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Washington
Inside Washington (04/16/2012)
  • WASHINGTON (4/17/12)--The working relationship of the Federal Deposit Insurance Corp. board marked a time of change as Thomas Hoenig and Jeremiah Norton officially took their seats on the board Monday (American Banker April 16). Martin Gruenberg took over as acting chairman for the departed Sheila Bair, who resigned in 2011. Thomas Curry left for the Office of Comptroller of Currency. Bair, Gruenberg and Curry were largely united in their votes as board members. Gerard Comizio, a partner at Paul Hastings and a former official at the Office of Thrift Supervision expects the new board will have more view points and will have to work harder to gain consensus …
  • · WASHINGTON (4/17/12)--The Treasury Department's investments made during the financial crisis are expected to return $179 billion to U.S. taxpayers, according to a report issued by the department Friday. Among the Treasury's investments were the Troubled Asset Relief program, which will earn a gain on its investment in banks but is expected to result in a net loss largely due to funds spent to rescue Chrysler and General Motors and to help troubled homeowners. Treasury also bailed out Fannie Mae and Freddie Mac, an investment which is projected to result in a net cost to taxpayers of $28 billion through fiscal year 2022. Treasury also estimated that it will earn a total of $26 billion from its money market fund guarantee program and its mortgage-backed securities purchase program. "Collectively, these programs--carried out by both a Republican and a Democratic administration--were effective in preventing the collapse of the financial system, in restarting economic growth, and in restoring access to credit and capital," the report said. "They were well-designed and carefully managed. Because of this, we were able to limit the broader economic and financial damage" …


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