Breaking News,Equities,Bailout Real Time News items

  • US to Invest in Citi --3Posted:14/07/2009 15:02 GMT by NeedToKnowNews
    A US government spokesman said Washington made a judgement call to keep Citi's management in place. The reason for the rescue was the wish to restore confidence in the financial system. The FED board were unanimous in their approval of the bailout, the spokesman said.
  • US to Invest in Citi --2Posted:16/07/2009 4:10 GMT by NeedToKnowNews
    Citi will receive $20bln from the US Treasury's TARP fund in exchange for preferred shares with a guaranteed 8% dividend, according to a joint statement from the Treasury, FED and FDIC. The bank will also be required to comply with restrictions on executive compensation and must implement the FDIC's mortgage modification program. The FED is ready to backstop residual risk through a non-recourse loan, the statement said.
  • Copyright © Automated Trader Ltd 2010