Put away your torches and pitchforks. Your outrage, along with a proposed but not likely to be enacted 90 percent tax on AIG bonus payments, has done its job. It seem that the threat by Representatives to take back via taxes most of the AIG bonuses paid in federal bailout dollars was enough ... Read more

From Bloomberg: AIG Rescue May Include Credit-Default Swap Backstop American International Group Inc. may get a backstop from the U.S. to protect against further losses on credit-default swaps, according to a person familiar with the matter. The federal guarantees may be included in New York-ba ... Read more

From the U.S. Treasury: Terms of Capital Assistance Program To view the White Paper, Term Sheet and FAQ, visit www.FinancialStability.gov. Terms Capital provided under the CAP will be in the form of a preferred security that is convertible into common equity at a 10 percent discount to ... ... Read more

Citigroup (C) and other banks in negotiations with the financial cavalry apparently will be giving up voting control and equity positions within the banks that are supported. The voting control was all but gone a long time ago. When the Fed and Treasury has to bail out problems by the hundreds of bi ... Read more

We can all relax now... the recession will soon be behind us as we head into a depression. Last week, Senate Majority Leader Harry Reid and Speaker of the House Nancy Pilosi put together the finishing touches on their latest "stimulus" bill. This week, after putting off for three d ... Read more

The market rallied strongly into the close on news that the Administration was planning to offer financial help to deserving homeowners who are falling behind on their mortgages. According to Reuters, “The Obama administration is hammering out a program to subsidize... ... Read the full post ... Read more

Everyone knows by now that the Senate approved its stimulus package. I haven't written much (any) on it or the previously approved House version. Why not? Because this stew is still simmering and a lot of cooks will be stirring it in the next few days. As noted in every report on the ... Rea ... Read more

FINTAG COMMENT 2 trillion dollars. I am starting to get worried. When Paulson tried to push through his M-LEC and his TARP, we were all shocked at the numbers. But they were only hundreds of billions. Peanuts really. So how did Guiltytax (sorry I have trouble with the man's name) come up with such ... Read more

From the NY Times: Geithner Said to Have Prevailed on the Bailout . According to the NY Times, the plan includes: [T]he creation of a joint Treasury and Federal Reserve program, at an initial cost of $250 billion to $500 billion, to encourage investors to acquire soured mortgage-related assets ... Read more

The New York Times is reporting Geithner Said to Have Prevailed on the Bailout . The Obama administration’s new plan to bail out the nation’s banks was fashioned after a spirited internal debate that pitted the Treasury secretary, Timothy F. Geithner, against some of the president’s top politi ... Read more