Inside these posts: Treasury

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Treasury to start mortgage-backed securities sales

The U.S. Treasury Department will begin selling about $10 billion a month of mortgage-backed securities as the government winds down emergency programs set up during the financial crisis.

The announcement of a fresh supply of high-quality debt coming to market surprised traders, but they said later it should be manageable. The Treasury has a $142-billion portfolio of MBS, acquired in 2008 and 2009, and estimates it will take about a year to dispose if it. Get the full story »

AIG pays more funds back; TARP recovery at 70%

American International Group repaid another $6.9 billion of its bailout on Tuesday, the U.S. Treasury said.

With that payment, the Treasury said it has now recovered 70 percent of the $411 billion distributed under the crisis-era Troubled Asset Relief Program, or TARP. Get the full story »

Metropolitan group banks warned about capital

Most local banks owned by $2.93 billion-asset Metropolitan Bank Group Inc., a Chicago-based lender owned by animal adoption advocates Peter and Paula Fasseas, have been ordered by state and federal banking regulators to shape up. Get the full story »

Fiat nears threshold to take 30% of Chrysler

Fiat has made fast progress toward clearing a second benchmark in restructuring Chrysler that could take its ownership in the U.S. automaker to 30 percent. Get the full story »

Fed turns record profits over to Treasury

The Federal Reserve is turning over a record $78.4 billion to the U.S. Treasury Department after its swollen securities portfolios generated big profits in 2010, the central bank said on Monday. Get the full story »

AIG deal to close next week: Source

The recapitalization deal for bailed-out insurer American International Group is done and all but certain to close on January 14, a person familiar with the situation said on Friday. Get the full story »

Wintrust, five others return $2.7B to Treasury

The Treasury Department says six banks have repaid government bailouts worth a combined $2.66 billion.

The banks are returning taxpayer money that they received in the aftermath of the 2008 financial crisis.

The banks that repaid their bailouts on Wednesday are Huntington Bancshares, First Horizon National Corp., Wintrust Financial Corp., Susquehanna Bancshares Inc., Heritage Financial Corp. and The Bank of Kentucky Financial Corp. Get the full story »

U.S. plans two large AIG stock sales in 2011

The Treasury Department plans to sell a large piece of its stake in American International Group in two stock offerings next year, officials briefed on the situation told Reuters. Get the full story »

Treasury brings in $35B to offset bailout losses

The Treasury Department has brought in $35 billion in revenue over two years, boosted by ongoing sales of Citigroup stock, new data show. But the Congressional Budget Office projects taxpayers will still lose $25 billion for bailing out the financial sector and U.S. automakers.

Treasury to publicly offer 2.4 billion Citi shares

The Treasury said on Monday it is commencing an underwritten public offering of its remaining 2.4 billion shares of Citigroup common stock. Get the full story »

CBS: Bernanke to appear on ‘60 Minutes’ Sunday

U.S. Federal Reserve Chairman Ben Bernanke will appear on the news program “60 minutes” on Sunday, part of an effort by the central bank to step up its public communications.

The move comes as the Fed’s decision last month to purchase an additional $600 billion caused a flurry of criticism from politicians in Washington, who argue the central bank is playing with fire and courting future inflation. Get the full story »

U.S. Treasury plans to reduce GM stake to 37%

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 »

Fed to buy $105B worth of bonds in first phase

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 »

GM’s $13 billion IPO to cut Treasury stake to 43%

General Motors on Wednesday finalized terms for a stock offering of about $13 billion to repay a controversial taxpayer-funded bailout and reduce the U.S. Treasury to a minority shareholder.

GM’s filing with the U.S. Securities and Exchange Commission is the final step before it begins marketing what is expected to be one of the largest-ever IPOs. The investors are expected to span the globe and include sovereign wealth funds.

The automaker plans to sell 365 million common shares, or 24 percent of its common stock, at $26 to $29 each, raising about $10 billion at the midpoint, according to updated initial public offering papers filed with the SEC. Get the full story »

AIG to get $22B in TARP funds for restructuring

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 »