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...time when every one of its main rivals has repaid its obligations to Uncle Sam, Citi still has its hands deep in the government-aid cookie jar. Uncle Sam owns more of Citigroup than any other bank. Currently, the government holds 7.7 billion shares of Citi's stock - a stake the government got last year by converting a portion of its Citi preferred shares. That makes Uncle Sam the bank's largest shareholder, with about 27% of Citi's outstanding shares, valued at some $26 billion. That's about seven times the $3.5 billion the government has lent SunTrust Bank...
...ability to officially deem which firms are receiving exceptional assistance from the government. At issue is executive pay. EESA requires the Treasury Department to monitor executive pay at all the firms receiving government assistance. Last summer the Treasury said firms that are deemed to be receiving exceptional aid from the government would be subject to a pay czar. The office, later filled by high-profile lawyer Kenneth Feinberg, has the ability to set compensation for the 25 highest-paid employees at those firms. Other firms receiving government assistance are subject to much less stringent pay rules. (See pictures of TIME...
Treasury considers that a firm has received exceptional financial assistance if it has received government aid outside of the initial $250 billion bank bailout, in which the government injected capital into financial firms in return for preferred shares and stock warrants. The list originally included AIG, Bank of America, Chrysler, Chrysler Financial, Citi, GMAC and General Motors. But in December, Bank of America and Citigroup struck deals with the government to get off the list. Bank of America raised nearly $20 billion from investors and paid back the government the $45 billion it was lent under TARP...
...least two-thirds of the represented countries, and while the European Union has voiced its support for the bluefin tuna, Japan remains very much against a trade ban. In the past - especially during the ongoing debate over commercial whaling - Tokyo hasn't been shy about using its generous foreign aid budget to leverage support from smaller countries. (See the top 10 most dangerous foods...
During her time as director, Ross has focused on expanding the program’s socioeconomic diversity. This year, at least 63 percent of the FOP participants received financial aid from Harvard—in comparison, over half the undergraduate population at large received need-based aid...