Jim Millstein is no stranger to troubled companies. With a long career as a bankruptcy lawyer and former head of Lazard Ltd’s restructuring practice, he’s done his share of turnarounds. But nothing prepared him for the firestorm that was American …
The U.S. Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year, officials briefed on the situation told Reuters. It would sell any remaining stock in AIG in 2012, …
The price of corporate bailouts in 2008 and 2009 looks cheap compared to past crises, U.S. Treasury Secretary Timothy Geithner said Thursday, while urging more drastic action from housing finance giants Fannie Mae and Freddie Mac to help homeowners. For …
Insurer American International Group will get up to $22 billion more in U.S. taxpayer funds in a restructuring that will pay off the Federal Reserve in full and allow taxpayers to begin profiting from the firm’s bailout, the Treasury Department …
France will start talks on overhauling the global monetary system during its G20 presidency to improve policy coordination and stem capital flows distorting exchange rates, Economy Minister Christine Lagarde said Thursday. France will take over the chair of the Group …
The U.S. financial bailout will cost less than $50 billion, the Obama administration said Thursday, slashing a prior estimate by more than half on the back of a new plan to sell the government’s stake in insurer American International Group. …
It may have staved off a financial system meltdown, but the U.S. Treasury’s $700 billion bailout program is so reviled by the public that its distaste may rub off on incumbent Democrats in November elections. What goes into the history …
The top U.S. bailout cop said evidence of fraud among banks that sought taxpayer funds was on the rise, and some of his investigations involve amounts exceeding $550 million. Neil Barofsky, the special inspector general for the Troubled Asset Relief …
New powers from the financial reform law will help avoid a repeat of 2008’s frenzied sale of Wachovia and the wreckage that followed the collapse of Lehman Brothers, U.S. regulators said Wednesday. A commission investigating the causes of the financial …
But Treasury Chief Says a Full Recovery for Taxpayers Remains Uncertain The head of bailed-out insurance giant American International Group said in late May that the company was on its way to repaying the government, but a U.S. Treasury official …
