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The revised plan left the $700 billion bailout intact and appended a stalled tax bill. [129] The law has three major divisions, Division A: the Emergency Economic Stabilization Act of 2008; Division B: Energy Improvement and Extension Act of 2008, and Division C: the Tax Extenders and Alternative Minimum Tax Relief Act of 2008. [ 11 ]
The overall purpose of a government deciding to bail out a bank or other business can be to help protect the national economy, which may otherwise suffer dire consequences due to factors like job ...
IndyMac Bank, America's leading Alt-A originator in 2006 [5] with approximately $32 billion in deposits, was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC) on 11 July 2008, citing liquidity concerns. A bridge bank, IndyMac Federal Bank FSB, was established under the control of the FDIC. [6]
H.D. Palmer, a spokesman for the Department of Finance, reiterated that the state’s financial picture could still change between now and Jan. 10 when Newsom’s budget is due.
The Emergency Economic Stabilization Act created the Troubled Asset Relief Program to administer up to $700 billion. Several oversight mechanisms are established by the bill, including the Congressional Oversight Panel, the Special Inspector General for TARP (SIGTARP), the Financial Stability Oversight Board, and additional requirements for the Government Accountability Office (GAO) and the ...
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Citi received the largest amount of TARP funding, "a larger bailout than any other U.S. bank." [54] Bank of America: $45 $118 Yes [55] [56] Two allocations: $25 on October 28, 2008, and $20 in January 2009 AIG (American International Group) $40 $36 [57] JPMorgan Chase: $25 Yes [citation needed] October 28, 2008 [citation needed] Wells Fargo ...
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 ...