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BUSINESS
December 31, 2009
WASHINGTON - The U.S. Treasury said Wednesday that it will inject an additional $3.8 billion into troubled lender GMAC, part of a deal that will boost the federal government's stake to 56 percent and attempt to staunch the company's losses from bad mortgages. All of the money injected by the Treasury will essentially go to shoring up GMAC's ResCap unit, the arm best known for ditech.com and other housing-boom related mortgage offers that crashed as housing prices withered over the last couple of years.
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NEWS
October 2, 2014
I was amused at how the Secret Service combed the White House property after a deranged man scaled the fence and gained entry. In a whimsical way it reminded me of the annual Easter egg hunt held on the White House grounds. It was a very lame way to attempt to save face after such an embarrassing episode. The Secret Service has been in a downward spiral ever since it fell under the auspices of Homeland Security. Until the supposedly elite entity is returned to the Department of the Treasury, we should probably expect more of the same antics at the White House.
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NEWS
October 2, 2014
I was amused at how the Secret Service combed the White House property after a deranged man scaled the fence and gained entry. In a whimsical way it reminded me of the annual Easter egg hunt held on the White House grounds. It was a very lame way to attempt to save face after such an embarrassing episode. The Secret Service has been in a downward spiral ever since it fell under the auspices of Homeland Security. Until the supposedly elite entity is returned to the Department of the Treasury, we should probably expect more of the same antics at the White House.
BUSINESS
Eileen Ambrose | October 31, 2013
Workers may no longer have to rush to stock up on medications or glasses just to use up money in flexible spending accounts before the end of the year.  For years, any money left over in a flexible spending account has been forfeited.   The U.S. Treasury and the Internal Revenue Service announced Thursday a modification of the so-called “use-it-or-lose-it” rule. Employees now will be able to carry over as much as $500 in the account into the next year. Employers, though, have to adopt this change.
BUSINESS
Eileen Ambrose | October 31, 2013
Workers may no longer have to rush to stock up on medications or glasses just to use up money in flexible spending accounts before the end of the year.  For years, any money left over in a flexible spending account has been forfeited.   The U.S. Treasury and the Internal Revenue Service announced Thursday a modification of the so-called “use-it-or-lose-it” rule. Employees now will be able to carry over as much as $500 in the account into the next year. Employers, though, have to adopt this change.
BUSINESS
By New York Times News Service | February 6, 1992
NEW YORK -- In an announcement eagerly anticipated in the credit markets, the Treasury said yesterday that to reduce borrowing costs it would cut the amount of bonds to be offered at next week's quarterly refunding auctions.To meet its financing needs, the Treasury is now expected to come to market with more securities with shorter maturities, because in today's market it will pay far less interest on those securities.Since there is now an unusually wide spread between short- and long-term rates, politicians and academics have been urging the Treasury to take this step for weeks, arguing that the move would not only lower borrowing costs but might also help bring down long-term interest rates, a development that would help the still-stagnant economy.
BUSINESS
By Bloomberg Business News | January 14, 1993
NEW YORK -- For only the second time since 1962, the U.S. Treasury will redeem callable bonds.With short-term interest rates at their lowest levels in 20 years, the Treasury said it will redeem a 7 percent issue due May 15, 1998. That's not good news for the bondholders, who will lose five years of 7 percent interest payments. The bonds, which now yield 4.34 percent, will be redeemed at 100 cents on the dollar, or at par.The Treasury also will redeem so-called "flower bonds," debt securities that can be redeemed at par when the owner dies, no matter what the market price.
BUSINESS
By Thomas Watterson and Thomas Watterson,Boston Globe | October 27, 1991
With mortgage rates sliding, thousands of homeowners are happily refinancing their loans.But when the U.S. Treasury refinances a little of its debt, people who have come to depend on income from Treasury bonds start crying foul.Still, the government likes to save money on its interest payments, too. For that matter, so do municipalities and corporations.As a result, investors who do not know about -- or ignore -- the consequences of bond "calls" are getting a painful education as public and private bond issuers sell new debt at today's lower interest rates, then use the proceeds to pay off old bonds issued with higher interest rates.
NEWS
By David Cho and David Cho,The Washington Post | March 23, 2009
WASHINGTON -The Treasury Department will unveil the next step in its financial rescue efforts today, announcing that it intends to create a government body called the Public Investment Corp. to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources. The plan calls for the new entity to combine its resources with the Federal Deposit Insurance Corp., the Federal Reserve and private investors to buy those loans and other assets.
NEWS
By John Fairhall and John Fairhall,Staff Writer | December 6, 1992
LITTLE ROCK, Ark. -- Promising "some news to chew on," President-elect Bill Clinton is planning to make this week his most eventful of the transition, with the announcement of at least one Cabinet secretary -- Sen. Lloyd Bentsen at the Treasury -- and meetings with congressional leaders.This flurry of public activity, following almost five weeks of mainly private deliberations, will give Americans their first glimpse of the next administration.Mr. Clinton is scheduled to fly tomorrow to Washington for a two-day visit that includes meetings with new House members, whose support he'll need, and a courtesy call on Chief Justice William H. Rehnquist.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 11, 2013
The Treasury Department announced it intends to sell securities of six banks, including Severn Bancorp Inc. of Annapolis, as it winds down the Troubled Asset Relief Program. TARP was created five years ago to stabilize the country's financial system during the financial crisis. The government provided banks with capital in exchange for dividend-paying preferred stock. Severn, the parent of Severn Savings bank, received nearly $23.4 million, but is behind on six dividends payments totaling $1.75 million, according to a Treasury report released this week.
NEWS
By Michael Dresser, The Baltimore Sun | July 31, 2013
President Barack Obama has appointed Sarah Bloom Raskin, a former top Maryland financial regulator, as deputy secretary of the U.S. Treasury Department, the White House announced late Wednesday. Raskin, 52, has served as a governor of the Federal Reserve since 2010. Previously she was appointed by Gov. Martin O'Malley as commissioner of financial regulation in 2007. If confirmed by the Senate, she would replace Deputy Secretary Neal Wolin, who has served since 2009. The Financial Times website reported that Raskin, a resident of Takoma Park, would become the highest-ranking woman ever to serve in the Treasury Department.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | July 1, 2013
Supplemental Security Income payments to adults and children with disabilities were temporarily unavailable during an intermittent outage in the early-morning hours Monday, the U.S. Treasury Department's Bureau of Fiscal Service said Monday. SSI funds are typically released to beneficiaries on Direct Express debit cards at 1 a.m. on the first day of the month, said spokesman David Starck. But an off-and-on outage in the system between 1 a.m. and 2:30 a.m. meant that some beneficiaries using their debit cards then could not access their funds if the system was out at that time, he said.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | March 21, 2013
Peter P. Belz Jr., a retired U.S. Treasury Department appeals officer, died March 14 of pancreatic cancer at Gilchrist Hospice Care in Towson. He was 71. The son of a die maker and a homemaker, Peter Paul Belz Jr. was born in Baltimore and raised on Keswick Road in Hampden. After graduating in 1959 from Mount St. Joseph High School in Irvington, he earned a bachelor's degree in business administration and accounting in 1963 from what is now Loyola University Maryland. Mr. Belz began his career in 1963 as an Internal Revenue Service agent in the audit office and later was promoted to a field agent.
NEWS
By Doyle McManus | February 6, 2013
Would you support a tax reform measure that could help reduce the federal deficit, remove a needless distortion in the economy and make the system fairer? Me too, which is why I'm taking aim at a sacred cow: the home interest mortgage deduction. That's right, the mortgage interest deduction that every homeowner, including me, loves. If you listen to home builders and real estate agents, they'll tell you that the mortgage interest deduction is what makes homeownership possible for millions of Americans.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | January 30, 2013
The Treasury Department announced Wednesday that it raised $191.3 million in its latest auction of TARP securities, including $5.8 million for its stake in Delmar Bancorp in Salisbury. The Troubled Asset Relief Program was created more than four years ago to infuse cash into banks at a time when the country's financial system was near collapse. In exchange for cash, the government received securities from banks that paid dividends and interest. The government is winding down the TARP program, and this latest auction is the first in which securities were sold at banks that were behind in payments.
NEWS
January 27, 2000
BORROWING a page from Wall Street corporations, the U.S. Treasury is out to make money by spending money to buy back its own stock. In this case, the targets are older Treasury bonds with high interest rates. If federal officials succeed, the savings to taxpayers could be in the billions of dollars. It's a splendid way to spend a portion of the huge federal surplus that keeps building. The Treasury now intends to use $30 billion of excess cash to buy back securities that have not yet matured, some of which pay 14 percent interest.
NEWS
April 28, 2001
GOVERNMENT officials may be staffing the borders to prevent foot-and-mouth disease from reaching these shores, but there's been no stopping Treasury Secretary Paul O'Neill's rampant foot-in-mouth ailment from embarrassing the Bush administration. Mr. O'Neill, a blunt and demanding former corporate CEO, keeps getting himself in hot water when he speaks. What comes out may not be in line with administration policy - or common sense. He has insulted a Democratic senator, been lectured on proper Senate etiquette by another, infuriated market traders, panicked currency investors, alarmed bond traders, angered conservative Republicans, bollixed the administration's tax-cut message and thumbed his nose at his own flagrant conflict of interest.
NEWS
By Philip G. Joyce and Roy T. Meyers | December 19, 2012
The announcement that House Speaker John Boehner has offered to take the debt ceiling off the table in the current "fiscal cliff" negotiations is, in one sense, a welcome development. If the Senate agrees, we will temporarily be spared the sort of embarrassing brinkmanship that accompanied the last increase, in August 2011. But a year from now, we will likely be back in the same place, where the debt ceiling is being held hostage by people who have no qualms about using the good credit of the United States as a negotiating ploy.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | December 18, 2012
The Treasury Department said Tuesday that it would auction off securities it acquired in 53 banks, including two in Maryland. The government acquired these preferred shares and subordinated debt positions as part of the Trouble Asset Relief Program, which was created four years ago to prevent a widespread collapse of the financial system. Under TARP, the government provided banks with capital in exchange for interest-paying securities. Now that the Treasury is winding down TARP, the government has been auctioning off the bank securities.
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