Items of Interest:
AP / Washington Post:
10 Banks Allowed to Repay $68B in Bailout Money — The Treasury Department has approved 10 of the nation's largest banks to repay $68 billion in government bailout money. — The department on Tuesday said the banks, which were not named, will be allowed to repay the money …
AP: White House to issue new Wall Street pay curbsDakinikat / The Confluence: Dead Bank WalkingEd Morrissey / Hot Air: Banks can repay TARP, but Treasury keeps warrantsJustin Gardner / Donklephant: 10 Banks To Repay $68B Of TARP Funds
Matthew Yglesias / Myglesias:
Banks Repaying TARP Money to Uncuff Themselves from Regulation
Room for Debate: Do Post-Bailout Banks Need New Rules?
How TARP Paybacks Expose the Weakest Banks -- The government has finally acknowledged something it wanted to keep secret six months ago: Which banks are in the worst financial health.
It’s now obvious that Citigroup, GMAC, Bank of America and perhaps a dozen other large banks are in rough shape, but when the Troubled Assets Relief Program went into effect last October, the idea was to mask problems at sick banks by flooding the whole financial system with liquidity. President Bush’s Treasury Secretary, Henry Paulson, famously imposed TARP bailout funds on big banks like Goldman Sachs and JPMorgan Chase, which took the money even though they said they didn’t need it. . .
Was the TARP a Ruse? — The rush to repay TARP monies gives … -- The rush to repay TARP monies gives us another opportunity to consider why the hell this absurd financial giveaway ever happened in the first place. A close inspection suggests some dishonesty on the part of the prior Treasury Secretary. . .
Bloomberg: U.S. Said to Plan Approval Today for 10 Banks to Repay TARPMelly Alazraki / DailyFinance: Stocks in the news: Texas Instruments, Procter & Gamble, TalbotFausta / Fausta's Blog: Telling business to drop deadHenry Blodget / Clusterstock: Treasury Will Allow 10 Banks To Pay Back TARP
TARP Oversight Chair Says She Doesn't Know Whether It's Working
Gorman Gorman / The Note: Is TARP Working? Warren: Who Knows?
Green Shoots or Yellow Weeds? -- New York – Recent data suggest that the rate of contraction in the world economy may be slowing. But hopes that “green shoots” of recovery may be springing up have been dashed by plenty of yellow weeds. Recent data on employment, retail sales, industrial production, and housing in the United States remain very weak; Europe’s first quarter GDP growth data is dismal; Japan’s economy is still comatose; and even China – which is recovering – has very weak exports. Thus, the consensus view that the global economy will soon bottom out has proven – once again – to be overly optimistic...
James Pethokoukis / Reuters:
Roubini: 9 Reasons Why the Recovery Will Be a Bust
DRJ / Patterico's Pontifications:
Risk in Reverse Mortgages -- Yesterday, in a speech to the American Bankers Association, the Comptroller of the Currency, John Dugan, suggested that the next area of concern in the mortgage market may be “reverse mortgages." . . .
- The Next Great Crisis: America's Debt - Shawn Tully, Fortune
- America's Socialism for the Rich - Joseph Stiglitz, Project Syndicate
- Lessons for Obama from Across the Pond - Joel Kotkin, Forbes
- Interview w/ JPM Funds' David Kelly - Lawrence Strauss, SmartMoney
- Is It Too Late To Jump Back Into Stocks? - Brett Arends, Wall Street Journal
- Don't Be Beholden to Buy and Hold - Steven Sears, Barron's
- How To Know When To Ditch Your 401k - Tim Middleton, MSN Money
- Democracy & The Boards of Corporate America - Roger Lowenstein, NYT
- Sheila Bair's Power Play - Alison Vekshin, Bloomberg Magazine
- How Sheila Bair Is Channeling The Donald - David Weidner, MarketWatch
- The Stock Market Panic Is Over - Brian Wesbury & Robert Stein, Forbes
- Bull Story Awaits Goldman Sachs Blessing - Matthew Lynn, Bloomberg
- The Markets Sense An Inflation Message - Irwin Kellner, MarketWatch
- Ben Bernanke Is In a Box - Desmond Lachman, The American
- The Fed's Dollar Lie Called Out by Merkel - Amity Shlaes, Bloomberg
- Taking the Toxic Out of Assets - Cyrus Gardner, New York Times
- Targeting the Enemy Within Capitalism - Christopher Hayes, The Nation
- Education's Role In Income Inequality - C. Goldin & L. Katz, VoxEU
- Fund Managers Benefit from Turmoil - Gillian Tett & Aline von Duyn, FT
- Making Trade Work Better for U.S. - Terence Stewart, Washington Post
- Barney Frank: The Banking Chairman Speaks - Lisa DePaulo, GQ
- Hamilton vs. Paulson & Geithner - Darrell Issa, The American Spectator
- Tim Geithner Brings the Laughs In China - John Tamny, RealClearMarkets
- Yes, But Geithner May Have Last Laugh - David Smick, Washington Post
- That Worrying Wall of Debt - Vipal Monga, The Deal
- A Failure of Regulation, Not Capitalism - Edward Glaeser, Economix
- The Labor Market Has NOT Yet Signaled a Turning Point - Jeff Frankel