(Bloomberg) — Citigroup Inc., the U.S. bank that is 27 percent owned by the Treasury Department, finished a three- quarter profit streak with a $7.6 billion loss on costs to exit the government’s bailout program.The fourth-quarter loss of 33 cents a share was narrower than the record loss of $17.3 billion, or $3.40 a share, a year earlier, New York-based Citigroup said today in a statement.
Posts Tagged ‘Exit’
Citigroup given tax exemption for TARP exit
December 16th, 2009 
Before You Invest The US government has allowed Citigroup to escape paying billions of dollars in taxation as part of the deal that will see the bank return $20 billion worth of its taxpayer bailout from the Troubled Asset Relief Program (TARP), it has been reported.Last week, the Internal Revenue Service gave Citigroup an exception to long-standing tax rules in order to help maintain the price of the shares in the company, reports the Washington Post.As part of last year’s $45 billion bailout of the financial institution, the government converted $25 billion of its TARP funds into a 34 per cent share in Citigroup.The Treasury said it will be selling these shares off to private investors over the course of the next 12 months to end government interest in the firm.Citigroup is plotting to raise the funds to pay back the $20 billion by selling $17 billion worth of common stock and around $3.5 billion in securities.
Wells Fargo joins Citigroup, others in exiting TARP
December 15th, 2009 Before You Invest Wells Fargo announced that it will repay the government for the $25 billion it received through the Troubled Asset Relief Program, hours after Citigroup confirmed that it had reached a deal to exit the program. Wells Fargo plans to raise $10.4 billion in a share sale to bolster its capital.
Posted in Finance Fraud 
Tags: Business Economy, Ceo John, Citigroup, Confidence, Exit, Financial Markets, John Stumpf, Tarp, Wells Fargo 
No Comments »Treasury to get at least $50B in initial TARP repayments
June 10th, 2009 Before You Invest The Treasury is expecting to receive at least $50 billion from banks that were approved to exit the Troubled Asset Relief Program, sources said, and as many as 10 banks received approval. While many of the banks are expected to continue tapping other government programs, the repayments indicate the banking sector is seeing significant improvement.
Posted in Finance Fraud Tags: Banking Sector, Banks, Exit, Government Programs, Program Sources, Relief Program, Repayments, Significant Improvement, Treasury, Wsj No Comments »
