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Monday, March 9, 2009


Banks reportedly received billions from AIG rescue
The Wall Street Journal published a partial list of companies that received money from the billions of dollars the U.S. government used to rescue American International Group. Goldman Sachs, Societe Generale, Merrill Lynch, Barclays and Banco Santander are among the financial institutions that were paid in recent months by AIG. The Federal Reserve has not published a list of the insurer's counterparties, saying it would threaten AIG's business. Reuters (08 Mar.) , International Herald Tribune (08 Mar.) , The Wall Street Journal (Asia) (07 Mar.)

More borrowers default on mortgages almost immediately
After the subprime-mortgage meltdown, many U.S. borrowers flocked to the Federal Housing Administration, the only option for those without great credit or a substantial down payment. The increase in FHA-backed loans brought a threat, however. In the past year, the number almost tripled of homeowners who failed to make more than one payment on their mortgages backed by the agency. The Washington Post (08 Mar.)

McCain, Shelby: Let big banks fail
U.S. Sens. John McCain, R-Ariz., and Richard C. Shelby, R-Ala., said the government should not stop big banks from failing. McCain said the Treasury failed to make the "hard decision" to let "these banks fail." The senators made their comments on Sunday-morning talk shows, but neither mentioned any specific banks. The New York Times (08 Mar.)

Investigators criticize Obama's oversight of bank rescues
A report from a U.S. House oversight committee raises questions about the way the Obama administration has been supervising banks that participated in the Troubled Asset Relief Program. "When the American people find that their tax dollars, which were supposed to be used to get us out of this financial crisis, instead are being used to ship jobs and investments overseas, there will be outrage," said Rep. Dennis J. Kucinich, D-Ohio. The Washington Post (09 Mar.)

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