Treasury Department

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White House Twisting Geithner's Arm to Stay

He's likely to remain at post, but no decision yet: 'NYT'

(Newser) - Despite his protestations to the contrary , administration officials say Timothy Geithner has been considering resigning from his post since early this year—but now it appears the Treasury secretary will likely stay on through the rest of President Obama's term, thanks to pressure from the White House. Geithner and...

US Accuses Iran of Alliance With al-Qaeda

US: Iran lets militants run fundraising network from within its borders

(Newser) - The US has officially accused Iran of having a deal with al-Qaeda that lets militants route supplies, cash, and fighters through Iran to Pakistan and Afghanistan, the Wall Street Journal reports. The Treasury Department has sanctioned six al-Qaeda operatives who it suspects run a fundraising network that uses Iran-based operatives...

Debt Ceiling Showdown: New Reports Indicate US May Not Default on Aug. 2
 US Won't Default on Aug. 2 
new reports
Jul 26, 2011 7:55 AM CDT

US Won't Default on Aug. 2

New reports indicate the feds have a little wiggle room

(Newser) - The US blew past a seventh (and final? ) deadline for coming up with a debt ceiling extension plan yesterday, but new reports indicate the country may not actually default a week from today. According to economic analysts at UBS, Aug. 8 is the earliest date the government might run...

Wrenching Decisions Loom If Debt Ceiling Isn't Raised

Who doesn't get paid: Soldiers, seniors, jobless, or bondholders?

(Newser) - If Washington doesn’t manage to raise the debt ceiling by Aug. 2, Tim Geithner’s going to have some angry people on his hands. That’s the date the Bipartisan Policy Center predicts the government will run out of money, leaving the US to pay its bills with incoming...

Tim Geithner: I'm Not Quitting Treasury Job
 Geithner: I'm Not Leaving 
Jul 1, 2011 7:12 AM CDT

Geithner: I'm Not Leaving

'I live for this work,' says Geithner

(Newser) - Timothy Geithner is denying reports that he is poised to leave the Treasury , reports the Daily Beast . Yesterday, rumors swirled that Geithner was ready to leave the Obama administration, partly for personal reasons and partly because of his ties to the much-hated big banks. But not so, said the Treasury...

Geithner Considering Leaving Post at Treasury

He may go after deal on debt ceiling, say reports

(Newser) - No more Tim Geithner at Treasury? Bloomberg and the Washington Post say he might resign once a deal on the debt ceiling is in place. Both reports are carefully couched with phrases such as "has signaled" and "is considering" and are based on anonymous sources. The Post adds...

US Sells All Its Chrysler Stock to Fiat

The 6% stake will sell for $500 million

(Newser) - The Treasury Department has reached a deal to sell its remaining 6% stake in Chrysler to Fiat for $500 million, making the Italian automaker Chrysler’s majority shareholder with a 52% stake, the Detroit Free Press reports. Fiat will then pay another $75 million for the government’s right to...

As US Hits Debt Limit, Treasury Taps Fed Pensions

Move staves off default until Aug. 2

(Newser) - Washington hit the debt ceiling today, barring the Treasury Department from borrowing from the public, so it will begin borrowing from federal workers’ pensions to keep the government afloat. Treasury is legally bound to reimburse the pensions, so retirees won't be affected, notes the Washington Post , but if the...

Feds Hit Debt Limit Today
 Feds Hit Debt Limit Today 
May 16, 2011 7:54 AM CDT

Feds Hit Debt Limit Today

President warns default 'could unravel entire financial system'

(Newser) - The federal government is slated to hit the $14.3 trillion debt ceiling today, boosting pressure on the White House to reach a deal with House Republicans to raise that limit. Hitting that ceiling won't immediately affect government finances, notes the AFP , because an unanticipated boost in last month'...

Treasury Headed for Underwhelming AIG Sale

Given current market, they'll make $9 billion in small sale

(Newser) - The Treasury has decided to go through with a plan to sell 300 million AIG shares, despite recent blows to the nationalized insurer’s market price, sources tell the Wall Street Journal . Given the sagging demand, the government expects to make around $9 billion in the small offering, which is...

Geithner Taking 'Emergency' Debt Ceiling Measures

But gov't can now stay afloat til Aug. 2

(Newser) - Tim Geithner is about to enact some “extraordinary measures” in anticipation of Congress’ failure to boost the debt ceiling by May 16, he wrote in a pointed open letter to John Boehner yesterday. These measures, coupled with “stronger than expected tax receipts” will allow him to stay afloat...

Treasury Preparing to Hit Debt Limit

Government might stop paying troops, Social Security recipients

(Newser) - The Obama administration is loudly warning that failure to raise the debt ceiling would be an economic catastrophe —but it’s also quietly bracing itself for that possibility, scrounging under the proverbial couch cushions for cash. Timothy Geithner has already drained a $200 billion special account at the Federal...

Treasury to Sell Off $142B in Toxic Assets, Make Billions

'Notably improved' market means $15B-$20B profit for taxpayers

(Newser) - The Treasury Department will start selling the $142 billion portfolio of mortgage-backed securities, the "toxic" assets it bought up during the financial crisis , the Wall Street Journal reports. The securities are mostly 30-year, fixed-rate mortgage-backed securities guaranteed by either Fannie Mae or Freddie Mac. And having bought the securities...

Obama Names Gene Sperling Top Economic Adviser
Obama Names Gene Sperling
Top Economic Adviser
UPDATED
Jan 7, 2011 11:15 AM CST

Obama Names Gene Sperling Top Economic Adviser

He's done the job before, under Clinton

(Newser) - President Obama named current Treasury adviser Gene Sperling as his next top economic aide today, taking over for Larry Summers as director of the National Economic Council, the AP reports. It’s familiar territory, the Los Angeles Times adds: Sperling had the same job under Bill Clinton, and he faced...

98 TARP-Funded Banks Risk Failure
98 TARP-Funded Banks
Risk Failure
Dec 27, 2010 10:07 AM CST

98 TARP-Funded Banks Risk Failure

Smaller banks under stress, finds WSJ analysis

(Newser) - Some 98 US banks that received government bailout cash may be at risk of failing under the weight of bad loans and eroding capital, a Wall Street Journal analysis of third-quarter data finds. That's up from 86 in the second quarter. The 98 at-risk institutions received $4.2 billion in...

US Lets Companies Deal With Nations on Terror List

Iran, others, get flow of American goods ... like gum and workout equipment

(Newser) - The US has given thousands of corporations the go-ahead to do business with Iran and other nations supposedly blacklisted as “state sponsors of terrorism.” A little-known Treasure office has been issuing licenses—nearly 10,000 to date—under a 2000 law requiring that agricultural and medical humanitarian aid...

Taxpayers Will Score $12B on Citigroup Bailout: Treasury

Government strikes deal to sell remaining 2.4B shares

(Newser) - Taxpayers will wind up making out like bandits on their $45 billion bailout of Citigroup. The Treasury Department has struck a deal to sell its remaining 2.4 billion shares of Citigroup for $4.35 a share, it announced yesterday, bringing the total money made off such sales to $57...

Feds Quarantine $110B in Potentially Defective $100 Bills

New security features caused wide-scale printing problem

(Newser) - The new $100 bills were designed to thwart counterfeiters—but instead, the complex process required to create the high-tech bills has thwarted printers, resulting in $110 billion in currently unusable bills. The new hundreds, planned for roll-out in February, include a 3D security strip and color-shifting bell image—and producing...

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—...

AIG Reaches Deal to Repay Government
AIG Reaches Deal to Repay Government
Sep 30, 2010 12:01 PM CDT

AIG Reaches Deal to Repay Government

US will eventually no longer own the company

(Newser) - AIG said today it's reached a deal to repay billions of dollars it received during the credit crisis. The plan could return a profit to taxpayers who footed the bill for AIG's near collapse in September 2008 and will eventually remove the government as majority owner. AIG became a lightning...

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