InfoAnda - Government report questions rescue claims

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

World powers push for financial sector reform | 19 June 2009
Paris Hilton won't owe $8.3 million for film flop | Entertainment | | 19 August 2009
Japan bears brunt of global economic crisis | 22 February 2009

One killed as Gaza rocket hits Israel: army radio | 18 March 2010

Forum Views () Forum Replies ()

Read more with google mobile : Government report questions rescue claims

Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Africa Europe Latin America Middle East North America Government report questions rescue claims By MARTIN CRUTSINGER,AP Economics Writer - Monday, October 5 Send IM Story Print WASHINGTON – The credibility of the government's $700 billion financial rescue program was damaged by claims a year ago that all of the initial banks receiving support were healthy, a new report contends. Special Inspector General Neil Barofsky generally found that the government had acted properly in October 2008 as it scrambled to implement the Troubled Asset Relief Program to avert the collapse of the U.S. financial system. But the report said that then-Treasury Secretary Henry Paulson and other officials were wrong to contend at an Oct. 14 press conference that all nine institutions receiving the first round of support _ $125 billion _ were sound. "These are healthy institutions, and they have taken this step for the good of the economy," Paulson had declared at the time. Barofsky said that the fact that Citigroup Inc. and Bank of America Corp. soon required billions in additional assistance highlighted the inaccuracy of that claim and raised questions about the whole effort. In addition, Merrill Lynch, which was also in the original nine, was in the process of being acquired by Bank of America because of its weakening financial position. "Statements that are less than careful or forthright _ like those made in this case _ may ultimately undermine the public's understanding and support," the report said. "This loss of public support could damage the government's credibility and have long-term unintended consequences that actually hamper the government's ability to respond to crises." In announcing the $125 billion in support to the nine institutions, Paulson had said that by building up the capital reserves of these healthy institutions, it would allow them to resume normal lending to businesses and consumers and help stabilize the financial system. The nine institutions, including JPMorgan Chase & Co. and Wells Fargo & Co., held about 75 percent of the assets of the U.S. banking system at the time. A joint statement from Treasury, the Federal Reserve and the Federal Deposit Insurance Corp. also referred to the nine institutions as healthy. In commenting on Barofsky's report, the Federal Reserve generally supported the findings, saying "transparency and effective communications are important to restoring and maintaining public confidence, especially during a financial crisis." But Assistant Treasury Secretary Herbert Allison Jr., who now heads the bailout program for the government, said that any critique of the announcements made a year ago should take into consideration the unprecedented circumstances facing financial regulators at the time. "We believe the most important lesson from this history is that quick, forceful action prevented a catastrophic meltdown of the system," Allison wrote in his response to Barofsky's findings. Barofsky serves as the auditor for the Troubled Asset Relief Program, a position that was created by Congress when it passed the $700 billion bailout fund on Oct. 3, 2008. In his new report, Barofsky reviewed Paulson's decision to switch the focus of the program from buying up toxic assets from banks to spur new lending to direct injections of capital. The report cited developments that supported Paulson's contention that financial conditions were deteriorating so quickly that the government did not have the time needed to get the toxic asset program up and running. The government just announced last week that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, a full year after Congress authorized the program. The new report also provided information on interviews conducted with embattled Bank of America CEO Kenneth Lewis and Paulson and Federal Reserve Chairman Ben Bernanke over their conversations regarding Bank of America's acquisition of Merrill Lynch. A congressional committee has investigated whether the government pressured Lewis, who announced this past week that he would leave Bank of America at year's end, to continue with the merger despite sharply rising losses at Merrill Lynch and to delay revealing those losses. The report said that it had "found nothing to indicate Treasury and Federal Reserve officials instructed Bank of America executives to withhold the public disclosure of losses," the report said. Recommend Send IM Story Print Related Articles Anti-Jewish statements raise concern on Honduras AP - Monday, October 5 Lohan debuts at Ungaro, but Van Noten steals day AP - Monday, October 5 Firefighters try to protect Calif mountain town AP - Monday, October 5 Greek socialists oust conservative government, pledge to 'turn page' AFP - Monday, October 5 Reggae artist says NYC man slashed him with sword AP - Monday, October 5 News Search Top Stories Mother in plea to Elton John over adoption plan 13 million premature births worldwide: US charity Nobel guessing game at fever pitch IMF takes on bigger role, seeks more funds BAE Systems could still reach deal on corruption case More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended Oldest hominid skeleton sheds light on human origins T-Rex fails to impress Las Vegas bidders Polanski agreed to pay victim 500,000 dlrs to end suit: report Berlusconi's Fininvest hit with 750 mln euro payment Credit crunch clouds uneven European rebound More Most Viewed » Ozone hole smaller in 2009 than 2008: WMO Nanoparticles could pose threat to humans: scientists Oldest hominid skeleton sheds light on human origins Implanted tooth helps blind US woman recover sight More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos Copyright © 2009 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

Other News on Monday, 5 October 2009
Palestinians slam Abbas over UN Gaza report delay
BAE Systems could still reach deal on corruption case
Berlusconi visits Sicily after landslide kills 23
Welcome to Hawaii Pacific Teleport
Top US adviser doesn't see Taliban returning to power
Pakistan has forces, equipment for Taliban assault: U.S. | International |
Head of UN nuclear watchdog sees Iran cooperation
Argentine folk legend Mercedes Sosa dead at 74
Gaza woman freed in last step of soldier-video swap
Fatah and Hamas eye truce deal, but hurdles remain | International |
IAEA to inspect Iran's Qom site October 25
Last known rebel leader disarms in Nigeria's delta | International |
Five hurt in south Yemen protests: reports | International |
Adviser downplays threat of renewed al-Qaida haven
Devices locate kids, parents find peace of mind
Yale lab tech due in court to face murder charge
White House sees progress from talks with Iran
Fires char wildland in Calif., Ariz.
Greenspan says unemployment will top 10 percent
Ex-Ala. judge accused of trading sex for leniency
6 members of Supreme Court attend Catholic Mass
Report: 13 million babies worldwide born premature
Aid push to villages wiped out by Indonesia quake
GOP senator silent on whether Ensign should stay
Latest typhoon kills 16 in northern Philippines
Lavish welcome for Chinese premier in Pyongyang
Traditions fade as China settles nomads in towns
Billions in US aid never reached Pakistan army
NKorea open to nuclear talks: state media
North Korea's Kim woos visiting China Premier
Chinese premier meets Kim Jong Il on NKorea visit
Report: Seized NKorean ship allowed to leave India
Quake jolts south Philippines; no injury reports
Fans feast on undead as `Zombieland' opens to $25M
'Zombieland' top destination at box office | Entertainment |
Argentine folk singer Mercedes Sosa dies aged 74
Nick Hornby brings middle-age mindset to new works
Mannequins hit by discrimination -- and loss of face
Argentine singer Mercedes Sosa dies at 74 | Entertainment |
Author Coetzee eyes Booker triple, Mantel favorite
Nick Hornby brings middle-age mindset to new works | Entertainment |
Saudi fires cleric who criticised mixed university
Mother in plea to Elton John over adoption plan
China vows to stand by isolated North Korea | International |
Major report details India's infant mortality crisis
Eight US troops die in one of worst Afghan battles
Tensions in Jerusalem after new Al-Aqsa clashes
Some schools reopen in quake-hit Indonesia city | International |
Bomb at Pakistani U.N. office, 2 dead: police | International |
Abbas faces uproar over deferred war crimes vote
Berlusconi visits Sicily after landslide kills 23
13 million premature births worldwide: US charity
Nobel guessing game at fever pitch
Passenger train derails in Thailand, 5 dead: report | International |
Fuel truck explodes near Baghdad airport
Typhoon turns back, dumps rain on northern Philippines | International |
IMF takes on bigger role, seeks more funds
Support for Japan's PM above 70 percent: media | International |
Support for Japan's PM above 70 percent
Tiger rescued from poacher's trap in Malaysia
3 dead, 4 seriously injured in NY speedboat crash
SKorea seized suspected NKorean cargo containers
T-Mobile USA kicks off corporate Wi-Fi push | Technology |
Landslides in Myanmar kill 3
Government finds higher autism figure: 1 in 100
China, NKorea reaffirm relations
China vows to stand by North Korea
Government report questions rescue claims
Samoans join in prayer after tsunami
Schools hold class in tents after Indonesia quake
Hatoyama support at more than 70 percent: poll
Britain offered Libya funds to end IRA support: report
California fires force thousands to evacuate
At least seven dead as Thai train derails: police
Peg Mullen, author of "Unfriendly Fire," dies
US military deaths in Afghanistan region at 774
Reggae artist says NYC man slashed him with sword
Neighbors: Accused Andrews stalker kept to himself
S.Korea c.bank ready to act to check won's rise
Banks, tech plays send Seoul shares down 2.3 pct
Heavy rains hold up search for bodies in Indonesia
Multitasker Beyonce thrives on hectic pace
IMF takes on enhanced global role
Neighbors: Accused Andrews stalker kept to himself
British supermarket chain shelves Fox News: report
Country's Luke Bryan doing his thing with new album
U.S. Prudential mulls sale of South Korean units
CORRECTED: U.S. Prudential mulls sale of South Korean units
Broadway performance canceled when actor falls ill
Korea Hot Stocks
Kiwi dollar higher than govt expected
Tight security, recession dampen Munich beer fest: city
Seoul shares fall after U.S. data;Hana Fin tumbles
Linkin Park frontman resurfaces with side project
Taiwan LCD makers eye China as leverage against rivals
Rock band Cartel mounts comeback after MTV failure
Carrie Fisher journeys through showbiz celebrity
Canada music labels combine to take on U.S. market
Lady Gaga to tour without Kanye West | Entertainment |
Multitasker Beyonce thrives on hectic pace | Entertainment |
Arrested Development movie script in works | Entertainment |
Still a long way to the top for rapper MC Wale | Entertainment |
Social Distortion road-testing new songs on tour | Entertainment |
Linkin Park frontman resurfaces with side project | Entertainment |
Rock band Cartel mounts comeback after MTV failure | Entertainment |
Iraq's joint Kurd, Arab, US patrols face big hurdles
Dairy farmers bring Brussels to a standstill
New Afghan vote rules may ensure Karzai victory | International |
US-TECH Summary
US trio win Nobel Medicine Prize for research on ageing
Brazil switches roles with helping hand for IMF
Sample audit in Afghan vote gets under way
Vonage unveils mobile app for iPhone, BlackBerry
IT to generate 5.8 million new jobs by 2013: IDC
Suicide bomber kills at least 6 at Iraqi funeral | International |
Cutting child mortality 'cheap and achievable'
T-Mobile USA kicks off corporate Wi-Fi push
India floods leave 2.5 million homeless, 250 dead | International |
Victorious F1 driver Vettel now looks to Brazil
Kenya leaders deny delay on post-election reform | International |
Training, drug use major issues for Afghan police
UK ministers' Pakistan terrorism talks: officials
Greek Socialists work on cabinet with big majority | International |
Taliban under attack in area where U.S. soldiers killed | International |
Suicide bomber kills 5 at UN office in Pakistan
Microsoft's Ballmer says Web search buys unlikely | Technology |
The nation's weather
Five dead as suicide blast hits UN Islamabad office
Vonage unveils mobile app for iPhone, BlackBerry | Technology |
President Obama continues health care push Monday
Al-Qaeda number two 'vows to kill Westerners'
China, North Korea laud ties on scrutinized visit
Swine flu vaccine arriving, but don't line up yet
Bomber kills 5 at Pakistani U.N. food office
Analysis: Campaign vow meets harsh Afghan reality
Sarkozy urged to tell Kazakhstan to improve rights
India floods leave 1.5 million homeless: officials
UN closes offices in Pakistan after attack
Exiled Uighur leader Kadeer invited to New Zealand
Japan Post bosses 'must resign by end-October'
Indonesia calls off rescue efforts in quake-hit city
Peace eludes victims of East German secret police
Mazda to raise $1.1 bln, forecasts smaller loss
Japan's Mazda cuts loss forecast
Rain, landslides threaten Indonesian quake victims
Mittal 'may pull $20 bln India steel plant plan'
Edison Chen in 1st movie since sex photo scandal
Japan's Mazda forecasts smaller loss
Filipinos cling to their Christian faith during crisis
"Arrested Development" movie script in works
FACTBOX-S.Korean officials' comments on property boom
GRAPHICS-S.Korea c.bank getting tough on property boom
Author Coetzee eyes Booker triple, Mantel favorite | Entertainment |
South Korea's c.bank ready to clamp down on housing boom
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph		BlogMeter 1.01