Word: repays
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...sagas - epic, blood-curdling tales about the raiding and pillaging of foreign lands. Today, there are new sagas being told on the craggy island about the greedy attempts by two foreign powers, Britain and the Netherlands, to pry every last krona from Iceland's shattered economy in order to repay debts incurred during the financial meltdown. The rift that's developing between Iceland and its European neighbors is threatening to leave the island isolated - and could even destroy its hopes of finally joining the European Union...
...analysts say Citi's rush to repay the assistance it got through the government's Troubled Asset Relief Program (TARP) will make the bank weaker, not stronger. The move will reduce Citi's capital ratios and hurt earnings; it may also accelerate a retreat of foreign investors from the company's shares. Worse, the government is demanding stricter terms from Citi than it did from Bank of America on the repayment deal it struck just a week ago. The different treatment shows that the government remains more concerned about Citi's finances than those of its rivals...
...Veteran analyst Richard Bove of Rochdale Securities, who had been recommending Citi's shares since the summer, downgraded the stock on news that it was going to repay TARP from a "buy" to a "sell" rating. "What does it do for the company? Management can increase [executive] salaries," says Bove, referring to the fact that Citi will now be free of the government's compensation rules. "What else? Nothing...
...Citi's effort to repay the government will remove some of the stigma surrounding the firm that has evolved since the start of the financial crisis. Treasury officials say Citi will no longer be considered one of the companies that have received "exceptional assistance" from the government. That means pay czar Kenneth Feinberg will no long have a say over salaries at the company. What's more, the company will save $1.6 billion in annual preferred-stock dividend payments it would have owed the government on its TARP loan...
...Letting Bank of America repay its TARP funds was ridiculous, but letting Citi out is even more problematic," says Whalen...