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citigroup: Stress Test Mess II - 05/09/09 03:52 PM
A couple of days ago I wrote a bit about the fiasco known as the Federal Reserve's stress test.
Two significant points jumped out at me from the report other than the fact that the whole thing appeared more like a public relations effort more than an actual banking evaluation:
"First, that Bank of America needs an additional $33.9 billion in capital. Wasn't CEO Ken Lewis quoted as saying as recently as a few weeks ago that Bank of America was going to repay the TARP in 2009?
And second, Citigroup is estimated to need only $5.5 billion in additional capital. Hmm, … (1 comments)
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citigroup: Citigroup May Need $10 Billion More In Capital - 05/04/09 10:56 PM
The Wall Street Journal is reporting that Citigroup may need to raise an additional $10 billion in capital due to the findings of the Federal Reserve's stress tests.
The results of the stress tests are due to be published this Thursday.
Not surprisingly, from what has been leaked so far, it appears that all 19 banks are "solvent".
So despite the fact that Citigroup has recevied $45 billion in loans from Uncle Sam, and the fact that they have had $300 billion worth of their loans guaranteed by the tax payer, they are considered to be solvent. And yet here they are again, needing … (4 comments)
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citigroup: Did you hear that sound today on Capitol Hill? - 01/16/09 06:52 PM
Did you hear that sound today on Capitol Hill?
It was the sound of Congress flushing another $350 billion of tax payer money down the toilet.
The Senate approved Bush's request of Obama's request for the second tranche of $350 billion of TARP money to be made available for the Treasury's disposal.
And it appears as though the vote and approval could not have come at a better time for both Citigroup and Bank of America whose stock has been decimated in recent days. They will likely be the first banks to receive additional capital injections, Bank of America for the second … (55 comments)
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citigroup: A third bailout for Citigroup? - 01/14/09 10:01 AM
Is there a third bailout for Citigroup in the making?
On October 13, after Paulson had abandoned the original intent of the TARP program, Citigroup became one of the first nine banks to receive capital injections from the Treasury; for Citigroup it was to the tune of $25 billion.
Just over a month later, on November 24, as shares of Citigroup had plunged nearly 75% in a little over two weeks to $3.77, the Treasury was once again forced to step in in order to prevent the bank from failing. This time it was to the tune of a $20 billion … (9 comments)
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Mark MacKenzie
Phoenix,
AZ
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Mark MacKenzie Real Estate Planning
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