Financial Regulatory Forum

Toxic assets still threaten banks -US bailout panel

August 12, 2009

USA/   By David Lawder and Kevin Drawbaugh
   WASHINGTON, Aug 11 (Reuters) – Toxic assets on the books of banks still threaten the financial system, 10 months after the government targeted hundreds of billions of dollars to attack the problem, Congress’ bailout watchdog said on Tuesday.

American Express pays $340 mln for U.S. bailout warrants

August 5, 2009

By Jonathan Stempel
NEW YORK, July 29 (Reuters) – American Express Co paid the U.S. Treasury Department $340 million on Wednesday to redeem warrants to buy its stock, allowing it to fully escape the government’s bank bailout program.

JPMorgan wants U.S. to auction its TARP warrants

July 10, 2009

   By Elinor Comlay and Jonathan Stempel
   NEW YORK, July 10 (Reuters) – JPMorgan Chase & Co, seeking to extricate itself from a federal bailout program, wants warrants held by the government to be sold at auction, after the Treasury Department demanded too high a price for the bank to buy them back. The bank revealed its decision as a Congressional Oversight Panel overseeing the $700 billion Troubled Asset Relief Program said it could could cost taxpayers billions of dollars if the government lets banks repurchase warrants too cheaply. (more…)

US Senate panel wants details on use of TARP money

July 10, 2009

    WASHINGTON, July 9 (Reuters) – A U.S. Senate panel on Thursday approved a $46.4 billion bill to fund the Treasury Department and pressed the agency to obtain more details about how recipients of the government’s $700 billion financial bailout are using the funds.

US House panel seeks plans for future of TARP

July 8, 2009

    WASHINGTON, July 7 (Reuters) – The U.S. Treasury would have to inform Congress by Dec. 1 on whether it expects to lend more from the $700 billion financial rescue plan under legislation approved late on Tuesday by a House of Representatives panel.

US SEC moves to shake up corporate governance

July 2, 2009

   By Rachelle Younglai
   WASHINGTON, July 1 (Reuters) – U.S. securities regulators moved to change how companies elect board members and govern themselves, tilting the corporate playing field toward investors who have complained of weak boards and lavish pay for top executives.

U.S. Bancorp sees warrants settled soon

July 2, 2009

U.S. Bancorp Chief Executive Officer Richard Davis speaks during an interview with Reuters in New York, July 1, 2009.       NEW YORK, July 1 (Reuters) – U.S. Bancorp Chief Executive Richard Davis said on Wednesday he expects the bank and others that recently exited a federal bailout program to learn this quarter how the government will dispose of warrants to buy bank stock.