U.S. Takes $9.7 Bil Hit in GM Bailout

President Obama loves taking credit for saving the American auto industry and this week a federal audit reveals that the rescue effort has fleeced U.S. taxpayers out of an astounding $ 9.7 billion. While this may seem inconceivable to most, the numbers don’t lie. The United States Treasury has recorded a $ 9.7 billion loss […]

Unholy Alliance: The Federal Reserve and the Treasury

By Cassandra AndersonJune 14, 2012 The Federal Reserve and the Treasury are running a scam that funnels freshly-printed money from the Fed into the Treasury, using Freddie Mac and Fannie Mae as the pipeline.  Freddie Mac and Fannie Mae were taken over by the government and put into conservatorship in the 2008 bailout.  Freddie Mac […]

U.S. will hit debt ceiling on Monday, Treasury Secretary Geithner warns

Treasury Secretary Timothy F. Geithner said his department will take “extraordinary measures” to postpone a U.S. default for about two months while President Barack Obama and Congress work out a deficit-reduction deal. Geithner, in a letter to congressional leaders today, said the government will hit its statutory debt ceiling on Dec. 31. To avert a […]

People who pay cash in hand are “morally wrong”, damaging the economy

It is ’morally wrong’ to pay tradesmen cash in hand, says David Gauke. David Gauke, a Treasury minister, told The Daily Telegraph that home owners who allow workmen to evade VAT or income tax were forcing others to pay more. His comments reflect growing concern in Whitehall about the cash-in-hand economy, which costs Britain billions […]

Lawmakers reworked financial portfolios after talks with Fed, Treasury officials

ShareThis Lawmakers reworked financial portfolios after talks with Fed, Treasury officials 24 Jun 2012 In January 2008… the subprime mortgage industry was collapsing, and the Dow Jones industrial average had lost more than 2,000 points in less than three months. House Minority Leader John A. Boehner became the Bush administration’s point person on Capitol Hill […]

Polish police confiscate $100 million in fake US treasury bonds

ShareThis Polish police confiscate $ 100 million in fake US treasury bonds 20 Mar 2012 The Polish police say they have confiscated counterfeit US treasury bonds worth 100 million dollars. “Yesterday afternoon agents of the Central Anti-Corruption Bureau apprehended an international group consisting of eight people… This group attempted to put counterfeit US treasury bonds […]

Freddie Mac Asks Treasury for $146M to Stay Solvent

From: FOXBusiness.com Freddie Mac requested $ 146 million from the Treasury in order help make interest payments on government funds used to keep the mortgage buyer afloat, the company said Friday. Although Freddie Mac reported $ 619 million in net income in the fourth quarter of 2011 as well as other income of $ 887 […]

Earnings Propping Up Market, For Now

By Ed Butowsky, FOX Business Why are stocks going higher when there is so much risk to earnings. Simply put, stock prices move up and down based on expected earnings. However, institutional investors and professional money managers add one more criteria to the evaluation process. With more than 90% of the volume on the stock […]

Treasury ups auto bailout loss estimate

BY DAVID SHEPARDSON, DETROIT NEWS Washington -The U.S. Treasury Department boosted its estimate of government losses in the $ 85 billion auto bailout by $ 170 million. In the government’s latest report to Congress this month, the Treasury upped its estimate to $ 23.77 billion, up from $ 23.6 billion. Last fall, the government dramatically […]

Fannie Mae taps $7.8 billion from Treasury, loss widens

By Margaret Chadbourn, Reuters.com (Reuters) – Fannie Mae, the biggest source of money for U.S. home loans, on Tuesday said it needed a further $ 7.8 billion in federal aid to stay afloat as a shaky housing market widened its third-quarter loss to $ 5.1 billion. The government-controlled firm also attributed the deeper cash drain […]