NICOSIA, Cyprus (AP) — The Cypriot government was struggling Tuesday to gain parliamentary support for a plan to confiscate a part of people's bank deposits, a deeply unpopular scheme that needs to be passed if the country is to qualify for an international bailout and avoid financial disaster.
KOKOMO, Ind. — Back in this town's darkest days, Jeff Shrock, a third-generation autoworker, would cruise down the streets where he grew up, past the foreclosed homes and four giant Chrysler factories, knowing their future — and his job — were in jeopardy.
By Sharon Cohen, Associated Press
, February 26, 2012
In a televised address, Greece's prime minister has defended austerity measures that include painful wage and pension cuts but would ensure the country receives a €130 billion ($171.6 billion) bailout deal and stave off bankruptcy.
A Senate measure advertised as protecting taxpayers from another Wall Street bailout would still leave them fronting the money if the government moves to liquidate a big failing company like insurance giant AIG.
Treasury Secretary Timothy Geithner is set to testify before a House probe into his role in deals that sent billions of bailout dollars to Goldman Sachs Group Inc. and other big banks.
Staffers for the House Committee on Oversight and Government Reform say Geithner is confirmed to appear at a hearing Jan. 27 on the bailout of American International Group Inc.
The explosion of national debt, driven most recently by bailout and stimulus programs, has reached an alarming and critical point. The dire impact of that debt on generations to come should not be underestimated. The out-of-control spending has to stop.
Citigroup said Monday it is repaying $20 billion in public bailout money, freeing the banking giant from the close scrutiny and pay restrictions that came with the rescue program. The government also will sell its one-third stake in the company.
Bank of America Corp. is looking to pay back some of the billions in federal bailout aid it has received in an effort to get out from underneath the government’s thumb, according to a published report.
Denied a federal bailout, CIT Group Inc. saw its shares plunge 75 percent Thursday as bondholders scrambled to find an 11th-hour solution that would keep the commercial lender out of bankruptcy protection.
Ten of the biggest U.S. financial companies got a green light Tuesday to return $68 billion in federal bailout money — freeing the banks from limits on executive pay and leaving the government with a small gain on the rescue cash.
By Daniel Wagner, The Associated Press
, June 10, 2009
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