The cost of the bank bailouts was revised Sunday night, cut by $200 billion, according to the Treasury Department. The previous estimate from the White House was a cost of $341 billion. Why the sudden cut? A Treasury official said the government’s investments to stabilize the system yielded higher returns than were originally anticipated.
Pay Cap Pressure Dept.: Five executives at American International Group (AIG) are reportedly ready to walk out the door if their compensation is cut due to restrictions set on the bailed out insurer by the White House “pay czar” Ken Feinberg. The Wall Street Journal reported the employees said in written notices they’d leave by year end if their pay was cut significantly. Two, however, changed their minds.
AIG Executives Threaten to Leave Over Pay
Trading Tax Introduced in Congress
Forbes on Government Pay Regulation
Gregg: TARP Not Piggy Bank for CongressTuesday
Nationwide Average
$2.62 a gallon
President Obama proposed some job-boosting measures Tuesday, including cutting taxes for small business, spending more on infrastructure projects, and providing rebates for energy efficiency. This comes as unemployment remains in double-digit territory. The president also called for extending unemployment benefits.
U.S. Rating Risk Dept.: Moody’s warned that the United States, as well as 16 other countries, are at risk for losing their Triple-A credit rating if they do not manage their fiscal deficits and debts. The U.S. could see its rating downgraded in 2013 if its position does not improve, said Moody’s analysts.
Salary Cap Lifted for Several AIG Execs
U.S. At Risk of Losing AAA Rating
Tiger Woods and the Economy
The Season to BelieveWednesday
The Treasury Department formally requested that Congress extend the Troubled Asset Relief Program into October 2010 Wednesday. Secretary Geithner wrote a letter to House speaker Nancy Pelosi, saying $550 billion at the most will be deployed and that he expects up to $175 billion in repayments by the end of 2010. This comes amid chatter of the possibility of using TARP money to create jobs.
Bank of America (BAC) officially paid back its TARP loans to the Treasury. BofA sent $45 billion to repay the taxpayer investment in the bank, freeing itself from restrictions on executive pay by the White House ‘pay czar.’
NYSE CEO & NYC Mayor on the Economy
TARP Watchdog: Where is Accountability?
More Deals Despite No More Money
Neil’s Bipartisan BashingThursday
The failed $164 billion merger between AOL (AOL) and Time Warner (TWX) came to an end Thursday, as AOL officially spun off from the company. AOL began trading on the NYSE under the “AOL” ticker.
Meanwhile, the top executives at Goldman Sachs (GS) won’t be receiving cash bonuses for 2009, according to the investment bank. Goldman had been under fire for paying out large bonuses despite the state of the economy. Instead, its management committee will receive its compensation in the form of shares, which can’t be sold for five years.
U.S. Deficit Dept.: The U.S. posted a $120 billion budget deficit in November, according to Treasury Department data. This was less than the $135 billion gap expected by analysts.
Gregg: No Added TARP $$ for Government
Eli Lilly CEO on Health Care, Guidance
AOL CEO on Spin Off
Citigroup Looks to Repay TARP
Friday
Could Boeing’s (BA) Dreamliner finally be flying soon? Boeing says yes, as the company opened a flight-test window for the upcoming (and very-delayed) 787 plane that begins on December 15th. The 787 has been touted as a revolutionary plane with better fuel efficiency and comfort for passengers.
And just days after paying back its TARP loan, Bank of America is reportedly considering Robert Kelly from Bank of New York Mellon (BK) to replace its resigning CEO Ken Lewis at the end of the year. The bank could name Lewis’s successor as early as next week.
Global Warming: Science or Religion?
Boeing Plans Dreamliner’s First Flight
Virgin America CEO : Profit in 2010
Madoff One Year Later
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Bank bailout likely to pay offFOXBusiness.com’s Week in Review: NBC Universal Deal, GM Management Shake-Up
