Word: tarp
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Dates: during 2000-2009
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...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...
...Indeed, Citi's shares fell on the news that it was repaying TARP, down $0.27, or nearly 7%, to $3.68 a share...
...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...
...funneling the money left over from TARP funds toward businesses’ hiring credits, the government will hopefully bring down the remarkably high unemployment rate. According to Obama’s plan, tax credits will be given to industries that employ a certain number of low-skilled workers who would otherwise likely be fired as a result of the economic downturn. Historically, similar plans to keep workers employed during recessions have worked. The 1977 New Jobs Tax Credit was immediately followed by an 11.2 percent rise in employment—a record for the United States at the time...