Until now, when making a case for the AIG bailout, the US government has always maintained that had the financial services giant been left to fail, its credit default swap (CDS) obligations would have caused huge losses to its counterparties, resulting in all-out financial collapse.
Tag: economy
California’s Contracting with Small Business and Disabled Vets Exceeds State Goals
SACRAMENTO, Calif. — California state agencies in two of the last three years exceeded goals for contracting with small businesses and set a record for contracts with firms owned by disabled veterans, the Department of General Services announced today, releasing reports for the 2007/08 and 2008/09 fiscal years .
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Gov. Schwarzenegger Signs Legislation for Green Tech Manufacturing Equipment Sales Tax Exemption to Create Jobs
For Immediate Release:
Wednesday, March 24, 2010
Contact: Aaron McLear/Kira Heinrichs
916-445-4571
Building on his commitment to clean technology growth in California, Governor Arnold Schwarzenegger today signed SB 71 by Senator Alex Padilla (D-Pacoima) to create a sales tax exemption for the purchase of green tech manufacturing equipment in California. This tax exemption is a part of the Governor’s California Jobs Initiative, a legislative package that will create or retain at least 100,000 jobs.
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California Recovery Task Force Launches Interactive Web Portal
Press Release
For Immediate Release: 03/23/2010
Contact: Aaron McLear/Eric Alborg
916-445-5880
California Recovery Task Force Launches Interactive Web Portal
In an effort to provide unprecedented transparency of stimulus spending in California, the California Recovery Task Force has launched an interactive Web Portal (www.recovery.ca.gov) that tracks the more than $85 billion in cash and tax benefits expected overall for Californians.
“Tracking stimulus money has further underscored the need to break through the silos of government at the federal, state and local levels,” said Senior Advisor to the Governor and California Recovery Task Force Director Herb K. Schultz. “Our Web Portal will continue to evolve in order to provide the most transparent picture of government spending in U.S. history.”
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FDIC moves toward new market | GDS Publishing
In an attempt to rid itself of assets from failed banks, the Federal Deposit Insurance Corp. (FDIC) is looking to tap into the securitization market with three new guaranteed deals totaling $4 billion
SBA Recovery Act Funding Extended
Extension of SBA Recovery Lending Programs Will Support $1.8 Billion in Small Business Lending
Agency plans to restart Recovery loan approvals on March 10
WASHINGTON – President Barack Obama signed legislation Tuesday extending until March 28 the U.S. Small Business Administration’s ability to provide small business loans that are enhanced with special provisions of the American Recovery and Reinvestment Act (ARRA), including a higher guarantee of SBA-backed loans and a waiver of loan fees normally paid by borrowers.
SBA estimates the additional funding will support about $1.8 billion in small business lending.
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Regulators ease up on small business loans | CNN Money
I hope this is true.
Hoping to ease the small-business credit crunch, six regulatory agencies recently banded together in a joint statement essentially promising to back off second-guessing banks’ loans. “Prudent” small business lending “will not be subject to supervisory criticism,” a regulatory group led by the Federal Deposit Insurance Corp (FDIC) said earlier this month.
Failing Big Banks? Euthanize ‘Em! | Mother Jones
It’s a plan Volcker has been pushing since he emerged on the financial-reform scene in the past year or so, and Obama so far seems to be support some kind of bank wind-down process. “You get very aggressive traders, and they’re out there,” Volcker said. “Millions of dollars are at stake, and personal bonuses, so they have a real incentive to take risks, which is fine, if you’re not being protected by the government.”
Buyable Spacecrafts – The NASA Space Shuttles can now be Purchased Privately (GALLERY)
Best Places to Launch a Small Business 2009 – Lending Hot Spots – FORTUNE Small Business
The link below has
data on banks that have made loans through the SBA’s 7(a) small business loan program in the 2009 fiscal year.
Dispatches From The Front 