US unveils details of toxic-asset rescue bid

October 4th, 2009 Government report questions rescue claimsWASHINGTON — The credibility of the government's $700 billion financial rescue program was damaged by claims a year ago that all of the initial banks receiving support were healthy, a new report contends. Special Inspector General Neil Barofsky generally found that the government had acted properly in October 2008 as it scrambled to implement the Troubled Asset Relief Program to avert the collapse of the U.S.

October 4th, 2009 3 more investment firms approved for asset programWASHINGTON — Three more large investment firms have raised sufficient capital to participate in the joint partnership with the government to purchase toxic assets from banks. The Treasury Department said Alliance Bernstein LP and BlackRock Inc., both headquartered in New York City, and Wellington Management Co., based in Boston, had all raised the $500 million minimum to begin operations.

October 1st, 2009 EU unveils more precise satnav systemBRUSSELS — The European Union has unveiled an updated satellite navigation system that is up to five times more precise than the current GPS system. EU Transport Commissioner Antonio Tajani says the EGNOS system will allow for far more intricate applications ranging from pinpointing agricultural spraying to helping to guide blind people in their everyday lives.

September 30th, 2009 Treasury: 2 firms can start buying toxic assetsWASHINGTON — The Treasury Department said Wednesday that two large investment funds have raised the minimum amounts needed to begin purchasing toxic assets from banks, finally launching this part of the government's financial rescue effort. Invesco Ltd.

September 24th, 2009 Ford unveils 2011 F-Series 'Super Duty' truckNEW YORK — Ford Motor Co. unveiled its new F-Series "Super Duty" truck on Thursday, saying the latest edition of its fleet and commercial trucks offers improved power and fuel economy.

September 16th, 2009 EPA limits pollution from medical incineratorsWASHINGTON — About 50 medical waste incinerators nationwide will have to reduce their air pollution under new regulations announced Wednesday by the Environmental Protection Agency. The EPA said that the new rules, which require better monitoring and tighten emissions limits, will reduce toxic pollution from the burning of medical waste by 390,000 pounds annually and likely result in no new incinerators being built.

September 16th, 2009 FDIC names first winner in toxic asset programWASHINGTON — The Federal Deposit Insurance Corp. on Wednesday named the first winning bidder under a test of the government's program to back private purchases of toxic mortgage assets and get them off banks' balance sheets.

April 29th, 2009 Gov't: high interest in managing toxic securitiesWASHINGTON — The Treasury Department on Wednesday said that more than 100 applications have been received from firms seeking to manage the government program to help purchase toxic securities from banks. Treasury has said it will select at least five firms to serve as managers for the program that's seen as a crucial element in dealing with the worst banking crisis to hit the country in seven decades.

April 29th, 2009 Sarkozy unveils sweeping new vision for ParisPARIS — French President Nicolas Sarkozy has unveiled an ambitious, costly new plan to rethink the structure of Paris and its troubled suburbs. Sarkozy says a key focus of the plan should be expanding the French capital's links to the English Channel via more trade along the Seine River and a new high-speed rail line to Le Havre.

April 22nd, 2009 Treasury picks asset management firms for bailoutWASHINGTON — The Treasury Department on Wednesday selected three management firms to handle bank assets obtained as part of the $700 billion financial rescue program. The assets include stock warrants that Treasury has received as part of its program to buy nearly $200 billion in preferred shares in banks to help bolster their capital reserves and resume more normal lending to consumers and businesses.

March 25th, 2009 VANCOUVER - The head of Canada's top bank said Tuesday the global financial system seems to have begun stabilizing even as the country's finance minister urged more governments to follow the US in buying toxic assets from banks. Speaking in Vancouver, Richard Waugh, CEO of Scotiabank, said that the global economic recovery may begin as early as the end of this year as markets are showing signs of stabilsing.

March 24th, 2009 WASHINGTON - The US will use both private and public funds to buy up to $1 trillion in toxic mortgage assets that have brought Wall Street banks to the brink of collapse, US Treasury Secretary Timothy Geithner said Monday in his latest bid to end a financial crisis that has spread across the globe. The new effort will include $75-$100 billion in government funds, Geithner said as he unveiled the much-anticipated details of the 'public-private' programme, which has been developed over the last month.

March 23rd, 2009 WASHINGTON - US Treasury Secretary Tim Geithner plans to unveil later Monday details of a programme that will mop up billions of dollars in toxic assets and build new capital for banks to help recover from the financial crisis. The idea is to lure private investors into buying up troubled loans and securities which are at the heart of the financial crisis.

January 17th, 2009 LONDON - The British government is to build a 200 billion-pound ($290 billion) 'safety net' for ailing banks in the country. Whitehall officials confirmed Saturday night that a plan to underwrite the toxic loans taken on by British banks in recent years was under discussion as Prime Minister Gordon Brown proposed another rescue plan to kick-start the economy.

January 7th, 2009 WASHINGTON - US president-elect Barack Obama Thursday unveiled details of his economic stimulus plan aimed at lifting the US economy out of a deepening recession, and urged the Congress to approve the plan as soon as possible.