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Bankrupt mortgage company CEO pleads guilty to $1.5 billion fraud scheme
April 2, 2011 by Maureen Cosgrove
The US Department of Justice (DOJ) announced on Friday that the former CEO of mortgage company Taylor, Bean & Whitaker (TBW) pleaded guilty on charges of fraud related to the Troubled Asset Relief Program (TARP). Paul Allen pleaded guilty to making false statements and conspiring to commit.... [more]
US House passed punitive tax on bonuses from bailout companies [this day at law]
March 19, 2011 by Dwyer Arce
On March 19, 2009, the US House of Representatives voted 328-93 to pass a bill that would have taxed bonuses given to employees of companies that received money from government stimulus programs at 90 percent. The bill was drafted and voted on in reaction to large bonus payments made in the.... [more]
US House passed financial rescue legislation [this day at law]
October 3, 2010 by Dwyer Arce
On October 3, 2008, The US House of Representatives voted 263-171 to approve the Emergency Economic Stabilization Act of 2008, a $700 billion financial rescue bill. The bill authorized the Treasury Department to establish a Troubled Assets Relief Program (TARP) to purchase troubled assets from.... [more]
Former mortgage company CEO indicted on TARP fraud charges
June 16, 2010 by Hillary Stemple
The US Department of Justice (DOJ) on Wednesday announced that a grand jury has indicted the former CEO of mortgage company Taylor, Bean & Whitaker (TWB) on charges of fraud related to the Troubled Asset Relief Program (TARP). The indictment alleges that Lee Farkas and his co-conspirators.... [more]
US lawmakers call for legislation to limit corporate campaign spending
February 14, 2010 by Dwyer Arce
US lawmakers on Thursday called for legislation to mitigate the effects of the recent Supreme Court decision easing restrictions on political campaign spending by corporations. The proposal was put forth by Senator Charles Schumer (D-NY) and Representative Chris van Hollen (D-MD). As outlined,.... [more]
US Treasury issues rulings restricting executive compensation
October 23, 2009 by Brian Jackson
The US Treasury Department on Thursday released a series of rulings that would restrict executive compensation at institutions that received special assistance from the Troubled Asset Relief Program (TARP). Among the changes are a cash cap on compensation of $500,000 per year for most relevant.... [more]
Supreme Court asked to block Chrysler bankruptcy sale
June 7, 2009 by Tere Miller-Sporrer
Two groups of petitioners filed an emergency request with the US Supreme Court Saturday to stop the sale of Chrysler Group assets to Italian automaker Fiat. The first group, consisting of three Indiana state pension and construction funds- the Indiana State Police Pension Fund, the Indiana.... [more]
House approves bill limiting compensation at bailout companies
April 2, 2009 by Steve Czajkowski
The US House of Representatives approved a bill Wednesday which allows the Treasury Department to ban certain types of compensation at companies which receive federal bailout money from the Troubled Asset Relief Program (TARP). The Pay for Performance Act of 2009, which was originally introduced.... [more]
$700 billion US financial rescue bill becomes law
October 3, 2008 by Andrew Gilmore
The US House of Representatives on Friday passed a $700 billion financial rescue bill that President Bush quickly signed into law. The House approved the Emergency Economic Stabilization Act of 2008 by a vote of 263-171 four days after it defeated an earlier version of the bill. The final bill.... [more]
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