Tagged: TARP

Pay Czar eyes TARP firms’ pay

U.S. “Pay Czar” Ken Feinberg is writing all 419 firms that took taxpayer bailout money — not just the big seven taking TARP bucks — seeking to review their executive compensation, and maybe asking for some bucks back.  Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says the deep review is appropriate and […]

Small banks slow at bailout payack

While most of the huge banks which got taxpayer bailouts last year have paid back their TARP loans, hundreds of community banks haven’t.  Robert Bench, a former deputy Comptroller of the Currency and now a senior fellow at BU Law’s Morin Center for Banking and Financial Law, says it’s no surprise.  Too many real estate […]

Citigroup CEO says things ‘different’

Citigroup CEO Vikram Pandit told a Congressional panel that the bank is “fundamentally different” since it took $45 billion in taxpayer bailout money last year.  But Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, says Congress should be asking why taxpayers were’t given more effective oversight of Citigroup after […]

TARP $$ for small-biz lending

President Obama has proposed using $30 billion from the TARP bank bailout program to create a small-business lending fund to spur job growth.   Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, said he has been suggesting such a fund but that bankers may be skeptical that it may come […]

What about the bailed-out banks’ warrants?

With 10 large banks repaying the public billions in bailout money, it divorces the government from running the banks.  But Treasury still owns stock warrants in those banks, which could become valuable over time.  School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law, thinks the warrants should be […]

Finance Prof. Mark Williams comments on TARP funds

TARP fraud: A culture “hostile to law”

With word of federal probes under way into alleged fraud involving banking bailout funds, School of Law Professor Tamar Frankel, an authority on securities law and legal ethics, says those receiving TARP funds should be subject to ongoing examinations. “‘It’s the culture, stupid.’ Law not only limits innovations, it also controls competition on innovative antisocial […]

Next step for TARP-assisted banks

School of Law Professor Cornelius Hurley, director of the Morin Center for Banking and Financial Law and former counsel to the Fed Board of Governors, says CEOs of TARP-assisted banks must start clearing their toxic assets or get out. “Asked (Sunday) whether the government would force banks to sell their toxic assets and begin lending […]