Word: repaid
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...seven firms that received the largest chunks of federal bailout money: Citigroup, Bank of America, AIG, General Motors, Chrysler and the financing arms of the two automakers. Salaries are expected to shrink 50% on average, with the majority falling below $500,000, though firms that have already repaid their bailout debts, like JPMorgan Chase and Morgan Stanley, are not affected by the change. (See the 25 people to blame for the financial crisis...
...will simply say that this was my decision, and mine alone." It is also abrupt. Just months ago, Lewis told Congress he intended to stay on as head of Bank of America until all the assistance it had gotten from the government to survive the financial crisis had been repaid. It seems unlikely that Bank of America will be able to pay back the government $45 billion anytime soon...
...group, it's been particularly brutal for older Americans who were counting on their (now shrunken) nest eggs to last through their retirement years. To supplement their stash, an increasing number of seniors are turning to reverse mortgages, which function essentially as a cash advance on their home equity, repaid only when they sell their home or die. The loans are available to those 62 and over, and lenders have to eat the difference if a home ends up declining in value. In the three months after February--when a provision in the economic-stimulus package raised the eligible home...
...another glimmer of stability. The company's measure of credit-card late payments fell in May, after four straight months of record highs. The rate, though, was still 40% higher than a year before, and credit-card charge-offs which happen when a lender gives up on ever being repaid did continue to rise. Fitch analysts have anticipated that eventually one out of every ten dollars in credit-card debt will be written off this way, although the drop in delinquencies may indicate that people are getting a handle on their finances more quickly than expected. (Read "Financial Woes Spread...
...their key suppliers - the public price tag will exceed $100 billion. Add billions more in subsidies for researching and developing green technology and still more billions in tax credits to motivate buyers to go green. If someday GM and Chrysler become consistently profitable, the government loans will be repaid and both companies restored to total private control. The operative word being...