Posts Tagged ‘United States Department of the Treasury’
An internal government watchdog today accused the U.S. Treasury Department of approving “excessive” pay packages for bailed-out companies, including General Motors and Detroit-based Ally Financial. The Office of the Inspector General for the Troubled Asset Relief Program (TARP) released a report slamming Treasury officials for signing off on 18 pay raises and other 2012 compensation packages for executives at GM, Ally and AIG. The report also reveals that GM CEO Dan Akerson asked Treasury Secretary Timothy Geithner in March 2012 to remove the executive pay restrictions for the automaker. Read More
AIG Drops Government Lawsuit Over 2008 Bailout by Evelyn Robinson We all remember the economic downtown that occurred during 2008. At the height of this time was the financial crisis, during which stock markets around the globe took a tumble for the worst while the Federal Government bailed out many of the largest financial institutions with the biggest amounts of business liability . One institution, the insurance corporation AIG’s Potential Government Lawsuit AIG is no stranger to working out deals with the government, but apparently negotiations in the past were simply not enough. As recently as Tuesday January 8th, it was reported that AIG was considering entering into a major lawsuit that would sue the Federal Government over the 2008 bailout. AIG’s reasoning was that the [...]
The U.S. Treasury on Wednesday announced the first in a possible series of emergency steps to push back the day when the government will exceed its legal borrowing authority as imposed by the U.S. Congress. The Treasury said on Dec. 28 it would suspend issuance of State and Local Government Series securities, known as "slugs", which are special low-interest Treasury securities offered to state and local governments to temporarily invest proceeds from municipal bond sales. Slugs, which count against the debt limit, have been suspended several times over the last 20 years to avoid hitting the debt ceiling. The Treasury said it will also begin other measures, such as suspending certain retirement investments, which together will raise $200 billion Read more: U.S. to Hit Debt Limit [...]
As President Barack Obama nears the end of his first term, many are wondering what has changed since he took office. Others wonder, “What is he thinking?” Media Credit: DoubleTake-Media.com Within his first 100 days in the White House, Obama made his most expensive legislative move: the $787 billion American Recovery and Reinvestment Act of 2009 – the stimulus package. The stimulus money was meant to turn the tide of the recession by stopping job losses, creating new employment and generally investing in the country’s infrastructure, including “green” energy. Obama promised it “includes help for those hardest hit by our economic crisis,” and “as a whole, this plan will help poor and working Americans.” That was a lie, says Stephen Goldberg, author [...]
Energy Secretary Steven Chu may want the country to stop discussing the Solyndra scandal, but information continues to come to light that confirms the worst suspicions of the critics of DOE’s $535 million loan guarantee.According to a new batch of administration emails released this week, DOE pushed Treasury Department officials to expedite their review of the Solyndra loan so that Energy could put out a press release on schedule – just a few days before President Obama visited Solyndra’s California headquarters. Bloomberg reported on Tuesday: The Energy Department sent a draft press release to the Treasury on March 18, 2009, “announcing Solyndra’s conditional commitment planned for issuance later that afternoon,” the report said. The Treasury requested more time for [...]
(Reuters) - The White House plans to ask Congress by the end of the week for an increase in the government's debt ceiling to allow the United States to pay its bills on time, according to a senior Treasury Department official on Tuesday. The approval is expected to go through without a challenge, given that Congress is in recess until later in January and the request is in line with an agreement to keep the U.S. government funded into 2013. via Obama to ask for debt limit hike: Treasury official | Reuters.
How Big is a Trillion? NASA explains In the U.S., one trillion is written as the number "1" followed by 12 zeros (1,000,000,000,000). One year of clock time = (60sec/min) x (60 min/hr) x (24 hr/da) x (365.25 da) = 3.16 x 107 sec One trillion seconds of ordinary clock time = ( 1012 sec)/( 3.16 x 107 sec/yr) = 31,546 years! Six trillion seconds equals 189,276 years. Now, as an aside, along with the nearly six trillion miles in the light-year, you might be interested to know that there are nearly five trillion dollars in the current U.S. national debt. Is it any wonder that our politicians in Washington are concerned? (An interesting bit of trivia: If one were to count the national Debt at the rate of one dollar per second, he or she would have to use a mechanical counter to click off the [...]
The Obama administration passed another fiscal milestone this week, according to new data released by the Treasury Department. As of the close of business on Oct. 3, the total national debt was $14,837,099,271,196.71—up about $44.8 billion from Sept. 30. That means that in the less-than-three-years Obama has been in office, the federal debt has increased by $4.212 trillion--more than the total national debt of about $4.1672 trillion accumulated by all 41 U.S. presidents from George Washington through George H.W. Bush combined. via Obama Has Now Increased Debt More than All Presidents from George Washington Through George H.W. Bush Combined | CNSnews.com.
Treasury Secretary Timothy F. Geithner will not be stepping down, a Treasury Department official said Sunday, ending speculation that the key Obama administration advisor was preparing to resign. "Secretary Geithner has let the president know that he plans to stay on in his position at Treasury. He looks forward to the important work ahead on the challenges facing our great country," said Jenni LeCompte, assistant secretary for public affairs. Updated : President Obama asked Geithner to stay and "welcomes his decision," said White House Press Secretary Jay Carney. Geithner is expected to remain as Treasury Secretary at least until the fall of 2012.] via Timothy Geithner staying on as Treasury secretary - latimes.com.
Fact Check- Obama said Social Security Checks may not go out on Aug. 3 if the debt ceiling is not increased
President Barack Obama and Congress are in intense discussions on raising the debt ceiling -- the legal limit on how much money the government can borrow. But the negotiations aren't going so well, leaving observers -- and some participants -- to consider whether there are Plan B's, Plan C's and Plan D's if the negotiators can't reach an agreement in time. After hitting the debt ceiling earlier this year, the U.S. Treasury Department juggled accounts as a temporary measure that bought time for further negotiations. But officials now expect the debt limit to be reached on Aug. 2, 2011. While most if not all federal accounts are affected in some way by the debt limit debate, the most urgent items for many ordinary Americans are direct transfer payments, most notably Social Security and [...]