Just hours after announcing a sale of its global investment unit to the Bank of NY Mellon (NYSE: BK), PNC Financial (NYSE: PNC) said it reached an agreement with regulators to purchase the $7.6 billion in preferred shares given to the government in exchange for TARP funds.
PNC plans to use funds from an equity raise, [...]
All Posts Tagged With: "TARP"
PNC Financial (NYSE: PNC) Reaches Agreement To Repay TARP Funds
Big Banks Like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) Still Quietly Using Government Money
Big banks like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) are still using free government money, in the form of low interest loans from the Temporary Liquidity Guarantee Program (TLGP), guaranteed by the FDIC. So while CEOs and industry spokespeople decry the government for its “interference” despite the fact they’ve paid back their TARP [...]
January 28th, 2010 | John | Comments | Continued
Bank Of America (NYSE:BAC) Set To Pay Bonuses Near 2007 Levels
The Wall Street Journal reported on Thursday that Bank of America (NYSE:BAC) will pay bonuses to its investment bankers at a rate similar to amounts the company paid in 2007. The paper reported that some bankers will get paid roughly the same bonus as they received in 2007, prior to the collapse of the credit [...]
January 8th, 2010 | John | Comments | Continued
US Quietly Concedes Billions in Tax Benefits to CitiGroup (NYSE:C)
In a move that quietly flew under the radar, The Washington Post reported today that the US government granted Citigroup (NYSE:C) billions in tax exemptions as part of a deal between the company to repay TARP bailout money. The concession is designed to help the company survive the current economic crisis despite the gigantic taxpayer [...]
December 17th, 2009 | John | Comments | Continued
Independent Community Bankers Want TARP Focused On Main Street Banks
The Independent Bankers Association of America (ICBA) urged the Obama Administration last week to focus Troubled Asset Relief (TARP) funds on main street community banks. TARP was recently extended to October 3, 2010.
The ICBA believes the administration should begin using TARP funds to assist community banks facilitate lending to small businesses in local communities, which [...]
Troubled Asset Relief Program (TARP) to be Extended by Obama Administration
The use of taxpayer dollars to bail out Wall Street will continue, as Treasury Secretary Timothy Geithner, talking to a watchdog panel on Thursday said the Obama Administration will extend the highly controversial and unpopular bailout program until October 2010, the original period the legislation allowed. The plan was going to be shut down at [...]
December 11th, 2009 | Gary | Comments | Continued
Will Any TARP Money Reach Small Businesses?
If you’re a small business in trouble and you have hopes of receiving some type of government aid via TARP funds, I would be cautious about managing your expectations and looking to other sources or your own ingenuity to battle your way out of the economic crisis.
While reports have come out that the Obama administration [...]
