Americans’ Ire Grows
By a vote of 328-93, House passes historic bill to tax bonuses at Wall Street firms at rate of 90%; Kramer, Pandit, Boehner opposed. (NYT) Axelrod says Americans don’t care
March madness
In surprise move, Fed announces it will print $1 trillion in attempt to spur recovery. (NYT) AIG CEO Liddy draws ire of House committee; says he will urge employees to
Shadow banking in the spotlight
WSJ report: AIG bailout money may be going to hedge fund clients of Deutsche, Goldman, et al. (WSJ – subscription; Reuters) Cuomo reports AIG bonuses included $33.6 million for 52
Dole on hold
Obama orders Geithner to block AIG bonuses as public outrage grows. California Rep says TARP allowed Treasury to restrict compensation, but it chose not to. (TPM) Research center directed funds
Bonus backlash
AIG, under fire for $450 million in bonus payments, names biggest counterparties; Goldman tops list with $12.9 billion in payouts. (Bloomberg) Wells Fargo‘s Kovacevich slams TARP, questions conditions. (Bloomberg) Two
Table talk
Obama addresses Business Roundtable, signals willingness to negotiate on corporate income taxes and climate policy. (WSJ) Perry Capital, DE Shaw, Cerberus, and other hedge funds are in non-stop negotiations (with
Sweeten that beat
Auto task force head knew little about auto industry two months ago; WaPo lauds his “chameleon-like talent to adapt.” (WaPo) RNC chief says abortion is a choice. (DC Examiner) Cuomo
Mailing it in
Letter from CEO of failing bank announcing pre-writedown profits lifts markets worldwide. (NYT) Madoff expected to plead guilty. (WSJ) Boxes and bins tip off Seattle Post-Intelligencer staff that Hearst will
Tough choices in an uncertain world
Treasury, OCC, FDIC, Fed met over weekend to figure out what to do about Citi. (WSJ) Senators Lincoln, Landrieu, Pryor, Specter waver in their support for Employee Free Choice Act.
Art shark on alert
Famed art dealer is on red alert as economy sinks; typical clients include Harvey S Shipley Miller and Eli Broad. (NYT) Obama nominates Krueger, Wallace, Cohen for Treasury posts. (Bloomberg)