AIG has gotten more than $150 billion in United States federal bailout money. And while the company is still far from profitable, AIG’s CEO says that the bailout money will be repaid in the next three to five years — as long as the economy recovers. If the economy doesn’t recover, he says that the repayment process could take longer.
Edward Liddy, the CEO of AIG, spoke in front of a congressional committee that wanted to hear more about AIG’s present plans and what the future may hold. The committee didn’t hold back when it came to questioning and even slamming …read more

Although some parts of the United States economy appears to be recovering, the housing crisis looks like its alive and kicking. Fannie Mae, which along with Freddie Mac has already received approximately $60 billion in federal government bailout funding, said on Friday that they need $19 billion more to stay afloat.
Fannie Mae and Freddie Mac were earlier taken over by federal regulators but continue to struggle. In the first quarter of 2009, Fannie Mae posted a loss of more than $23 billion. Freddie Mac’s numbers are expected to be released next week and those numbers are expected to also be …read more

JPMorgan Chase, one of the largest banks in the United States, revealed that the financial institution earned more than two billion dollars in the first quarter of 2009. The company pointed to high quantity trading, mass deposits and the low loan rates as reasons why JPMorgan Chase was able to post much better than anticipated earnings from January through March.
Although the bank took more than $25 billion in United States federal government bailout money, JPMorgan Chase said that it is contemplating paying back the bailout money. The bank also said that they do not believe that they need further bailout …read more

The public outcry about AIG executives receiving more than $160 million in bonuses after being bailed out by the federal government continues. As a result, the House of Representatives is still trying to figure out how to respond. On Wednesday, the House passed another bill that is aimed at preventing excessive and unreasonable bonuses.
The bill, which was sponsored by Rep. Jim Himes of Connecticut and Rep. Alan Drayson of Florida, allows for industry regulators and the U.S. Treasury Secretary to decide whether or not bonuses are excessive or unreasonable. As advised by President Barack Obama, a delicate yet effective means …read more