Pin ItemailprintAre you outraged yet? You should be. American taxpayers are still owed $132.9 billion by companies that benefited from the 2008 financial bailouts and haven’t fully repaid. Some of that money will never be recovered, says a government watchdog agency. Christy Romero, the acting special inspector general for the massive $700 billion bailout, has [...]
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Fannie Mae CEO Michael Williams announced today that he would resign from his post with the government-controlled mortgage company. Williams, who took over as president and CEO in 2009, will remain CEO until the corporation’s appoints a successor. Fannie Mae didn’t mention a specific reason for Williams’ departure. In a prepared statement, Williams merely said [...]
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The Federal Reserve will pay $76.9 billion to the U.S. Treasury as part of an annual dividend it pays out after covering its own expenses from interest on its ballooning bond portfolio and other gains. This represents the second highest amount paid to the Treasury in history. The central bank earned the money from investments [...]
Continue reading " Federal Reserve to Return $76.9 Billion to U.S. Treasury from 2011 Profit "
What’s another $1.2 trillion among friends, right? President Barack Obama will reportedly ask Congress this week for an additional $1.2 trillion in borrowing authority. The move would effectively increase the federal debt limit to $16.4 trillion and avoid the need for additional increases prior to the 2012 elections. This would be the last increase permitted [...]
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The U.S. said today that it has foiled an Iranian-backed assassination plot aimed at eliminating the Saudi ambassador to Washington, D.C. The shocking claims came in a Justice Department criminal complaint unsealed this afternoon at a press conference featuring Attorney General Eric Holder, FBI Director Robert Mueller, and a team of Justice Department prosecutors. The [...]
For the first time ever, Standard & Poor’s has lowered the United States’ AAA credit rating. A senior White House official calls the move “a facts-be-damned decision,” saying the agency admitted to a mathematical error that increased the U.S. deficit by $2 trillion. U.S. Treasury officials got word of S&P’s analysis last yesterday afternoon and [...]
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Maybe it should really go something like this, “I pledge allegiance, to Steve Jobs…” You see, Apple now has more money than the government. According to the latest statement from the U.S. Treasury, the government has an operating cash balance of about $73.8 billion. Apple, meanwhile, has a stunning $76.2 billion in cash, according to [...]
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I was hoping I had misread this, but I hadn’t. The Obama administration will start using federal retiree programs to fund day-to-day operations after the government lost its ability today (Monday) to borrow any additional money from the public. Treasury Secretary Tim Geithner has been saying for months now that the government would hit the [...]
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You know things are bad when the government can’t even print money properly. Due to a problem with the printing presses, the federal government has had to halt production of those fancy new $100 bills we told you about, and has quarantined over 1 billion of them in a secured vault in Texas. That represents [...]
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In yet another sign that the U.S. economy is not yet out of the dumper, M&T Bank, the company that owns the home stadium of our beloved Baltimore Ravens, is gobbling up a bank. Wilmington Trust Corp., the Delaware-based bank that was founded by the du Pont family, has agreed to be bought by M&T [...]
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The United States Treasury is unveiling a brand new $100 dollar bill today that officials say will help stay ahead of counterfeiters. Speaking at the debut ceremony for the new bill, Fed Chairman Ben Bernanke said it’s a challenge to prevent counterfeiting as technology has evolved and more and more money continues to flow overseas. [...]
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A botnet of about 50,000 infected computers has been attacking U.S. government websites and causing trouble for businesses in both the United States and South Korea. The attack started this past Saturday it knocking out the U.S. Federal Trade Commission’s website on Monday and Tuesday. Other government agencies have also been targeted, including the U.S. [...]
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