U.S. government

Citi says "No more bailout, thanks"?

March 13, 2009 - 12:17pm | Banks and internet banks | News

As Richard Parsons, Citigroup Inc Chairman, said to Reuters on Thursday, the bank does not need any more capital flows from the government, he also reported that it would remain in private hands as Citigroup is actually one of the better capitalized banks in the world.

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Warren Buffett was approached twice to help AIG

March 13, 2009 - 8:52am | News | Other themes

According to Bloomberg, in the last days before the U.S. government rescued American International Group Inc, Warren Buffett was applied to twice to help the company.

As Berkshire Hathaway Inc chairman told to Bloomberg, on Friday night in September Buffett received a phone call from Robert Willumstad, AIG’s chief executive at the time, and choose not to bid on part of the insurer's U.S.

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After $23.9 billion losses Freddie Mac asks for more government money

March 12, 2009 - 2:42am | News | Other themes

After reporting a huge loss of $23.9 billion, or $7.37 a share, in the fourth quarter Freddie Mac said on Wednesday that it is applying for additional billions of the government support. In a previous quarter the mortgage company posted a net loss of $25.3 billion.

The Federal Housing Finance Agency, which oversees Freddie, appealed to the Treasury Department to ask for extra $30.8 billion which it expects to receive in March.

Bailout | Freddie Mac | losses | mortgage association | U.S. government

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U.S. government assigns $1 trillion to encourage wealthy invest into bailout

March 6, 2009 - 3:43am | News | Other themes

The Washington Post reported that the U.S. government is in talks with the wealthy investors to incline them to participate in providing additional bailout to the distressed financial system.

The investors are invited to purchase recently issued highly rated securities that finance consumer lending -- without the risk of massive losses. The objective is to use the wealthy investors’ money to stimulate the financial sector.

The government’s lending into the program will involve nearly $1 trillion. The approach could become the model for the future federal efforts to help credit markets.

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Agreement on 40% stake achieved between Citi and the government

February 27, 2009 - 4:34am | Banks and internet banks | News

According to the Wall Street Journal report, Citigroup and the U.S. government have signed an agreement, including government’s stake in the bank increase and bank’s getting a boardroom shakeup in return.

The size of the government's new stake will depend on the amount of preferred stocks that private investors intend to convert into common stock.

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U.S. banks with assets above $100 billion to be subject to tougher stress tests

February 26, 2009 - 9:43am | Banks and internet banks | News

Larger banks of the United States will be subject to tougher “stress tests” of the regulators which are determined to gauge their ability to withstand a deeper and longer recession than expected. These stress tests mandatory for all institutions with the assets exceeding $100 billion are aimed at identifying if the banks need more financing from the federal government.

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Speculations on the governments 40% stake in Citi may come true

February 26, 2009 - 3:02am | Banks and internet banks | News

The Wall Street Journal citing the people familiar with the situation around Citigroup Inc reported on its website that the company is closing in on the deal with the U.S. government to increase it ownership in the bank to as much as 40%, confirming thus speculations that were spread before. The deal could be announced today, on Thursday.

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$787 billion is not an end to economy troubles, says Obama

February 18, 2009 - 7:18am | News | Other themes

$787 billion economic stimulus package was finally singed into law by the President Barack Obama on Tuesday. While he expressed his belief in that the bailout will help the U.S. economy he still noted that this is not the end of troubles. Obama said that it is not all that America needs to do to revive the country but he thinks that the stimulus will be a starting point for the U.S. to create jobs, provide relief to families and pave the way for long-term growth.

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$402 Million to be paid in dividends by the BofA under TARP

February 18, 2009 - 12:13am | Banks and internet banks | News

First dividend payment was announced this week by the Bank of America to pay to the U.S. government under the TARP bailout program. The total amount to be paid as the BofA’s liability to taxpayers is $402 million. The payment represents the dividend on the Fixed-Rate Cumulative Perpetual Preferred Stock issued in connection with the $45 billion in government investments granted to the Bank of America in late 2008 and early 2009.

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Government to pay $20 million for unexercised identity theft

February 11, 2009 - 6:06am | Articles | Other themes

The government made a decision to pay out $20 million to veterans that were put at unreasonable risk in 2006 when a Veterans Affairs employee lost a laptop with the sensitive personal information. A federal judge approved the compensation plan on Tuesday. According to preliminary information the payments will range from $75 to $1,500 for up to 26.5 million veterans.

credit monitoring | fraud | identity theft | U.S. government | Veterans Affairs

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Treasury agreed to invest $20 billion in Bank of America

January 16, 2009 - 3:06am | Banks and internet banks | News

The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access, and capital as part of its commitment to support financial market stability.

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Bank of America asks the Treasury to provide $20 billion

January 15, 2009 - 5:21am | Banks and internet banks | News

Critical talks are being held between Bank of America and the U.S. government on additional capital funding from the Treasury Department's Troubled Asset Relief Program along with government guarantees. On Thursday Wall Street reported that the agreement with the U.S. officials will provide the bank with between $15 billion and $20 billion of fresh capital including backstopping $115 billion to $120 billion of the firm's assets.

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