News release: “The U.S. government entered into an agreement today with Bank of America to provide a package of guarantees, liquidity access and capital as part of its commitment to support financial market stability. Treasury and the Federal Deposit Insurance Corporation will provide protection against the possibility of unusually large losses on an asset pool of approximately $118 billion of loans, securities backed by residential and commercial real estate loans, and other such assets, all of which have been marked to current market value. The large majority of these assets were assumed by Bank of America as a result of its acquisition of Merrill Lynch. The assets will remain on Bank of America’s balance sheet. As a fee for this arrangement, Bank of America will issue preferred shares to the Treasury and FDIC. In addition and if necessary, the Federal Reserve stands ready to backstop residual risk in the asset pool through a non-recourse loan…Treasury exercised this funding authority under the Emergency Economic Stabilization Act’s Troubled Asset Relief Program (TARP). The investment was made under the Targeted Investment Program. The objective of this program is to foster financial market stability and thereby to strengthen the economy and protect American jobs, savings, and retirement security.”
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Daily Archives: January 16, 2009
EPA Releases Report on Sea Level Rise
News release: “The U.S. Environmental Protection Agency, in collaboration with other agencies, has released a report that discusses the impacts of sea level rise on the coast, coastal communities, and the habitats and species that depend on them. The report, Coastal Sensitivity to Sea-Level Rise: A Focus on the Mid-Atlantic Region, examines multiple opportunities for… Continue Reading
Economic Report of the President, 2009
GPO Access: “The Economic Report of the President is an annual report written by the Chairman of the Council of Economic Advisors. It overviews the nation’s economic progress using text and extensive data appendices. The Economic Report of the President is transmitted to Congress no later than ten days after the submission of the Budget… Continue Reading
Citi to Reorganize into Two Operating Units to Maximize Value of Core Franchise
News release: “Citi today announced it will realign into two businesses, Citicorp and Citi Holdings, to optimize the company’s global businesses for future profitable growth and opportunities. This structure will enable Citi to focus on driving the performance of its core businesses and, separately, on realizing value from non-core assets. The strategic restructuring creates: Citicorp,… Continue Reading
PBGC Posts Financial, Performance Gains in 2008 Annual Report
News release: “The Pension Benefit Guaranty Corp. solidified its foundation for the future during fiscal year 2008, the Corporation reported in its 2008 Annual Report, released today….[Director Charles E.F. Millard] noted that the progressive shrinkage of the shortfall, to $11.2 billion from 2007s $14.1 billion and 2006s $18.9 billion, was a positive development. Our efforts… Continue Reading
GAO Report: U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens
International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, GAO-09-157, December 18, 2008 [released January 16, 2009] “Many U.S. corporations operate globally and have foreign subsidiaries. The subsidiaries may be created, for example, to take advantage of sales opportunities or favorable labor conditions. In… Continue Reading
Financial Crisis Brings More Patrons to Public Libraries
WSJ – Folks Are Flocking to the Library, a Cozy Place to Look for a Job Books, Computers and Wi-Fi Are Free, But Staffs Are Stressed by Crowds, Cutbacks: “A few years ago, public libraries were being written off as goners. The Internet had made them irrelevant, the argument went. But libraries across the country… Continue Reading
2008 Report to Congress on the Benefits and Costs of Federal Regulations and Unfunded Mandates on State, Local, and Tribal Entities
Office of Management and Budget Office of Information and Regulatory Affairs- 2008 Report to Congress on the Benefits and Costs of Federal Regulations and Unfunded Mandates on State, Local, and Tribal Entities (January 2009) Continue Reading
OMB: Current State of E-Government and Look Ahead to 2009
News release: “The Office of Management and Budget (OMB) E-Government and IT (E-Gov) released the Expanding E-Government Results Report,Q1 FY2009 Homeland Security Presidential Directive-12 (HSPD-12) status update, Federal CIO Council Transition Guide, Report to Congress on the Benefits of the E-Government Initiatives, and government Shared Service Centers for Certification & Accreditation Services through the Information… Continue Reading
