Inside these posts: Federal Reserve-New York

Visit our Filed page for categories. To browse by specific topic, see our Inside page. For a list of companies covered on this site, visit our Companies page.


Consumer borrowing posts 3rd straight gain

Americans increased credit-card use for the first time since 2008, a sign they are growing more confident about the economy and opening their wallets wider.

The surprising rise in December revolving credit as tracked by the Federal Reserve pushed up consumer credit outstanding by $6.1 billion, or 3.0 percent, to $2.41 trillion. Economists surveyed by Dow Jones Newswires had forecast the Fed data Monday would show consumer credit rising by only $2.5 billion. Get the full story »

Evanston’s Magnetar benefited from TALF

Hedge funds and investors whose bearish trades on housing helped them profit amid the credit crisis were among those that benefited from a U.S. government emergency rescue program to kick-start lending, according to Federal Reserve data released Wednesday.

That program, known as the Term Asset-Backed Securities Lending Facility, or TALF, and established during the financial crisis, provided low-cost loans from the Federal Reserve to investors buying bonds backed by student, auto and commercial-property loans and other assets. The program, which lasted from March 2009 until June 2010, was aimed at helping banks move loans off their books by repackaging them into bonds and selling them.

Funds managed or backed by Evanston-based Magnetar Capital, Tricadia Capital and FrontPoint Partners, which made large profits betting on a downturn in the U.S. housing market before the crisis, were among those who obtained low-cost loans from the Fed to buy securities, according to the Fed data. Get the full story »

AIG raises $37 billion to pay back U.S.

American International Group said Monday that it has raised nearly $37 billion as part of its plan to pay back the government’s multi-billion dollar bailout. Get the full story »