InfoAnda - US govt vows to protect Citigroup from 'large losses'

Pakistanis angry over detentions in Times Sq. case
Monday, May 24, 2010
ISLAMABAD – Relatives of three men detained by Pakistan for alleged links to the suspect in the attempted Times Square bombing say the men are innocent.
They

Taiwan denies boycotting Australian film festival
Thursday, August 6, 2009

AFP - Thursday, August 6TAIPEI (AFP) - - Taiwan's Beijing-friendly government on Wednesday denied boycotting an Australian film festival amid a row over the e

Merkel's support dips, regional ally resigns International
Thursday, September 3, 2009

By Sarah Marsh and Noah Barkin

BERLIN (Reuters) - Chancellor Angela Merkel suffered a double blow on Thursday as a senior party ally in east German

Minister seeks closure of anti-Berlusconi websites
Wednesday, December 16, 2009
ROME (AFP) - – The Italian government moved Tuesday to close down Internet sites encouraging further violence against Prime Minister Silvio Berlusconi, who

Asian markets mixed after Wall Street rally
Wednesday, March 18, 2009

By ELAINE KURTENBACH,AP Business Writer AP - Wednesday, March 18SHANGHAI - Asia's stock market rally seemed to be running out of steam Wednesday, despite an

Google ramps up fight against online piracy | 3 December 2010
China plays down U.N. report on North Korea, Iran proliferation | | 17 May 2011
Tony Bennett makes nostalgic return to Italian roots | | 24 July 2012

India unveils $4four-bln economic stimulus package | 7 December 2008

">Forum Views () ">Forum Replies ()

Read more with google mobile : US govt vows to protect Citigroup from 'large losses'

Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Search Search: US govt vows to protect Citigroup from 'large losses' AFP - 1 hour 5 minutes ago WASHINGTON (AFP) - - The US government has vowed to protect struggling banking giant Citigroup against "unusually large losses" and give it 20 billion dollars from a financial rescue package approved by Congress. The announcement came after the Treasury Department, Federal Reserve and Federal Deposit Insurance Corporation reached an agreement with Citigroup to provide a package of guarantees to the struggling banking giant. In a joint statement issued after the talks, the three agencies said on Sunday they will provide Citigroup "protection against the possibility of unusually large losses on an asset pool of approximately 306 billion dollars of loans and securities backed by residential and commercial real estate and other such assets, which will remain on Citigroup's balance sheet." In addition, the Treasury Department will invest 20 billion dollars in Citigroup from the Troubled Asset Relief Program, a 700-billion-dollar package approved by Congress earlier this year to soften the banking crisis, in exchange for preferred stock with an eight-percent dividend to the Treasury, officials said. Citigroup, on its part, has agreed to comply with unspecified "enhanced executive compensation restrictions" and implement the FDIC's mortgage modification program. No other details have been made public thus far. "With these transactions, the US government is taking the actions necessary to strengthen the financial system and protect US taxpayers and the US economy," the three agencies said. "We will continue to use all of our resources to preserve the strength of our banking institutions and promote the process of repair and recovery and to manage risks." The deal had been expected on Wall Street on Friday when Citigroup shares were in free fall, with investors skeptical about the bank's ability to recover without outside help. Shares of Citigroup, a component of the blue-chip Dow Jones Industrial Average, have tumbled more than 70 percent since the start of the year, with the bank hit by hefty writeoffs linked to the US real estate crisis. Stock prices for the New York City-based company closed at 3.77 dollars on Friday, their lowest level in years. Last Monday, the bank announced it was slashing a near-record 50,000 jobs worldwide to cope with the global financial crisis and heavy losses. At its peak last year, the company employed 375,000 people. Last month, Citi reported a third-quarter loss of 2.8 billion dollars, its fourth straight quarter in the red. The troubled bank is saddled with billions of dollars in losses tied to mortgage investments that lost value in the collapse of the US real estate market and the credit squeeze that erupted last year. But Citi operates in over 100 countries and, with more than two trillion dollars in assets, is widely viewed, both in Washington and on Wall Street, as too big to be allowed to fail. The US Treasury Department used similar justification when it bailed out insurance giant American International Group Inc (AIG) in late September. The ailing bank was among the nine big US banks that agreed last month to give the US government equity stakes in exchange for a combined 125 billion dollars under a 700 billion dollar financial sector rescue plan. Citi got a 25 billion dollar injection. Since last year Citi has raised more than 50 billion dollars to shore up its balance sheet, reduced its investment portfolio by more than 100 billion dollars, reorganized activities and sold several businesses, such as CitiStreet, CitiCapital, BPO in India and a retail bank in Germany. Details of the rescue remained murky late Sunday, although The New York Times said that "if approved, the plan could serve as a model for other banks, heralding another shift in the government's morphing financial rescue." Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Enlarge Photo A branch of Citibank at the banking giant's world headquarters in New York. The US government has said it will protect the bank against "unusually large losses" and give it US$20 billion from a financial rescue package approved by Congress. Most Popular – Top Stories Viewed Stricken German public bank KfW expects further losses Michael Jackson settles court case: spokeswoman Over 200 narwhal trapped in Canadian ice Slump in Europe spreads wider Japan scientists eye made-to-order bones View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

Other News on Sunday, 23 November 2008
Leader: Pakistan won't be first in nuclear strike
Michelito, the battle-scarred, 10-year-old bullfighter
Second phase of polls in Indian Kashmir begins
French adventurer faces new feat as head of Antarctic station
Dalai Lama warns delegates of failure
Fleet Foxes aim to be timeless with alternative brand of folk
Australia could re-define beer to beat tax loophole: report
Historic Plymouth OKs building $488M movie studio
PM Lee holds bilateral meetings with APEC leaders
Low—income families to get more childcare subsidies from Jan 1
PM Lee says protectionist measures will only worsen global slowdown
Thai protesters vow final showdown with government
Taiwan's Lin wins Hong Kong Open golf
Malaysia to probe astronaut over lecture fees
Enlarged pupils in children could be a sign of glaucoma
Pakistan for nuclear-free South Asia
Britain set to slash tax on goods and services
Ransoms bring wealth to Somali pirate bases | International |
Obama tells Karzai Afghan security will be priority | International |
War takes shine off Georgian revolution anniversary | International |
Israeli report urges peace progress with Syria | International |
Opponent accuses Philippine leader of impropriety
Thai protesters in final battle against government | International |
S$2 million set aside for inter—generational programmes
Broken fingernail? Please don't call an ambulance
Planned China provincial investments exceed $1.4T
Dalai Lama rules out retirement and reaffirms middle way | International |
Maldives' first president dies at 82
All Blacks coach Henry eyes Grand Slam
Karzai: Obama promises to fight terror in region
MediaCorp’s mocca.com organises motoring event
Bangladesh national elections delayed to Dec. 29
Clashes mar second phase of Kashmir elections
Pasir Ris—Punggol Town Council says part of S$4m investment not written off
Australians return 11 stranded whales to sea
1 million more plants in South West district over next 10 years
Parents disagree with suggestion to only recruit graduate teachers
First-class return for surprise rugby league world champs NZ
Blaze under overhead bridge destroys 3 motorcycles
Turnout high in Kashmir polls despite protests
Chinese provinces line up for stimulus projects
`Twilight' sucks up $70.5M in debut
Stiller, Rock say Israel's better than Hollywood
MediaCorp’s Channel 8 celebrates 45 years of quality entertainment
Bangladesh national elections delayed to Dec. 29
Singapore, Commonwealth Secretariat to host study programme
Afghans say Obama promises more US military help
Dalai Lama urges Tibetan exiles to be prudent
Goa stakes claim to be 'Cannes of the east'
Pakistan raid a sign of sharper US intelligence
Thai protesters vow final showdown with government
China, Russia pledge deeper cooperation
International Emmys to honor "Law & Order" creator
De Niro in launch of Doha international film festival
'Twilight' takes big bite out of box office
Next NKorea talks meeting in China December 8: Rice
DVR usage making big changes in television viewing
Chinese provinces propose $1.4 trillion stimulus
'Young Frankenstein' sets a Jan. 4 closing date
Iraq's neighbors discuss security cooperation
Iraq: Saddam Hussein-era officials face new trial
Baghdad opens campaign to kill city's stray dogs
Michael Jackson settles court case: spokeswoman
Thai protesters begin final march to oust government | International |
Merkel sees grim 2009 for recession-hit Germany
U.S. alone critical of Syria at Iraq conference | International |
Civilian, 28 rebels killed in Afghanistan
Venezuela to seek 1.0 million bpd OPEC cut
Iraq PM says U.S. troops will leave if no pact | International |
Russia's Lavrov skeptical about U.S. missile shield | International |
With Geithner tapped for Treasury, Obama builds a team
Guinea-Bissau leader survives post-election attack | International |
Maldives' first president dies at 82
Seoul shares down as banks, exporters retreat
Lame-duck US, Israeli leaders to meet a final time
Solar panels on graves give power to Spanish town
Pressure grows for WTO ministerial meeting | International |
South Korean won up 1.7 pct on econ policy hopes
Geithner tapped to be Obama's Treasury chief
Violence against Afghan children rising: U.N | International |
NZ benchmark stock index opens 1.2 percent higher
Pakistan cricket signs $140.5 million TV deal
Sony's Crackle.com set to roll out new Web shows | Technology |
Palm cutting jobs as competition intensifies | Technology |
Venezuela to seek 1.0 million bpd OPEC cut
Moviegoers enter Twilight zone at box office | Entertainment |
Michael Jackson cancels plan to appear in UK court | Entertainment |
Michael Jackson cancels plan to appear in UK court | Entertainment |
De Niro in launch of Doha international film festival
Stiller, Rock say Israel's better than Hollywood
Sony's Crackle.com set to roll out new Web shows | Entertainment |
Jackson spokeswoman: singer, sheik settle lawsuit
Thai protesters surround parliament for 'final battle'
Thai lawmakers postpone session amid protests
Japan PM denounces murder of bureaucrat
AMAs mix awards with action-packed performances
Australia's Rudd ends first year as PM strong in polls
Ideas wanted to bond grandparents and the young
Jonas Brothers hope to meet Kanye
RPT-GLOBAL MARKETS-Asia bank shares slump on Citigroup worries
NKorea calls meeting with SKorean firms before border curbs
Thai protesters at Parliament for 'final showdown'
Rescued whales find pod off Australia
Bland 'White Christmas' dilutes its holiday cheer
NKorea to restrict cross-border movements, suspend rail service
Report: NKorea serious about Dec. 1 shutdown
Chris Brown wants to duet with Madonna on new CD
China's second-richest person detained: state media
Thai Parliament postpones meeting amid protests
StanChart plans $3 bln rights issue-source
Hu's LatAm trip expands China's profile in US backyard
NKorea to suspend cross-border rail service
Economy, not rights, rules the new China-US world
Protesters at Thai Parliament for 'final showdown'
Blasts hit Baghdad bus, Green Zone, killing 16
Iraq police say female suicide bomber kills 5
North Korea vows to go ahead with border closure | International |
Britain to unveil stimulus plan as recession looms
Obama plans second stimulus package of up to 700 bln dlrs: report
Chavez wins Venezuela vote but opposition gains | International |
US govt vows to protect Citigroup from 'large losses'
Baghdad bomb attacks kill 18 | International |
New drug yields lab breakthrough against viruses
In India state, election mirrors national struggles | International |
Taiwanese banker facing Chen fraud allegations
Obama to introduce economic team
China to reduce tariffs by 20-30 percent: report | International |
Vietnam starts building new resort island airport
Bush, Olmert to bid farewell in Monday talks
South Korea builds city from sea at wetland's expense | International |
Ex-ally accuses Arroyo of bribing lawmakers
Pakistani c.bank sells 20 bln rupees of T-bills
Russian leader sees Obama flexible on missile defense
NKorea serious about restricting border traffic
China to cut tariffs up to 30 percent: report
Triple Guild play for Microsoft | Technology |
Russian president sees Obama flexible on missile defense
UPDATE 2-Standard Chartered in 1.8 bln pound rights issue
S.Korea FSC says to quickly set up bond fund
Seoul shares end 3.3 pct lower; automakers fall
Indian shipping union calls for UN patrols against pirates
Seoul courts rules 2003 KEB sale to Lone Star legal
Int’l school offering US—based curriculum to open at Upper Serangoon Rd
China's second-richest person detained: state media
Singapore's Oct inflation slows on oil price fall
S.Korea central bank to help ease crunch with new funds
Kazakhstan cuts oil price forecast as crisis bites
R&B star Chris Brown sweeps American Music Awards | Entertainment |
NZ dollar pares gains on risk aversion; debt firm
Singapore's Oct inflation slows on oil price fall
Hollywood actors will vote on strike | Entertainment |
Japanese markets closed Monday for holiday
Michael Jackson cancels plan to appear in court | Entertainment |
George Lopez and Billy Ray Cyrus Spy comedy | Entertainment |
Hard times force Tyra Banks out of syndication | Entertainment |
A&E and Seagal put viewers under siege | Entertainment |
Double Shot of Ikki love at MTV | Entertainment |
Triple Guild play for Microsoft | Entertainment |
China's censors cool on Guns N' Roses democracy album
Producers of gourmet foie gras queasy over future
Publishers cash in on Obama book boom
Rebels claim killing 43 Sri Lankan soldiers
Ex-ally fingers Philippine leader in corruption probe
American youth trail in Internet use -- survey
Taxis stage strike in central Chinese city
Tiger rebels claim killing 43 Sri Lankan soldiers
Australian officials say rescued whales now safe at sea
Standard Chartered in 1.8 bln pound rights issue
Protesters at Thai Parliament for 'final showdown'
Vatican beatifies Japanese martyrs in Nagasaki
Greece at new risk of being pushed off euro
Bodies of missing Tenn. mom, Jo Ann Bain, and daughter found
Female Breasts Are Bigger Than Ever
AMD Trinity Accelerated Processing Units Now in Volume Production
The Avengers (2012 film), made the second biggest opening- and single-day gross of all-time
AMD to Start Production of piledriver
Ivy Bridge Quad-Core, Four-Thread Desktop CPUs
Islamists Protest Lady Gaga's Concert in Indonesia
Japan Successfully Broadcasts an 8K Signal Over the Air
ECB boosts loans to 1 trillion Euro to stop credit crunch
Egypt : Mohammed Morsi won with 52 percent
What do you call 100,000 Frenchmen with their hands up
AMD Launches AMD Embedded R-Series APU Platform
Fed Should not Ignore Emerging Market Crisis
Fed casts shadow over India, emerging markets
Why are Chinese tourists so rude? A few insights

USD EUR - 1 year graph	VPN on MacOSX	BlogMeter 1.01