May 20, 2009 |
Allstate Corp. became the second insurer to turn down a bailout from the Treasury Department after being approved for government funding. The Northbrook, Ill., company was among six insurers granted preliminary approval Friday to receive capital infusions under the government's Troubled Asset Relief Program. Ameriprise Financial Inc. turned down bailout funding that same day.
May 6, 2009 |
The parent of City National Bank on Tuesday added its name to the list of financial companies that want to exit the industry's strained partnership with Uncle Sam. Beverly Hills-based City National Corp. said it raised about $100 million by selling new shares to investors, and intended to put the money toward repayment of $400 million in government capital it received in November. "We'd like to repay the whole thing," said Russell Goldsmith, the company's chief executive.
February 24, 2009 |
American International Group Inc., the insurer bailed out by the U.S. government, may restructure its rescue package for the second time in four months as the recession forces down the value of the firm's assets. AIG may announce that it is converting the government's preferred shares into common stock to relieve pressure on the New York firm's liquidity, a person familiar with the situation said. AIG pays a 10% dividend on preferred stock but none on common shares.
February 23, 2009 |
This week, Washington gets another chance to prove to Wall Street it means business. Investors are expecting details on the Treasury Department's plans to fix the financial industry. The questions they want answered: How the government will decide which banks are healthy enough to be saved, how their toxic assets will be priced and how officials will persuade private investors to buy them. The Obama administration has yet to galvanize confidence on Wall Street.
February 23, 2009 |
For weeks, President Obama has been pushing hard on his plan to revive the nation's economy, driving the $787-billion stimulus package through Congress, following up with a plan for homeowners facing foreclosure and readying a strategy for reviving the moribund credit system.
February 13, 2009 |
Amid growing public consternation with the federal banking bailout, the Treasury Department's special inspector general has opened an examination of political influence in handing out some of the $350 billion in federal bank bailout funds, The Times has learned. The audit, which has just begun, is broad in scope but will focus on lobbying activities by financial institutions and what the special inspector general, Neil Barofsky, has called "outside influences."