The federal government overpaid for stocks and other assets in attempting to help financial institutions last year, a government watchdog said Thursday, taking further issue with the beleaguered $700 billion rescue program.
Elizabeth Warren, chairwoman of the Congressional Oversight Panel for the bailout funds, told the Senate Banking Committee on Thursday that Treasury in 2008 paid $254 billion and received assets worth about $176 billion.....
Read more
Treasury overpaid for bank stocks Source: my way news
"The problem is that Geithner needed to speak more to Wall Street, where the problems lie, rather than stay at a distance as he did, and leave Wall Street with too few details with no roadmap by how it might find its way out of current difficulties," Crescenzi wrote in a note to clients....
Financial stocks led the market lower Tuesday, reflecting Wall Street's growing concerns about the government's ability to restore the health of the banking industry. The major stock indexes fell as much as 4 percent, including the Dow Jones industrial average, which tumbled 375 points.
The federal government overpaid for stocks and other assets in attempting to help financial institutions last year, a government watchdog said Thursday, taking further issue with the beleaguered $700 billion rescue program.
