A federal judge today struck down a $285 million settlement that Citigroup reached with the Securities and Exchange Commission, saying he couldn't tell whether the deal was fair and criticizing regulators for shielding the public from the details of what the firm did wrong.
The multifaceted effort will let people who owe more on their mortgages than their properties are worth get new loans backed by the Federal Housing Administration. The program also includes assistance to help unemployed homeowners keep paying their mortgages.
The New York-based bank was among the hardest hit by the credit crisis and rising loan defaults. It has received one of the largest bailouts of any banks during the financial crisis. The government gave it $45 billion in loans and agreed to protect losses on nearly $300 billion in risky investments.
Bank of America’s surprise move to pay back $45 billion in federal bailout money ratchets up pressure on rivals Wells Fargo and Citigroup to get out from under the government’s thumb. But don’t expect it to happen anytime soon.
Some of New York's biggest companies, including Wall Street giants Goldman Sachs and Citigroup, received doses of swine flu vaccine for at-risk employees, drawing criticism that the hard-to-find vaccine is going first to the privileged.
The chairman of the panel that oversees the $700 billion federal bailout fund said this morning that the Obama administration is insisting on slashing the salaries of executives of companies that took money from the government. The seven companies are Bank of America Corp., American International Group Inc., Citigroup Inc., General Motors, GMAC, Chrysler and Chrysler Financial.
Citigroup Inc., one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York's attorney general said today in a report detailing the payouts by nine big banks.
Citigroup Inc., one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York’s attorney general said Thursday in a report detailing the payouts by nine big banks.
The Dow Jones industrial average is the latest Wall Street institution to be reshaped by the financial crisis. The stock market's best-known barometer is adding Cisco Systems Inc. and Travelers Cos. and dropping General Motors Corp. and Citigroup Inc. The changes were announced as GM entered bankruptcy protection, a move that was widely expected.
Bank of America Corp. and Citigroup Inc., which have each received $45 billion in government bailout funds, have been told by regulators that "stress test" results show they may need to raise additional capital, The Wall Street Journal said today.
Wall Street is set to open lower this morning on worries about the spread of swine flu and the viability of banks. Concerns that swine flu could hurt industries such as travel and tourism escalated after the World Health Organization said it is too late to contain the virus. The WHO raised its alert to a phase 4 out of 6, saying the flu spreads easily but is not pandemic.
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