By John Solomon
How the government's punishing of the exposure of official wrongdoing can linger for years
Being an executive at a "too big to fail" company has its perks. After U.S. taxpayers rescued AIG, General Motors and Ally Financial, many of the individuals responsible for botching business plans and bringing those major corporations to the brink of bankruptcy enjoyed fat paychecks and bonuses.
Facing a certain backlash from Washington and beyond, American International Group won't be joining a $25 billion shareholder lawsuit against the U.S. government over the terms of its bailout at the height of the financial crisis.
American International Group Inc. said Tuesday its board of directors will weigh whether to take part in a shareholder lawsuit against the U.S. over the government's $182 billion bailout of the insurer.
Stocks rose for a fifth straight day Tuesday as investors latched on to reports of progress in budget talks in Washington. The Standard & Poor's 500 index had its biggest gain this month.
Ed Henry's assignment covering the White House would be a challenge for any journalist, no matter his employer.
On Nov. 6, Americans chose President Obama over GOP presidential candidate Mitt Romney. If Mr. Obama's second term turns out to be anything like his first, the voters will quickly come to regret that decision.
Enthusiasm about a solid October jobs report quickly faded on Wall Street Friday. Stocks drifted lower as companies began to assess the potential cost of Superstorm Sandy.
Officials at Egypt's main international airport were reducing a backlog of delayed flights and trying to placate angry passengers on Sunday, after two days of strikes left planes grounded and some travelers stranded.
Several regulators have called recently for drastic changes in the money-market mutual-fund industry. Proposed "reforms" include abolishing the industry by getting rid of the stable $1 net asset value that is the essence of the product and requiring costly "capital buffers" that would tax investors far beyond any realistic estimates of risk.
The government says it expects to receive $750 million more from the latest sale of stock held in American International Group. The sales are part of an effort to recoup taxpayer money from the largest bailout of the 2008 financial crisis.
American International Group, the insurance giant saved by a massive federal bailout, wants some tax money back from 1991.
Two signs of trouble elsewhere in the world pushed U.S. stocks lower Monday: slowing economic growth in China and a possible hitch in a deal to get Greece the bailout money it needs to avoid a default.
The Federal Reserve said Wednesday that it had sold $6.2 billion of assets once held by bailed-out American International Group Inc. to New York investment bank Goldman Sachs.
About 4 million homeowners who may have been improperly foreclosed upon in 2009 and 2010 are getting an opportunity to have their cases reviewed. Whether they will be reimbursed is up to the same lenders who are accused of moving too swiftly to seize their homes.
At $196 billion, the amount of money taxpayers spent during the lifetime of the space shuttle program seems astronomical.
