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The U.S. Treasury will raise gross proceeds of at least $11.8 billion in the General Motors Co. initial public offering, reducing its ownership stake in the bailed-out automaker to just under 37 percent. Get the full story »
China’s SAIC Motor Corp. Ltd has agreed to take a stake in General Motors Co if Chinese regulators approve a deal to deepen an existing alliance between the two automakers, four people familiar with the matter said.
The potential investment from SAIC is part of a surge in investor interest in GM that is expected to push the pricing of its shares to $29 or above in the the U.S. automaker’s initial public offering, one of the sources said. Get the full story »
The Federal Reserve says it will buy a total of $105 billion worth of government bonds starting later this week as it launches a new program to invigorate the economy. Get the full story »
The United States posted a $140 billion budget deficit last month, the third largest shortfall for any October, Treasury Department data showed Wednesday. Get the full story »
The U.S. Treasury said on Monday that bailed-out insurer American International Group will draw up to $22 billion in Treasury funds to facilitate its restructuring and prepare for an eventual government exit. Get the full story »
Investors are lending $29 billion to the government in the last Treasury auction this week.
The Treasury sold seven-year notes at a 1.97 percent yield, versus 1.89 percent in September’s auction. That means it was slightly more expensive for the government to borrow $29 billion from investors this month. Get the full story »
The number of Chicago-area homeowners in trial mortgage modifications continued to fall in September, while the number of people who have received permanently lower payment terms rose 4 percent in the month, the Treasury Department said Monday.
The government’s September accounting of its Home Affordable Modification Program also showed that borrowers in permanent modifications are having trouble keeping their loans current, even after the payments are reduced. Get the full story »
The cost for the huge government bailouts of housing finance giants Fannie Mae and Freddie Mac will grow — and possibly more than double to $363 billion — over the next three years.
But the taxpayer loss depends mainly on the health of the economy and the real estate market, a federal regulator said Thursday. Get the full story »
American International Group Inc. laid out a plan on Thursday that sets the company on a path for an accelerated payback of taxpayer bailout money, but also increases the risk for the government.
The plan, which comes a little over two years after AIG was rescued from the brink of collapse, will see the Federal Reserve Bank of New York getting repaid in full and ending its involvement in AIG, leaving the company to deal with just the Treasury Department. Get the full story »
American International Group is close to finalizing a plan for the U.S. government to sell its stake in the insurer and is hoping it will yield a profit for taxpayers who bailed out the company, Chairman Steve Miller said on Wednesday. Get the full story »
General Motors Co. likely will seek to raise $8 billion to $10 billion through an initial public offering in November, less than it initially planned, Bloomberg News reports reported Thursday, citing two people familiar with the matter. Get the full story »
Chinese automaker and General Motors Co. partner SAIC said Monday it is paying close attention to GM’s upcoming stock sale, but gave no hint over whether it plans to take a stake itself.
GM executives in the U.S. and China likewise refused comment on reports that the automaker is in talks with its state-owned joint venture partner SAIC about buying a stake in the Detroit company through its initial public offering. Get the full story »
Elizabeth Warren, Obama's choice to head new U.S. consumer agency. (AP)
The Harvard professor President Barack Obama is putting in charge of a new consumer protection agency says people need a “tough cop on the beat” to protect them from financial industry abuses.
Obama was naming Elizabeth Warren on Friday as a special adviser to both him and Treasury Secretary Timothy Geithner. The financial regulatory bill Obama signed into law this year created the bureau to be an advocate for consumers in their dealings with banks, mortgage companies and other financial institutions.
