Word: city
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Dates: during 2000-2009
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Since 2008 Grameen has collected 1,700 borrowers in New York City, and last June it opened a second branch in Omaha, Neb. Other cities in its sights include San Francisco, Boston and Charlotte, N.C. - anywhere local businesspeople raise seed capital and a bank will host low-cost savings accounts for borrowers with just a few dollars, since savings are a key part of the Grameen philosophy. "There are whole populations that aren't being reached by the banking sector," says Bob Annibale, director of microfinance at Citibank, which partners with Grameen in New York. Like other financial giants, Citi...
...among those getting the pink slips. When Citigroup, for example, announced recently that it was booting some 50,000 employees--many of them high-paid managers--the departing bankers joined more than 20,000 workers the company had already laid off this year. Many of the newly axed at Citi and elsewhere have left behind cushy paychecks that covered their jumbo mortgages and kids' tuition bills. That ominous sound you hear? It's all those $200 pairs of shoes pounding the pavement...
...effect, that the TARP was going to be rolled up, having not spent some $300 billion in funds that Congress, after much drama, had allocated. Then Citibank teetered, and out came the TARP again, this time in pretty much its original guise: to ring-fence the toxic assets on Citi's books. This made some sense, because leaving toxic assets on banks' books, at a time when additional assets may well be losing value because the economy is weakening, means that recapitalizing the banks doesn't have the same effect that it would if those bad assets were removed from...
...Questions are not fewer because of the recent switch in tactics - if anything, they've increased: What was the point of the TARP in the first place? Where do we go now that Citi's been bailed out? Do toxic assets remain on other institutions' books? And if so, why? Is it too difficult for the government to price them and run the auctions that would get rid of them? So Tim, do us all a favor. Make two long, sober speeches: one explaining systemic risk, and one explaining, conceptually, what you will be up to once you take over...
...other immediate effect: common stockholders can say goodbye to their dividend, which was 16 cents last quarter. To make sure the government's money - i.e., the taxpayer's money - isn't simply passing through the company and into other hands, the deal prohibits Citi from paying dividends of more than a penny per share for three years without approval from Treasury, the FDIC and the Federal Reserve. If Citi goes out and raises more money on its own through a common stock offering, there's a greater chance the government will allow for a larger dividend to be paid. That...