being spent.    » read more »

Lewis Departure Follows Year-Long SEIU-Sponsored Taxpayer, Bank Worker, Shareholder Revolt and Campaign to Reveal Failed Policies

October 1, 2009 -- WASHINGTON, DC--Following the news of Bank of America CEO Ken Lewis' planned retirement, the Service Employees International Union (SEIU) continued its efforts to bring change to the banking industry by releasing a detailed record of Lewis' failed leadership.

"Ken Lewis is the poster boy for a financial industry fueled by reckless lending practices, platinum bonuses, and a disregard for workers and our economy," said SEIU Secretary-Treasurer Anna Burger. "The Ken Lewis banking model continues drive up big bank profits while causing millions of Americans to lose their jobs, their homes, and their retirement savings."    » read more »

October 1, 2009 -- WASHINGTON, D.C. - Senator Bob Bennett (R-Utah), a member of the Senate Banking Committee, issued the following statement today regarding the passage of the Emergency Stabilization Act, which created the Troubled Asset Relief Program one year ago:

"Today is the anniversary of one of the most difficult votes I've ever had to cast as a senator: the vote to authorize TARP to stabilize the financial system, not only here, but around the world.    » read more »

CHARLOTTE, N.C., Oct. 2 -- Bank of America Corporation today said the Board of Directors has authorized approximately $713 million in dividend payments to the U.S. government under the Troubled Asset Relief Program (TARP). The company this year has paid the government $1.83 billion in TARP dividends through September 30.

Dividends related to the government's investment in the company under TARP include the following:    » read more »

Cannot Be Sold Until U.S. Capital Purchase Program Investment Re-Paid

SAN FRANCISCO — August 6, 2009 -- Wells Fargo & Company’s (NYSE: WFC) Board of Directors approved increases in the 2009 annual base salaries of President and CEO John G. Stumpf and three other executive officers. These increases will result in total annual compensation close to the average pay for similar executive roles at peer group companies and are payable, after taxes and other withholding, entirely in Company stock which the executives cannot sell until Wells Fargo repays the U.S. Treasury’s Capital Purchase Program (CPP) investment in the Company.    » read more »

Enhance investor confidence

Washington, D.C., July 1, 2009 — The Securities and Exchange Commission today voted on three measures that are intended to better inform and empower investors to improve corporate governance and help restore investor confidence.

The Commission proposed requiring public companies receiving money from the Troubled Asset Relief Program (TARP) to provide a shareholder vote on executive pay in their proxy solicitations The Commission also voted to propose better disclosure of executive compensation at public companies in their proxy statements, and approved a New York Stock Exchange rule change to prohibit brokers from voting proxies in corporate elections without instructions from their customers.    » read more »

Warner, Corker introduce bipartisan bill to maximize taxpayer returns of TARP investments; Bill creates private market trust for TARP investments

June 22, 2009 -- WASHINGTON, D.C. – U.S. Senator Mark R. Warner (D-VA) spoke on the Senate floor today about bipartisan legislation he has introduced with Senator Bob Corker (R-TN) that will maximize returns of taxpayer investments into TARP(Troubled Asset Relief Program)assisted institutions. The bill provides for a responsible exitstrategy from government ownership of TARP-recipient companies, such as AIG, Citigroup, and General Motors.    » read more »

NEW YORK, June 17, 2009 — The Bank of New York Mellon Corporation (NYSE: BK) today repurchased the 3 million shares of its preferred stock issued to the U.S. Treasury last October as part of the TARP Capital Purchase Program. The company has paid the Treasury $3,036,250,000, which reflects the liquidation value of the preferred stock and $36.25 million of accrued but unpaid dividends.

Related to this repurchase, the company will record an after-tax charge of approximately $197 million in the second quarter of 2009, representing the difference between the amortized cost of the preferred stock and the repurchase price.    » read more »

Jun 17 2009 - New York -- Today Morgan Stanley (NYSE: MS) was pleased to pay back the $10 billion in TARP money to the U.S. Treasury.

Morgan Stanley and its employees appreciate the support of the U.S. government, Congress and the Administration during this challenging period.

We also welcome and support the regulatory reforms proposed by the Obama Administration as we continue to work with the Administration and Congress to ensure safety and soundness in the banking system and the strength and stability of our overall financial system.

Source: Morgan Stanley

New York, NY June 17, 2009 -- The Goldman Sachs Group, Inc. (NYSE: GS) today announced that it has repurchased from the United States Department of the Treasury the 10,000,000 shares of the Company’s Fixed Rate Cumulative Perpetual Preferred Stock, Series H, that were issued to the Treasury pursuant to the U.S. Treasury’s TARP Capital Purchase Program.

The aggregate purchase price paid by Goldman Sachs to the U.S. Treasury for the Preferred Stock (including accrued dividends) was approximately $10.04 billion.

The repurchase includes a one-time preferred dividend of approximately $425 million which will be reflected in our second quarter results.

This is expected to reduce reported diluted EPS for the quarter by approximately $0.77 per share.    » read more »

June 17, 2009 -- Washington, DC – U.S. Senator Tim Johnson (D-SD) applauded President Obama’s efforts to give regulators more teeth as he proposes the largest regulatory overhaul since the Great Depression. President Obama, his economic team and the Treasury Department today announced its proposal for financial regulatory reform to address the lack of regulatory oversight demonstrated at the start of the current economic crisis.

As we all know, federal regulators were forced to make decisions with few good options last year based on the belief that weakened financial firms were so big and so interconnected that their failure would devastate the world economy.    » read more »

June 17, 2009 -- WASHINGTON – In an effort to protect the interests of taxpayers, U.S. Senators Bob Corker (R-TN) and Mark Warner (D-VA), both members of the Senate Banking Committee, today introduced legislation with the ultimate goal of removing the federal government’s control of TARP (Troubled Asset Relief Program) assisted institutions. The bill provides for a responsible exit strategy from government ownership of TARP-recipient companies, which by this fall, will include AIG, Citigroup, and General Motors.    » read more »