Blog
COP Daily News Roundup
March 14, 2009
- WaPo - Private Investors Weigh Fed's Plan to Spur Credit Markets
- Bloomberg - Fed Program to Spur Loans May Start With Few Deals
- WSJ - Signs of Stability Drive Up Stocks
- WaPo - Obama Team Touts Economic Plans
- Financial Times - Summers sees economy gaining stability
- Bloomberg - Poole Says U.S. Is in 'Terrible' State With Financial Bailouts
- AP - Homeowner bailout option hits a snag
- WaPo - FHA to Tighten Standards for Cash-Out Refinancing
- Patriot-News - The Other Banking Bailout: Billed to Your Credit Card (Op/Ed)
- WSJ - Wells Fargo, HSBC Defend Lending Practices Following NAACP Suits
- WaPo - Hedge Funds Making Way For Government Regulation
- WSJ - G-20 Sets Increased Lending as Priority
COP Daily News Roundup
March 13, 2009
- WaPo - Fourth Nominee Withdraws From Treasury's Roster
- Bloomberg - Banks Rush Bond Sales as FDIC Says It May Raise Guarantee Fees
- NYT - The Problem? Bankers Point to the Rules (Op/Ed)
- WSJ - Hedge Funds' TALF Tack Is One of Interest, Caution
- Bloomberg - Geithner Expects ���Many��� Banks Will Repay Government TARP Funds
- Financial Times - Insight: US is ready for Swedish lesson on banks
- WSJ - Obama Makes Overtures for Cooperation of CEOs
- Bloomberg - Goldman Change to Bonuses Helped Cut Compensation Costs in 2008
- Bloomberg - Citigroup Executives Gain $2.2 Million in Stock Bets
- Financial Times - Congress warns on mark-to-market rule
- WaPo - SEC Calls For More Funds To Avert Cuts In Operations
- Financial Times - Geithner looks for a trade-off over IMF
- WaPo - Stocks Soar, But Dismal Signs Remain
- WSJ - Strong Auction Boosts Treasurys
- Business Week - "Brawl Street": Jon Stewart vs. Jim Cramer
COP Daily News Roundup
March 11, 2009
- Bloomberg - U.S. May Use Capital Injections to Help Banks Sell 'Bad' Assets
- WSJ - TALF Bogs Down as Investors Balk
- WSJ - Fed Considers Its Next Actions
- WSJ - Even Solid Firms Feel Pinch as Lending Remains Tight
- Bloomberg - Schumer, Durbin Propose New Consumer Watchdog Agency
- AP - Bill seeks stronger consumer finance protections
- Bloomberg - Bank of America, JPMorgan Face Mortgage Conflicts
- NYT - Banks Counted on Looting America's Coffers
(Op/Ed)- Bloomberg - Banks' Bondholders May Be Next in Line to Share Bailout Pain
- WSJ - Bernanke Calls for Broader Regulations
- Financial Times - Atlantic stimulus rift grows
- WaPo - Congress May Need to Fund Another Stimulus, Pelosi Says
COP Daily News Roundup
March 10, 2009
- WSJ - U.S. Weighs Further Steps for Citi
- Financial Times - Citi has strong start to the year
- WaPo - AIG Warned of 'Catastrophic' Failure
- CBS News - Fed Under Pressure to Reveal AIG Bailout Recipients
- Los Angeles Times - Taking aim at TARP
- WaPo - Detox for Troubled Assets
- WSJ - S&P Puts Mortgage-Backed Securities on Downgrade Watch
- Financial Times - Fresh pessimism sweeps over credit sector
- WaPo - Romer: Too Soon for More Stimulus
- WaPo - Staffing Shortage Hinders Treasury's Progress
- NYT - Mortgage Fraud Case Poses Federal Quandary
- Bloomberg - Bernanke Urges Finance-Rules Overhaul to Stem Build-Up of Risks
- Bloomberg - U.S. Unemployment Rate to Reach 9.4% This Year, Survey Shows
COP Daily News Roundup
March 9, 2009
- WaPo - Oversight of Bank Bailouts Criticized
- NYT - G.O.P. Senators Say Some Big Banks Can Be Allowed to Fail
- Financial Times - Obama urged to let banks fail
- NYT - A.I.G., Where Taxpayers��� Dollars Go to Die
- Reuters - Europe banks silent on reported AIG bailout gains
- WaPo - Hard Lessons in Helping Homeowners
- WSJ - Obama's Mortgage Plan Is What We Need (Op/Ed)
- WaPo - The Next Hit: Quick Defaults
- WSJ - Orszag Urges Patience on Recovery
- Bloomberg - Obama Nominates Three for Assistant Treasury Secretary Posts
- WSJ - New Fears as Credit Markets Tighten Up
- NYT - All Boarded Up
- Financial Times - Seeds of its own destruction
- Bloomberg - Global Economy to Shrink First Time Since WWII, World Bank Says
- WSJ - U.S. to Push for Global Stimulus
- WSJ - Watchdog Over Stimulus Spending Toes a Delicate Line
COP Daily News Roundup
March 7, 2009
- WSJ - Top U.S., European Banks Got $50 Billion in AIG Aid
- Bloomberg - Minnesota Bank Asks Why It Pays for Wall Street Greed
- Reuters - US Congress watchdog faults Obama mortgage plan
- MarketWatch - Report: Obama mortgage program has some issues
- Bloomberg - Hoenig Hits Treasury for Lack of ‘Decisive’ Action
- Bloomberg - Fed Credit Has Stabilized Markets, Not Fixed Them, Study Says
- Financial Times - Dudley hits out at banks’ ‘self-interest’
- WaPo - Regulatory Reform Sought In Wake of Fraud Cases
- MarketWatch - Mark-to-market accounting debated
- Bloomberg - Volcker Urges Dividing Investment, Commercial Banks
- NYT - Savings Accounts for All: Simple, but Not Easy
- Bloomberg - Surging U.S. Unemployment Rate Pressures Obama for More Action
- WaPo - Finance Majors Happily Looking Beyond Wall Street for Work
COP Report: Working Toward a Solution on Foreclosures
March 6, 2009
The March oversight report for COP is entitled: The Foreclosure Crisis: Working Towards a Solution. In this report, COP examines the roots of the foreclosure crisis and offers a checklist for evaluating proposals to deal with this problem.
From the beginning, the Treasury Department has used its funding through the Troubled Asset Relief Program (TARP), to stabilize the financial institutions that lie at the top of the economic pyramid. COP members believe that the country will not be able to pull out of this recession and end the financial crisis without a plan to address the foreclosure crisis at the root of the downturn.
Read the Alternative Views:
COP Daily News Roundup
March 5, 2009
- WaPo - U.S. Launches Wide-Ranging Plan to Steady Housing Market
- WSJ - Mortgage Bailout to Aid 1 in 9 U.S. Homeowners
- Bloomberg - First Step in Housing Refinance Plan Is Reaching Loan Servicer
- NYT - Unlucky or Unwise, Some Borrowers Are Left Out
- Time - Nearly 1 in 5 Owe More Than Homes Are Worth
- Newsday - Schumer pushes financial product safety review board
- Bloomberg - Geithner Warns of Deeper Slump, Seeking Backing for Bank Rescue
- NYT - Federal Reserve Beige Book Paints a Broadly Pessimistic Picture
- WaPo - Brown Tells Congress To 'Seize This Moment'
- Bloomberg - JPMorgan, Wells Fargo, Bank America Face Ratings Cuts
- Bloomberg - Life Insurers May Get Reply on TARP in Next 2-3 Weeks
- Bloomberg - More Americans Turn to Tax Refund Loans to Pay Monthly Bills
- WaPo - SEC to Discuss Revamping of Rules Governing Credit-Rating Agencies
COP Daily News Roundup
March 3, 2009
- WaPo - In Free-Fall, Stocks Hit Lowest Mark Since '97
- WSJ - Freddie Chief Quits After Six Months
- NYT - U.S. Likely to Keep the Reins on Fannie and Freddie
- WaPo - AIG Posts $61.7 Billion Loss, Faces Grim Future
- WSJ - For AIG, a Buy-and-Hold Strategy
- NYT - A Remake of A.I.G. Is the Goal of Rescue
- NYT - The Case for Saving A.I.G., by A.I.G.
- WSJ - 'Bad Bank' Funding Plan Starts to Get Fleshed Out
- Reuters - U.S. lawmakers seek database to track bailout banks
- Reuters - Where has the U.S. bailout money gone?
- Financial Times - BofA chief admits Merrill aid 'mistake'
- WSJ - Citi to Allow Jobless to Pay Less on Loans
- Financial Times - Mixed US data better than feared
COP Daily News Roundup
March 2, 2009
- WaPo - AIG Said To Receive Access to More Cash
- WSJ - In Twist, AIG Sues Its Benefactor Over Taxes
- WaPo - On Economy, Two United Voices Steer Obama Agenda
- Bloomberg - Obama's Economic Team Lacks Two Top Aides as Senate Delays Vote
- Bloomberg - Sweden's 'Mr. Fix-It' Bank Bailout May Be Model for U.S., U.K.
- WSJ - Regulators See Big Funding Boost
- NYT - Message to Regulators: Bank Fix Needed Quickly
- Bloomberg - Fed Officials Weigh 'Exit Strategy' for End of Crisis
- NYT - Guess What Got Lost in the Loan Pool?
- PBS Frontline - Inside the Meltdown (Video)
- NYT - When Will the Recession Be Over? (Op/Eds)
- WSJ - Stocks Will Indicate When the Tide Is Turning
- NYT - A Slowdown That May Slow Us Down
COP Daily News Roundup
February 28, 2009
- WSJ - Citi, U.S. Reach Accord on a Third Bailout
- WaPo - Private Investment Required In U.S. Deal With Citigroup
- Bloomberg - Citigroup's Third U.S. Rescue May Not Be Its Last, Analysts Say
- WSJ - Citi Board Revamp Faces Hurdles
- WaPo - Economy Shrinks at Staggering Rate
- WaPo - Dow Hits 12-Year Low; Bank Stocks Pounded
- Maryland Community Newspapers - County residents, legislators share foreclosure woes with congressional panel
- Southern Maryland Online - Feds Turn to Prince George's for Tales of Mortgage Woes
- WaPo - Brokers Defend Retention Payouts
- NYT - F.D.I.C. Increases Fees to Insure Bank Deposits
- Reuters - Northern Trust plans to repay aid after uproar
- CNN - Louisiana bank is first to return TARP funds
- Bloomberg - Wells Fargo Slashes Executive Pay, Golf Sponsorship
- Bloomberg - Fed Credibility to Keep Price Expectations Moored, Yellen Says
- WaPo - Taking on a Tenant To Ease the Burden
COP Daily News Roundup
February 26, 2009
- WaPo - Expanded Rescue Of Banks Outlined
- NYT - Government Offers Details of Bank Stress Test
- Bloomberg - U.S. Sets a Six-Month Deadline for New Bank Capital
- CNN - Budget leaves open possibility of $750 billion more in bailout funds
- WaPo - Another Battle on the Housing Front
- WSJ - Fight Looms Over Bankruptcy Plan in Bill to Stem Foreclosures
- NYT - Big U.S. Role in Lending to Students
- WSJ - Next Front: Bank Regulation
- Bloomberg - Bernanke Rejects 'Anything Like' Bank Nationalization
- WSJ - Citi Confronts Global Fallout as U.S. Nears Deal on Stake
- Bloomberg - Liddy Pleads for Forgiveness as AIG Rescue Unravels
- WaPo - Trouble on the Assembly Line
- WaPo - In President's Budget Plan, Broad Agenda and a Few Gaps
- Financial Times - Biden pledges tough stimulus oversight
Congressional Oversight Panel to Hold Field Hearing in Maryland on Foreclosure Crisis
February 25, 2009
WASHINGTON, D.C.—The Congressional Oversight Panel today announced its second field hearing—“Coping with the Foreclosure Crisis: State and Local Efforts to Combat Foreclosures in Prince George’s County, Maryland.” The hearing will take place this Friday, February 27, 2009. Prince George’s County has the highest rate of foreclosures in Maryland. Overall Maryland has taken aggressive steps to address the foreclosure crisis. The state’s approach coordinates state and local government action with community organizations and is one of the reasons that Maryland as a whole is doing better than the national average on home foreclosures.
The Panel is required by law to review the “current state of the market and the regulatory system” and provide reports to Congress and the American public on the effectiveness of the Treasury Department’s management of the Troubled Asset Relief Program (TARP), the “effectiveness of foreclosure mitigation efforts and the effectiveness of the program from the standpoint of minimizing long-term costs to the taxpayers and maximizing the benefits for the taxpayers.” At the Maryland hearing, the Panel will explore state and local efforts at foreclosure prevention and home price stabilization in Prince George’s County with an emphasis on identifying the economic and institutional barriers to loan modifications and refinancing.
The Panel will hear testimony from members of the public who have faced the threat of foreclosure, community-based providers of foreclosure mitigation and other housing servicers, and a state official. Congresswoman Edwards, Congressman Van Hollen, and a representative from Prince George’s County will also address the Panel.
In addition to the hearings, the Panel is encouraging all Americans to pose their own questions, make their own suggestions, and share their personal stories through the website at www.cop.senate.gov.
Event Details
Who
Members of the TARP Congressional Oversight Panel
What
Congressional Oversight Panel Hearing on Coping with the Foreclosure Crisis: State and Local Efforts to Combat Foreclosures in Prince George’s County, Maryland
When
Friday, February 27, 2009, 9:30 am
Where
Prince George’s Community College
Largo Student Center, Community Room B
301 Largo Road, Largo, MD
COP Daily News Roundup
February 25, 2009
- WaPo - ‘Day of Reckoning’
- NYT - Obama Assures Nation: ‘We Will Rebuild’
- WSJ - President Lifts Tone, Reaches Out to Average Americans
- WSJ - Citigroup Chafes Under U.S. Overseers
- Financial Times - Citi close to deal with Treasury
- WSJ - TARP Said to Be Ripe for Fraud
- Fox Business News - Taxed TARP Overseers Say They Need Details
- WSJ - BofA Feels Bite of Move Into Mortgage-Backed Securities
- WSJ - Top Democrat Eyes Temporary Bank Takeover
- Bloomberg - Bernanke Spurns Outright U.S. Control of Banks in Rescue Plan
- WSJ - Twin Crises Feed the Spiral
- NYT - As A.I.G.’s Losses Grow, Its Survival Options Shrink
- WaPo - Lack of Lifeline May Give Ford a Jump Start
- WSJ - Home Prices Continue to Post Record Declines
- Bloomberg - Sales of Existing Homes in U.S. Probably Increased in January
- WSJ - Renters Lose Edge on Homeowners
COP Daily News Roundup
February 24, 2009
- WaPo - U.S. Clears Path to Bank Takeovers
- Bloomberg - Obama Seeks to 'Clean Out the System' With Bank Test
- NYT - U.S. Is Pressed to Add Billions to Bailouts
- Los Angeles Times - U.S. attaches strings to bank bailout funds
- NYT - A 3rd Rescue Would Give U.S. 40% of Citigroup
- Financial Times - Rivals want curb on nationalised Citi
- Financial Times - High hopes for US toxic asset purchase plan
- Bloomberg - December Home Prices in 20 U.S. Cities Fall 18.5% From Year Ago
- WSJ - Jumbo Mortgages, Jumbo Headaches
- Bloomberg - Thain Set to Testify Today on Bonuses for Merrill Employees
- WSJ - AIG Seeks to Ease Its Bailout Terms
- Bloomberg - Fed Urges Banks to Put Bailout Funds Into Loans, Not Dividends
- Financial Times - Pressure on Congress over Wall St risk review
COP Daily News Roundup
February 23, 2009
- National Journal - Stimulus Watchdogs Won't Be Chained
- Bloomberg - Obama Bank Nationalization Is Focus of Speculation
- NYT - As Doubts Grow, U.S. Will Judge Banks' Stability
- WSJ - U.S. Eyes Large Stake in Citi
- WSJ - Grip on Bank Would Tighten If Deal Is Set
- Bloomberg - Fed May Need to Recast TALF to Revive Commercial Real Estate
- WaPo - Getting a Mortgage Can Be More Difficult if You Are Self-Employed
- NYT - After Huge Losses, a Move to Reclaim Executives' Pay
- CQ Politics - Should Bailed Out Companies Be Able To Lobby?
- WSJ - One Thing Still Working: Borrow Low, Lend Higher
- WaPo - Heads of 8 European Countries Pledge Global Finance Changes
- Bloomberg - Washington Pushes for Easy-To-Understand Financial Disclosure
- WaPo - Obama's First Budget Seeks To Trim Deficit
- NYT - When Consumers Cut Back: A Lesson From Japan
- WaPo - Senate Weighing New Rules for Retirement Funds
COP Daily News Roundup
February 21, 2009
- WaPo - Bank Shares Topple on Talk Of Possible U.S. Takeover
- WSJ - U.S. Seeks to Stem Bank Fears
- Bloomberg - U.S. Lawmakers Clash Over Nationalizing Banks to Stem Declines
- AP - Gov't expands national program to buy foreclosures
- WaPo - Mortgage Rescue Eligibility Still Being Finalized
- AP - Some denounce Obama's homeowner rescue as unfair
- WSJ - Finessing 'Moral Hazard' Is Tough in Housing Plan
- WaPo - Extent of Bankruptcy Reform Hinges on Details
- AP - US Treasury ordered to surrender bailout records
- Financial Week - Could little-known banking law fix this mess?
- WSJ - Stringent Hiring Rules Leave Treasury in Need of Staff
- WSJ - Bill Adds Hurdles for Foreign Hires
- WaPo - Obama Plans Summit Next Week On Long-Term Budget Difficulties
- Bloomberg - American Budgets Have More to Spare for Cars, Home Than in 1955
COP Daily News Roundup
February 19, 2009
- WaPo - Obama Proposes Package To Stave Off Foreclosures
- NYT - $275 Billion Plan Seeks to Address Crisis in Housing
- Sacramento Bee - Mixed reviews for housing plan
- WaPo - U.S. Doubles Fannie, Freddie Backing to $400 Billion
- AP - HUD Secretary: Banks must 'step up' on foreclosure
- NYT - Modifying Mortgages Can Be Tricky
- WaPo - How the Program Would Work
- NYT - More Housing Details Are Pending, but First Some Answers
- Politico - Housing plan leaves out critical pieces
- Bloomberg - Pianalto Says Fed’s TALF Will Be Big Help for Economy
- WaPo - Fed Leaders Issue Bleak Forecast
- NYT - Fed Chief Defends Steps Taken to Contain Crisis
COP Daily News Roundup
February 18, 2009
- NYT - Bailout Likely to Focus on Most Afflicted Homeowners
- WSJ - Distressed Homeowners Get New Options in Plan
- NYT - Effort Takes Shape to Support Families Facing Foreclosure
- WSJ - Housing Fix's Challenge: Making Modified Loans Attractive
- WSJ - A Florida Court's 'Rocket Docket' Blasts Through Foreclosure Cases
- Bloomberg - California Foreclosure Epicenter Shows Challenge Facing Obama
- Financial Times - Bank nationalisation gains ground with Republicans
- WaPo - Lending By Bailout Recipients Is Down
- WaPo - GM, Chrysler Seek Billions More in Aid
- WSJ - Limits on Pay Left Unclear in New Law
- WaPo - Swift, Steep Downturn Crosses Globe
- Bloomberg - Fed Should Expand Supply of Money, Bullard Says
COP Daily News Roundup
February 17, 2009
- WaPo - Late Change in Course Hobbled Rollout of Geithner's Bank Plan
- NYT - Obama Plan on Housing Said to Push on Lenders
- WSJ - Axelrod: Obama Has 'Solid' Housing Plan
- WaPo - Scolding and Helping Wall Street at the Same Time
- Bloomberg - Bailed-Out Banks Charge Taxpayers Highest Fees in FDIC Sales
- Bloomberg - Citi Cost-Cutters Skip Offices, Staff for Ex-CEOs Prince, Reed
- NYT - That Perk in the Sky Has Defenders on Land
- Bloomberg - Dodd's Pay Limit Makes Wall Street Face Pandit's 'New Reality'
- WaPo - GM, Chrysler Finalize Plans To Restructure
- NYT - G.M. Presses Union for Cuts in Health Care
- WSJ - Auto Maker Bankruptcy Looms
- NYT - Would a G.M. Bankruptcy Save Taxpayer Money?
- NYT - Dead End in Detroit for White-Collar Workers
- WSJ - Treasury Pads Coffers in Bailout
- Financial Times - Clinton suggests Tarp go green
- WSJ - Due to the Economy, There Will Be No Celebrating the Cackling Goose
COP Daily News Roundup
February 13, 2009
- LAT - Investigation looks into political pressure in bailout distribution
- NYT - Ailing Banks May Require More Aid to Keep Solvent
- LAT - Obama bank rescue plan takes 2 tracks
- WaPo - Subsidies For Loan Workouts Weighed
- Reuters - Obama eyes home loan subsidies in rescue plan-sources
- Business Week - How Banks Are Worsening the Foreclosure Crisis
- Economist - Dashed expectations
- NYT - Question of Control Over Banks Awaits Treasury Secretary at Group of 7 Meeting
- Bloomberg - Wall Street Men May Flee World According to TARP
- Bloomberg - Geithner Hampered by Staff Deficit as Wall Street Demands Speed
- NYT - In Japan's Stagnant Decade, Cautionary Tales for America
- Breakingviews.com - Vulture Investors to the Rescue?
- WaPo - U.K.'s Brown Says Bonuses Should Be Reclaimable
- Financial Times - SEC flaws exposed by Madoff scandal
- NYT - Fed Calls Gain in Family Wealth a Mirage
- CNBC - Greenspan Says He Was Mystified by Subprime Market
COP Daily News Roundup
February 12, 2009
- NYT - Geithner Rebuffs Critics on Banking Rescue Plan
- NYT - Bank Test May Expand U.S. Regulators' Role
- Bloomberg - Treasury's U.S. Housing Plan to Fund Interest-Rate Reductions
- Bloomberg - Fed's Duke Urges Stronger Anti-Foreclosure Efforts
- WaPo - Lawmakers Line Up Bankers, Unleash Anger of the Masses
- WSJ - Lawmakers Pull Few Punches With Bank Executives
- Financial Times - US bankers yield to foreclosure demands
- NYT - Nearly 700 at Merrill in Million-Dollar Club
- WSJ - Hints of Stability Emerge in Fragile Financial System
- Bloomberg - Geithner's $1 Trillion Plan May Not Save Commercial Real Estate
- WSJ - Foreclosures Ease as Lenders Await U.S. Plan to Aid Borrowers
- WSJ - On Street, Reluctance to Blow the Whistle
- WaPo - Congress Reaches Stimulus Accord
- Bloomberg - Fed in Talks to Add Primary Dealers as Sales Rise to Record
- Financial Times - China to stick with US bonds
COP Daily News Roundup
February 11, 2009
- NYT - Bailout Plan: $2.5 Trillion and a Strong U.S. Hand
- WSJ - Market Pans Bank Rescue Plan
- Bloomberg - Geithner Leaves Questions and Markets Make Him Pay
- NYT - For Geithner's Debut, a Lukewarm Reception
- WSJ - Reviews, 'Stress Tests' May Reveal Deeper Bank Troubles
- WaPo - Prospective Buyers of Toxic Assets Wary of Plan
- WSJ - At Vegas Confab, Geithner Inspires Skepticism and Hope
- NYT - Washington Hopes 'Vulture' Investors Will Buy Bad Assets
- WSJ - For Geithner, Taxpayers and Shareholders Both Have Their Demands
- WaPo - Facing Oversight, Banks Go on Offense
- NYT - Some Banks Want to Return Government Money
- NYT - Cuomo Cites Big Bonuses for Many at Merrill
- WSJ - A Banker Who Stayed Out of Problem Loans Fumes at a Bailout for Those Who Didn't
- CNNMoney.com - Dollar drops on bailout fallout
- WSJ - Foreclosure 'Tsunami' Hits Mortgage-Servicing Firms
- Bloomberg - Bernanke Begins 'Thorough Review' of Fed Disclosure
- WaPo - Senate, House Begin Talks on Stimulus
COP Daily News Roundup
February 10, 2009
- NYT - Calls for Clarity in New Bailout for U.S. Banks
- US News & World Report - Elizabeth Warren: Middle Class Lacks Security
- WaPo - New Bailout May Top $1.5 Trillion
- WaPo - Obama Says Economic Crisis Comes First
- WSJ - Banks to Get Stress Test Before Aid
- Bloomberg - Geithner's Bank Rescue May Determine Effectiveness of Stimulus
- WSJ - Banks May Keep Skin in the Game
- LAT - Financial bailout expected to rely on private investors
- MarketWatch - Morgan Stanley CEO looks to repay TARP this year
- WSJ - CFTC Will Seek Power to Prosecute
- Bloomberg - More Jobs in House Bill Than Senate's, Economists Say
- NYT - Losses Mount on Credit Cards for Retailers
- Business Week - Treasury Plan to Buy Toxic Assets Likely Hinges on Pricing
- WSJ - Bank Bailout Plan Revamped
- NYT - U.S. Bank Bailout to Rely in Part on Private Money
- Bloomberg - U.S. Delays Finance Plan as Officials Debate Debt
- WSJ - CEOs Will Be on the Hot Seat in Hearing
- WaPo - In Geithner's Overhaul, Aggressive Use of All Available Tools Expected
- Bloomberg - Geithner to Tell Democrats Banks Must Modify Loans
- NYT - For Bank of America and Merrill, Love Was Blind
- WSJ - Finance Ministers Will Try to Measure Obama's Support for Global Initiatives
- NYT - In Florida, Despair and Foreclosures
- WaPo - How Much Does Your CEO Really Make? Go Figure.
- WSJ - In Merrill Deal, U.S. Played Hardball
- NYT - Obama Calls for ���Common Sense’ on Executive Pay
- NYT - Wall St. Pay Is Cyclical. Guess Where We Are Now.
- Bloomberg - Geithner Must Set Strategy for Bank-Stake Sales, Inspector Says
- WaPo - Treasury Warned on Lending Plan
- Reuters - Bank rescues risk skewing competition
- WSJ - Mortgage Banks Push for Federal Support
- WSJ - An AIG Unit's Quest to Juice Profit
- CNNMoney.com - Overseer calls for bank bailout makeover
- NYT - Volcker Suggests Ways to Refine Bank Regulations
- NYT - At Madoff Hearing, Lawmakers Lay Into S.E.C.
- NYT - Senate Adds Homebuyer Tax Credit to Stimulus Bill
- WaPo - Bank Rescue Would Entail Triage for Troubled Assets
- ABC News - President Obama to Announce New Boss Salary Restrictions for TARP-Receiving Companies
- WSJ - Geithner: Speed Is Key to Recovery
- NYT - Time to Steer 'Forceful Course' for Stimulus
- WSJ - Frank Backs Regulator for Systemic Risk
- WSJ - Bill Aims for Disclosure by Private Equity
- WSJ - Markopolos Blasts SEC for 'Financial Illiteracy'
- WaPo - Schapiro's SEC Expected To Step Up Enforcement
- WSJ - Obama's Pick for Commodity Post Vows New Era of Regulation
- NYT - Both Parties Move to Aid Homeowners
- NYT - Rise in Pending Home Sales Reported
- NYT - As Home Prices Go, So Do Cities
- Indianapolis Star - As economic uncertainty mounts, more middle-class families are learning that payday loans add up
- WSJ - Treasury to Outline Bank Plan Next Week
- Bloomberg - Obama Foreclosure-Relief Plan May Guarantee Rewritten Loans
- NYT - Big Risks for U.S. in Trying to Value Bad Bank Assets
- WSJ - Banks Adopt Tighter Terms for Lending, Survey Says
- Bloomberg - Citigroup, JPMorgan Chiefs Summoned to Discuss TARP
- AP - Citigroup to deploy $36.5 billion to boost lending
- AP - Feds may limit execs' pay at banks that get aid
- WSJ - Policy Makers Weigh Fed Oversight of Derivatives
- Bloomberg - U.S. Property Owners Lost $3.3 Trillion in Home Value Last Year
- NYT - Consumers Are Saving More and Spending Less
- Boston Globe - Sanders wants probe of roots of crisis
- Reuters - Obama asks Treasury for guidelines on bailout
- Bloomberg - Obama Will Require Banks to Expand Lending as Condition for Aid
- Bloomberg - Frank Says Obama to Force Banks in TARP to Lend More
- AP - Geithner, Bernanke work on $700B bailout overhaul
- CNBC - New Terms in Bailout Funding Talks Go Beyond 'Bad Bank'
- Bloomberg - Treasury Needs to Better Explain TARP Plan, GAO Report Says
- NYT - Better Answers Sought on Banks' Use of Aid
- WaPo - Bailout Oversight Still Lacking, GAO Finds
- NYT - Risks Are Vast in Revaluation of Assets
- CQ - Bailout Watchdog Calls for Financial System Overhaul, but GOP Dissents
- MarketWatch - Senate panel to seek moratorium on foreclosures: Bad bank, credit cards, and mortgage mitigation on agenda
- NYT Blog - Oversight Panel Calls for New Regulator
- Washington Examiner - TARP oversight panel makes recommendations to prevent future crises
- Financial Times - US policymakers missed warnings
- Forbes - US Sen. Dodd sets bank crisis hearings in February
- WSJ - U.S. Eyes Two-Part Bailout for Banks
- BusinessWeek - Obama Blasts Wall Street Bonuses: The President calls payouts as firms seek bailouts "the height of irresponsibility"
- Bloomberg - Obama Calls Bonuses 'Shameful' as Dodd Vows to Reclaim Money
- AP - On second thought, never mind about that bailout (community banks)
- CNNMoney.com - BofA vows to track and report loan activity
- Bloomberg - U.S. Draft Law Would Ban Most Trading in Credit Swaps
- WSJ - Lawmakers Roll Out Hedge Fund Bill
- NYT - Senators Bid to Regulate Hedge Funds
- Bloomberg - Roubini Predicts More Global Gloom After Vindication at Davos (also, watch the media interview)
- American Banker - Looking Under the TARP
- WaPo - Treasury Moves to Restrict Lobbyists From Influencing Bailout Program
- NYT - Geithner Sets Limits on Lobbying for Bailout Money
- USA Today - Bailout firms have program recipients among their clients
- WaPo - Treasury Weighs Hard Choices To Save Banks
- Bloomberg - New York City Securities Industry Bonuses Fell 44% (Table)
- NYT - Bank of America Board Under Gun From Critics
- AP - 4 Years for Christian Milton, ex-A.I.G. Executive
- AP - Citigroup Will Not Take Possession of New Aircraft
- WaPo - Fed Adopts Program to Stem Foreclosures
- Bloomberg - FDIC May Run 'Bad Bank' in Obama Plan to Remove Toxic Assets
- WSJ - U.S. House Panel Approves Mortgage Measure
- NYT - Home Price Index Fell Again in Nov.
- WSJ - Unemployment Rises in Every State
- NYT - Senate Confirms Geithner for Treasury Post
- Memphis Daily News - Banks Dodge About Where TARP Money's Gone
- Bloomberg - Banks With TARP Lend Less Than Those Without: Chart of Day
- AP - New bank bailout studied; lawmakers balk
- AP - US bets on bank execs to fix this mess
- FT - The Right and Wrong Way to Bail Out the Banks
- WSJ - Fannie Mae Seeks Billions From Treasury
- Bloomberg - Highest Rates in Generation Confront Everyone Without Fed Funds
- NYT - Bank of America's Difficult Choice
- NYT - For Fed Policy-Making, Murky Era Lies Ahead
- Bloomberg - Fed's Move Into 'Uncharted Waters' Spurs New Look at Forecasts
- NYT - Layoffs Spread to More Sectors of the Economy
- Reuters - Home sales tick up but job cuts deepen gloom
- WSJ - A Refinancing Crunch Emerges
- NYT - Barclays to Write Down ��8 Billion, but Asks for No Help
- WSJ - Lending Drops at Big U.S. Banks: Top Beneficiaries of Federal Cash Saw Outstanding Loans Decline 1.4% Last Quarter
- NYT - Nationalization Gets a New, Serious Look
- Bloomberg - Summers Says TARP to Be 'Very Different' Under Obama
- Reuters - Obama aide won't rule out more money for bailouts
- Reuters - Pelosi signals willingness to add to TARP funds
- WaPo - Banks May Need More, Biden Says: Treasury to Report On Use of Bailout
- WaPo - Fed May Gain More Financial Oversight: Some Worry Plan Would Give Bank Too Much Power
- NYT - Obama Plans Fast Action to Tighten Financial Rules
- NYT - Six Errors on the Path to the Financial Crisis
- CNNMoney.com - Flood Of Foreclosures: It's Worse Than You Think: Banks are moving slowly to list repossessed homes for sale, which could mean that housing inventory is even more bloated than current statistics indicate
- WSJ - Earnings Season Expected to Be Dismal for Most Sectors
- Bloomberg - Slump Probably Deepened as Credit Froze: U.S. Economy Preview
- WSJ - California Towns Bail Out Auto Dealerships
- WaPo - Obama to Decide Soon Whether to Add to Bailout: As Banks' Situation Worsens, Some Lawmakers Say $700 Billion Rescue Won't Be Enough
- Bloomberg - Obama Signals Tough Restrictions on Banks in Rescue Package
- NYT Blog - Geithner Says TARP Would Force Banks to Lend More
- HousingWire - Geithner Champions TARP Disclosure
- WaPo - Delays in Bank Aid Spur Frustration: As Requests Pile Up, Executives Leery Of Treasury's Silence on Bailout Decisions
- American Banker - Viewpoint: Guarantees More Useful Than Capital Infusions
- AP - Some bailout recipients upped lobby spending in 4Q
- NYT - Firms That Got Bailout Money Keep Lobbying
- Bloomberg - Freddie Seeks Up to $35 Billion From U.S.; Fannie May Follow
- NYT - Price Paid for Merrill Is Rising
- WSJ - Chrysler Set to Push Dealers to Buy More
- NYT - Sweden’s Fix for Banks: Nationalize Them
- WaPo - Wall Street Bonuses Draw Scrutiny in Bailout's Wake
- NYT - Costs and Tighter Rules Thwart Refinancings
- WSJ - FDIC Says 1st Centennial Bank Is Closed
- NYT - Credit Crisis Is Leaving Charities Low on Cash
- WaPo - TARP Watchdog Will Ask Where Money Is
- WSJ - TARP Watchdog To Require Bks To Account For Fedl Money
- WSJ - Pressure Grows for More Rescue Funds
- WSJ - Firms Keep Lobbying as They Get TARP Cash
- USA Today - Fiat stumbles as Chrysler plan raises bailout funds questions
- WSJ - Thain Ousted in Clash at Bank of America: Surprise Losses at Merrill Unit Led to Former Chief's Fall; Pressure Is Seen Mounting on CEO Lewis Over Soured Deals
- Reuters - Goldman draws bailout critic's ire
- WaPo - By Switching Their Charters, Banks Skirt Supervision
- WSJ - Fed as Risk Regulator?
- WSJ - [UK] Bailout Critics Raising Voices Call for Accountability in Rescue of Bank Sector; 'A Big Bill for the Future'?
- NYT - Smaller Banks' Losses Expected to Bring Mergers
- WSJ - Regional Banks Prepare for Worst: Big Boosts in Loan-Loss Reserves Contribute to Weak Quarterly Earnings
- WSJ - US House Lawmakers Register Their Disgust With TARP
- Reuters - U.S. House approves crackdown on financial bailout
- USA Today - Obama plans sweeping action on financial bailout
- Bloomberg - Geithner Pledges Prolonged Effort to Stabilize Banks
- Reuters - Geithner says financial plan due in weeks
- WSJ - Parsons Named Citi Chairman: After Denials, Bank Taps Former Time Warner CEO to Succeed Bischoff
- WSJ - AIG Loses Star Power in Core Business
- San Francisco Chronicle - Time to get to work
- Bloomberg - Roubini Predicts U.S. Losses May Reach $3.6 Trillion
- WSJ - Credit Losses Hurt Regional Banks
- AP - Home Construction Ends Worst Year Since 1959
- NYT - Geithner Urges Quick Changes to Bailout Fund
- WSJ - Financials Plunge as U.S. Considers New Rescue Options
- Bloomberg - Treasury Demands Banks With TARP Funds Report Lending
- BusinessWeek - Bank Stocks: The Trouble with TARP: Financial stocks plunged Jan. 20 as investors worry about the strings attached to the U.S. Treasury's bailout of institutions like Bank of America
- WSJ - Home-Loan Banks Struggle to Maintain Capital
- American Banker - Giving B of A More Help, Did Government Tip Hand?
- American Banker - Tarp, Not Flagstar, May Save Thornburg
- Institutional Risk Analysis - To Stabilize Global Banks, First Tame Credit Default Swaps
- WSJ - A Kinder Bankruptcy Law Is Sought as Filings Soar
- WSJ - U.S. Plots New Phase in Banking Bailout
- Bloomberg - Obama Financial Rescue May Revive Effort to Resolve Bad Assets
- Reuters - Paulson: TARP still needed for bank capital
- U.S. News - How Barack Obama's Bailout May Differ From Henry Paulson's
- WSJ - First Third of TARP Could Cost Taxpayers $64 Billion
- Thompson Financial News - Treasury Issues Interim Rule on TARP Conflicts of Interest
- Thompson Financial News - Paulson Defends TARP Implementation in Final Talk with Press
- WSJ - Bank of America Goes on Offense: Stock Falls on Quarterly Loss, Latest Bailout; Merrill Settles Subprime Suits
- NYT - For Bank of America, the Pressure Mounts Over Merrill Deal
- CNNMoney.com - Bailout Panel Discusses Funding Needs of US Carmakers
- NYT - In Search of One Bold Stroke to Save the Banks
- WSJ - FDIC Hopes to Kickstart Consumer Lending Through New Debt Guarantee
- WSJ - WSJ Interview: FDIC's Bair Fleshes Out 'Aggregator Bank' Idea
- WSJ - TARP Funds' Second Half Set for Release as Senate Signs Off on Request
- Bloomberg - Obama Wins Legislative Test as Senate Allows Use of TARP Funds
- WaPo - Senate Votes To Release Bailout Funds To Obama: Democrats in House Unveil $825 Billion Stimulus Package
- NYT - Senate Releases Second Portion of Bailout Fund
- ProPublica - While Congress Debates More Bailout Money, Treasury Is Already Spending It
- AP - Highlights of new bailout proposals
- BusinessWeek - TARP: The Sequel: Now, the debate over how to spend the second $350 billion of the government rescue program. This time, distressed homeowners may get help
- Washington Examiner - Robert Reich proposes how to handle the next TARP installment
- NYT - Some Ask if Bailout Is Unconstitutional
- NYT - Rescue of Banks Hints at Nationalization
- Houston Business Journal - Survey: Banks still bullish on TARP
- AP - Treasury releases bailout rules for small banks
- NYT - Citigroup Reports Big Loss and a Breakup Plan
- NYT - Bank of America Posts Loss as It Gets New Aid
- Reuters - BofA aid diverted from TARP first half: official
- WSJ - Big Holders of GM Debt Form Group to Negotiate
- TradingMarkets.com - Economists Press Regulatory Reform, Warn Against Too Many Tax Cuts
- Dow Jones - Stiglitz: Stimulus Must Be Big, Provide Relief To States
- NYT - Banks in Need of Even More Bailout Money
- American Banker - House Debates Conditions for Rest of Tarp Funds
- WSJ - Fed Officials Say Ailing Banks Require More U.S. Funds
- WSJ - Rep. Towns Touts Wall Street Oversight
- American Banker - Fed, FDIC: Reconsider Tarp Asset Purchases
- Reuters - Treasury's Kashkari eyes TARP contingency funds
- American Banker - Treasury to Post S Corp Capital Plan
- WSJ - Citigroup Ready to Shrink Itself by a Third: Financial Giant to Shed Units, Curtail Trading to Return to Size Before Its Merger Spree; Deal to Split Off Smith Barney Sealed
- WSJ - Foreclosures Surged 64% in 2008
- NYT - Release of More Bailout Money Gains Favor
- WSJ - U.S. Seeks Rest of Bailout Cash: Call to Deploy Remaining $350 Billion Comes as Citi, Rivals Face Steep Losses
- Bloomberg - Obama Asks Bush to Seek TARP Funds From Congress
- AP - Obama pressing for remaining $350B bailout funds
- Financial Times - Obama promises to overhaul Tarp
- Reuters - Final TARP funds aimed to help homeowners: W.House
- WSJ - Fed's Kohn Says Rest of TARP Should Aid Banks
- American Banker - Frank Touts Bill to Guide Obama Tarp Spending
- American Banker - FDIC Tells State Banks to Monitor Tarp Uses
- AP - Treasury developing tools to measure lending
- National Journal - Banks Look To Contain TARP PR Damage
- WSJ - UAW, Bondholder Talks Slow GM's Revamp
- WSJ - UAW Backs Idea of 'Car Czar'
- WSJ - Bernanke Says Stimulus Should Be Paired With Other Measures
- Pensions & Investments - Madoff scandal spurs SRO talk
COP Daily News Roundup
February 9, 2009
February COP Report: Valuing Treasury’s Acquisitions
COP is releasing its latest oversight report today entitled “Valuing Treasury’s Acquisitions.” This report is our own attempt to answer the fifth question in our first oversight report: Is the Public Receiving a Fair Deal? After reviewing the top ten TARP transactions, we learned that every time Treasury spent $100, it took back assets that were worth, on average, $66. This equals a $78 billion shortfall for the $254 billion spent on these deals so far.
Watch video of Chair Elizabeth Warren introducing this report below.
For a deal-by-deal breakdown of the real value of the top ten TARP deals, read our report in full. You can also read the detailed analysis produced Duff & Phelps, the valuation firm we retained to analyze these deals.
Duff & Phelps Final Valuation Report to the Congressional Oversight Panel:
Additional report for the COP:
COP Daily News Roundup
February 5, 2009
COP Daily News Roundup
February 4, 2009
COP Daily News Roundup
February 3, 2009
COP Daily News Roundup
February 2, 2009
COP Daily News Roundup
January 30, 2009
COP Report: Modernizing the American Financial Regulatory System
January 29, 2009
COP released its special report on regulatory reform today. The report discusses how regulation would have averted the crisis that we are in today, and how the implementation of smart regulation will help the United States can prevent another financial crisis and determine our economic success in the years to come.
Watch video of Chair Elizabeth Warren introducing this report below.
The report examines how deregulation of financial markets over the last twenty-five years have returned the boom-and-bust cycles that had plagued the United States’ economy until reforms of the Great Depression ushered in a half-century of financial stability. The report specifically points to three areas of regulation that could have prevented the current economic crisis, specifically basic consumer protection rules, supervision of credit rating agencies, and regulation of companies that are “too big to fail.”
Read summaries of reports examined by Panel members in preparing this report:
COP Daily News Roundup
January 28, 2009
COP Daily News Roundup
January 27, 2009
COP Daily News Roundup
January 26, 2009
COP Daily News Roundup
January 24, 2009
COP Daily News Roundup
January 23, 2009
COP Daily News Roundup
January 22, 2009
COP Daily News Roundup
January 21, 2009
COP Daily News Roundup
January 17, 2009
COP Daily News Roundup
January 16, 2009
COP Daily News Roundup for January 16, 2009
COP Daily News Roundup
January 15, 2009
AP - Obama awaits vote in Senate for $350B bailout
Bloomberg - Senate to Vote Tomorrow on Releasing TARP Funds
Reuters - Obama aides offer more assurances on bailout money
NYT - Obama Officials Ask Senate G.O.P. to Back Release of Bailout Money
NYT - Buyers for a Citigroup Fire Sale Have Probably Been Singed, Too
WSJ - Goldman Finds a Way to Dole Out Cash
WSJ - Rates Fall, but Refinancings Are Limited
NYT - Swindlers Find Growing Market in Foreclosures
Boston Globe - Tidy up the bailout
Houston Chronical - Trust, but verify: Reagan wisdom applies in today’s turbulence
Miami Herald - Bailout needs better oversight: OUR OPINION: Tighter rules should govern spending designed to stop meltdown
COP Daily News Roundup
January 14, 2009
The COP had a hearing today on regulatory reform. You can read the testimony from this morning’s hearing HERE.
COP Daily News Roundup
January 13, 2009
Starting today, the COP will add a new feature to its blog: a daily news round-up. Each day we will post an assortment of news stories about the TARP, financial regulation and the economic crisis.
Check here daily for the latest news on the TARP and the future of financial regulation.
Welcome to the New COP Site
January 9, 2009
Today, COP launches its new website.
We’ve designed the site to be easier to navigate and more appealing visually.
The site will also regularly feature the stories and questions you send us. We invite you to continue sending us your thoughts and questions, and feel free to comment on what you see as well.
Today is also the day that we are releasing our January Oversight Report. Watch the video below of Chairperson Warren announcing the second report and talking about our new site:
An Introduction From Elizabeth Warren
December 10, 2008
This is the first report on the Treasury Department’s use of authority under the Emergency Economic Stabilization Act of 2008 that the Congressional Oversight Panel (COP) is required to release.
Future reports will be released every 30 days.
