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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.
In 2008, the federal government created the Troubled Asset Relief Program (TARP), a $700 billion government bailout designed to keep troubled banks and other companies in operation.
Government officials that oversaw the bailout acknowledged the difficulties in tracking the money and in measuring the bailout's effectiveness. [ 81 ] During 2008, companies that received $295 billion in bailout money had spent $114 million on lobbying and campaign contributions. [ 82 ]
A bailout is the provision of financial help to a corporation or country which otherwise would be on the brink of bankruptcy.A bailout differs from the term bail-in (coined in 2010) under which the bondholders or depositors of global systemically important financial institutions (G-SIFIs) are forced to participate in the recapitalization process but taxpayers are not.
Silicon Valley Bank's deposits were backstopped by the government over the weekend, a move made possible by a narrow legal exception inside a 32-year-old banking law. ... as a government bailout ...
Government of Latvia: Bank [46] November 21, 2008: Downey Savings and Loan US Bancorp: Savings and loan association [47] [48] November 2008: London Scottish Bank: Bank [49] January 10, 2009: IndyMac: IMB Management Holdings: Savings and loan association $ 1.39 × 10 ^ 10 [50] January 15, 2009: Anglo Irish Bank: Government of Ireland: Bank [51 ...
The government assumed control of the bank's £50 billion mortgage and loan portfolio, while its deposit and branch network were sold to Spain's Banco Santander. [17] In October 2008, the Australian government made A$4 billion available to nonbank lenders unable to issue new loans.
Ranking member Sen. Tim Scott (C) (R-SC) asks questions during a hearing of the Senate Banking, Housing and Urban Affairs Committee March 28, 2023 in Washington, DC.