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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks.
A look at what a bank bailout is with some examples of notable bank bailouts from the past. ... To better understand the bank bailouts of 2023, we take a look back in history at what has led us to ...
A lot of people are having a tough time paying their taxes these days, but that's still not likely to generate much sympathy for the former Wachovia bank in Shoemakersville, Pennsylvania. After ...
The first half of the bailout money was primarily used to buy preferred stock in banks instead of troubled mortgage assets. [11] In January 2009, the Obama administration announced a stimulus plan to revive the economy with the intention to create or save more than 3.6 million jobs in two years. The cost of this initial recovery plan was ...
The receivership of Washington Mutual Bank by federal regulators on September 26, 2008, was the largest bank failure in U.S. history. Regulators simultaneously brokered the sale of most of the banks's assets to JPMorgan Chase , which planned to write down the value of Washington Mutual's loans at least $31 billion.
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The transaction "open bank" was facilitated by the FDIC and with the concurrence of the United States Department of the Treasury, and the Board of Governors of the Federal Reserve Bank. The FDIC guaranteed to Citigroup to cover any losses on the Wachovia banking portfolio greater than $42 billion, in exchange for $10 billion in preferred stock.
While reports today indicate that GMAC is in talks for a third round of bailout money from the government, Congress and the Treasury Department finally developed draft legislation to make sure ...