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Tag >> Troubled Asset Relief Program
Feb 28

Ex-mortgage lender's treasurer charged in TARP scam

Posted by Stephen Taub in U.S. AttorneyTroubled Asset Relief ProgramTARPSecurities and Exchange Commissionsecmortgagescompliance

Stephen Taub

Federal regulators have charged the former treasurer of a private mortgage lending company for her role in a more than $1.9 billion fraud scheme and an attempt to scam the Treasury's Troubled Asset Relief Program (TARP).

Desiree Brown, the former treasurer of Taylor, Bean & Whitaker (TBW), pleaded guilty to conspiring to commit bank, wire and securities fraud, which contributed to the failures of Colonial Bank and TBW, according to US Attorney Neil H. MacBride for the Eastern District of Virginia.

Apr 23

Financial innovation inevitably leads to crisis, says new research

Posted by Ron F in WorldcomTroubled Asset Relief ProgramRiskRegulationinnovationGoldman SachsFedEnroncomplianceBanksbanking reformBankingbank failuresbailout

Ron F

Paul Krugman's column today called my attention to a paper that anyone interested in financial reform should check out.

The paper completely contradicts the conventional wisdom that innovation in finance is a good thing.

Dec 30

Fannie, Freddie and a FUBAR financial system

Posted by Ron F in Troubled Asset Relief ProgramGoldman SachsCitigroupBear StearnsBankingBank of Americabailout

Ron F

The back and forth over the apparent lifting of any limit on government capital available to Fannie Mae and Freddie Mac shows no sign of ending, as the blogosphere seems to be trying to fill in the blanks left by the Treasury's cryptic Christmas Eve announcement.

It still looks to us as if the announcement amounts to an acknowledgement that the housing market is still in serious trouble, as the governmental blank check for the two agencies came only days before Fannie reported that the rate of "serious" mortgage delinquencies on single-family homes rose yet again in October.

Dec 16

Congress seen challenging Treasury over tax break for Citi

Posted by Ron F in Troubled Asset Relief ProgramObama AdministrationIRSCitigroupBanks

Ron F

I don't know where to begin with the latest news regarding Citigroup. In fact, once you reach the kicker here, you might argue that I've buried the lede, especially given the headline and dek I've put on this. So be it.

First, $38 billion in a tax break that required the Treasury to waive IRS rules against trafficking in tax losses is almost twice as much as money as Citi is raising in fresh equity.

Dec 05

Goldman wasn't as secure as it claims: Geithner

Posted by Ron F in Troubled Asset Relief ProgramObama AdministrationLloyd BlankfeinGoldman SachsBanksBank of America

Ron F

Sounds like Lloyd Blankfein needs to have a quick chat with Timothy Geithner.

According to Bloomberg, the Treasury Secretary said on Friday that "all big banks" could have failed without the government's help last year. Yet Goldman Sachs has repeatedly insisted it would not have failed because it was hedged.

Nov 02

And Citi Says??

Posted by HJohnson in Troubled Asset Relief Programpublic relationsleadershipfinancial crisisFDICCitigroupbanking industrybailout


Citigroup's public relations department must be having a whale of a day, but why isn't there any evidence of it?

 Not only did Andrew Martin and Gretchen Morgenson publish a probing piece yesterday in the New York Times, which included this quote from Chris Whalen, managing director of Institutional Risk Analytics, "I continue to believe the equity is worth zero and that the company will have to go to bondholders for some kind of money to make the bank stable," but this morning, Whalen continued to sound the alarm , bringing renewed attention to Mike Mayo's analysis that Citi may need to start writing down $10 billion in deferred tax assets in the fourth quarter.

Aug 07

Bank clients ripped off by pay-for-performance charade

Posted by annearf in Troubled Asset Relief ProgramTARPSan FranciscoraisesPresidio Pay Advisorspay for performanceexecutive payexecutive compensationbonusesBanks


Just in case you thought there was any significant relationship between executive pay and performance at banks receiving Troubled Asset Relief Program (TARP) money, a new study should put the nail in that particular delusion.

 It shows that, while absolute levels of compensation for CFOs (and CEOs) fell at some banks from 2006 to 2008, there was no measurable link between pay and changes in performance for the group as a whole.

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