‘Bad bank,’ raw deal, a better idea
No matter how it operates, a government-run “bad bank” is bound to be disastrously bad. It would be hard to design a plan more certain to fail at achieving the three main goals in salvaging the nation’s banking system: boosting banks’ capital, protecting taxpayers, and avoiding nationalizations.
TARP Recipients Paid Out $114 Million for Politicking Last Year
The companies that have been awarded taxpayers’ money from Congress’s bailout bill spent $77 million on lobbying and $37 million on federal campaign contributions, Center finds. The return on investment: 258,449 percent.
WASHINGTON–(This release has been corrected to reflect that Bank of America has received $45 billion, not $55 billion, from the TARP program. The [...]
California delays $3.5B in payments
Running short of cash, California has started delaying $3.5 billion in payments to taxpayers, contractors, counties and social service agencies.