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Latest Toxic asset Stories

2009-09-29 23:08:58

The program designed last October to remove frozen loans from the books of U.S. banks, appears poised to begin buying toxic assets, officials said. In most of the 11 months since the Troubled Asset Relief Program was constructed by former Treasury Secretary Henry Paulson and pushed through Congress by a lame-duck administration, the $700 billion program has seemed to be everywhere at once, propping up banks, auto makers and insurance companies. It wasn't an illusion. In July, SIGTARP, the...

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2009-09-29 11:00:00

The $700 billion Troubled Asset Relief Program assembled in Washington a year ago is going to finally focus on toxic assets, administration officials said. Although named the Troubled Asset Relief Program -- or TARP -- the program has done a lot of things, but buying toxic assets from banks has not yet been one of them. The U.S. Treasury has used the TARP funds to buy preferred bank stock and later, in some cases, convert this to common stock. It has used the funds to prop up automotive...

2009-09-19 07:16:21

A group of mostly Republican U.S. senators say Treasury Secretary Timothy Geithner should wrap up the program used to bail out banks by the end of the year. The $700 billion Troubled Asset Relief Program will automatically terminate next month unless Geithner moves to extend it. On Friday, a group of 40 senators led by by John Thune, R-S.D., urged him to decline to do so, the Washington publication The Hill reported. The Troubled Asset Relief Program was originally designed and proposed to...

2009-08-21 07:38:24

While the U.S. economic recovery appears firmer day by day, there is that nagging feeling something may have been left behind -- toxic assets, perhaps. Indeed, the buildup of failed banks this year shows something is still amiss in the financial sector, as toxic assets continue to haunt the industry. Mid-sized or regional banks are especially vulnerable, but occasionally a failure will earn national attention, like the failure of Colonial Bank a week ago -- the sixth largest U.S. bank failure...

2009-08-12 06:36:01

Investors were given two views of the Troubled Asset Relief Program this week, which a U.S. government panel said had sidestepped its primary target. The Congressional oversight panel, led by Harvard Law School professor Elizabeth Warren, said the TARP program had failed to relieve banks of the toxic assets that were plaguing bank ledger sheets. Assembled last fall, when the nation's banks looked ready to fall like dominoes, the Treasury Department -- largely responsible for the plan --...

2009-08-11 09:21:56

The $700 billion Troubled Asset Relief Program has failed in its stated mission of relieving U.S. banks of toxic assets, a congressional panel said. The U.S. banking system has become more stable with billions of dollars of bailout funds invested in banks. But the Treasury Department used the funds to buy bank shares, not the assets targeted by the federal program, the panel monitoring the TARP program said in a report being released Tuesday. The nation's banks continue to hold on their books...

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2009-07-09 07:18:25

Washington regulators have turned their attention back to a cornerstone of the financial crisis with a scaled down version of a program to buy toxic assets. There are, specifically, three approaches to unwinding the U.S. housing crisis in the works. The first is to have the Federal Reserve Bank purchase mortgage-backed securities from the nation's central mortgage brokers, Federal Home Loan Mortgage Corp. and the Federal National Mortgage Association, creating a demand that has helped lower...

2009-07-08 17:33:03

The U.S. Treasury kicked off the Public-Private Investment Program Wednesday, naming nine companies to serve as asset managers. The nine companies have 12 weeks to raise $500 million from private investors in anticipation of an auction of troubled bank assets. The federal government is investing $30 billion in the program designed to take toxic assets off of banks' books, which in turn will allow banks to increase lending. The intent is to use public and private capital to buy $500 billion in...

2009-04-06 06:46:07

Asian and European stocks pointed mostly up early Monday, adding to the big question facing Wall Street analysts: What's working? A month of gains in the Dow Jones industrial average and the Standard & Poor's 500 could be fitful anomalies, like November's rise that cheered investors briefly before crumbling into a longer pattern of disarray. The numbers are strong. The DJIA gained 22.5 percent in the past 20 trading days, the strongest month in 70 years. The broader S&P gained 24.5...

2009-03-27 07:28:52

Asian markets turned in a mixed day Friday in a year when a mixed day could be considered a victory, given a long bear market trend. The Nikkei average was down slightly in Tokyo, losing 9.3 points, while the Hang Seng index in Hong Kong was up 10.52 points or 0.07 percent. In South Korea, the Kospi index dropped 0.5 percent, while Taiwan's Taiex muscled in a 0.1 percent gain. In New Zealand, the NZX 50 advanced. In Australia, the S&P/ASX 200 rose 0.7 percent. A rare word was unearthed in...


Word of the Day
snash
  • To talk saucily.
  • Insolent, opprobrious language; impertinent abuse.
This word is Scots in origin and probably imitative.