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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: recapitalization

recapitalization stories: 14 news summaries

(Newser) - May has already been the busiest month ever in new share offers from publicly traded companies, the Wall Street Journal reports. The $54.9 billion in sales this year put the market at a level of activity not seen since 2000. “It’s an indication that the healing process... More »

MORE ABOUT:
stock market • New York Stock Exchange • Dow Jones • recession • bank • stock offering • recapitalization • TARP

OPINION

 Time to Stress Out 
 About Stress Tests 

Washington is leading us to a second crisis: Krugman

May 8, 09 7:22 AM CDT
(Newser) - Sure, yesterday's release of the stress tests' results felt pretty anti-climatic. But while bankers might be reassured, Americans have no reason to be, writes Paul Krugman. For the New York Times columnist, the less-than-rigorous stress tests are part and parcel of an Obama administration strategy to "muddle through the... More »

MORE ABOUT:
Barack Obama • Wall Street • recession • bank failure • Obama administration • recapitalization • Timothy Geithner • stress tests

UPDATED

 US to Take 36% Stake in Citi 

Treasury will take up to 40% of bank in return for boardroom overhaul

Feb 27, 09 6:57 AM CST
(Newser) - Citigroup and the federal government have reached a deal to boost the US stake in the bank to up to 40%, the parties announced this morning. The deal gives shareholders more protection, but in return, agrees to a Treasury Department demand for an overhaul of the embattled bank's board of... More »

MORE ABOUT:
Citigroup • nationalization • Treasury Department • Vikram Pandit • financial crisis • Wall Street bailout • recapitalization

RBS Posts $34B Loss, Biggest
in UK History,
Gets 2nd Bailout

British taxpayer may soon own 95% of bank

Feb 26, 09 6:03 AM CST
(Newser) - The Royal Bank of Scotland today announced an annual loss of $34.3 billion, the largest in British corporate history, and the Treasury said it would inject another $36 billion into the troubled bank. The UK government already owns 70% of RBS, a figure that could now rise to 95%,... More »

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United Kingdom • Royal Bank of Scotland • nationalization • Britain • bailout • financial crisis • recapitalization

Citi Struggles Under Fed Oversight, About to Get More

Tottering bank may give 40% of shares to Washington

Feb 25, 09 7:45 AM CST
(Newser) - Citigroup is in talks with Washington about a restructured deal that would see the US convert its 7.8% stake of preferred shares into up to 40% of common stock. The deal would provide Citi with desperately needed capital, but would place the bank under further control of the federal... More »

MORE ABOUT:
Citigroup • Federal Reserve • nationalization • Vikram Pandit • Wall Street bailout • recapitalization

OPINION

Cramer Changes Course:
Have Faith in Geithner

It's cheaper than nationalization, and gets banks moving again

Feb 13, 09 9:46 AM CST
(Newser) - Geithner’s got it, James Cramer writes in New York—much to his own surprise. Cramer notes that he's railed against the Treasury chief for months, but he's now come around just as others have abandoned him. “The press, the pols, the Wall Streeters—they are all dumping their... More »

MORE ABOUT:
nationalization • Jim Cramer • mortgage backed securities • taxpayer money • financial crisis • recapitalization • Timothy Geithner

OPINION

No Silver Bullet for Crises Like These: Pearlstein

Complex financial system requires complicated fixes ... and lots of patience

Jan 23, 09 11:22 AM CST
(Newser) - With various factions blaming a single factor—and pushing a single solution—for the financial crisis, Steven Pearlstein of the Washington Post cautions that there won’t be a silver bullet. Reducing foreclosures, removing toxic assets, and nationalizing banks will all come into play; meantime, we must “resist the... More »

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foreclosure • mortgage backed securities • subprime crisis • financial crisis • recapitalization • Steven Pearlstein • toxic assets


 BofA Takes Another $20B  
 Bailout on $10B Merrill Loss 

Crippled by unforeseen losses and falling stock price, B of A puts its hand out. Again.

Jan 16, 09 7:01 AM CST
(Newser) - Bank of America, sucker-punched by unforeseen losses from its takeover of Merrill Lynch, received another injection of $20 billion from the Treasury, the Wall Street Journal reports, bringing the total cost of BofA’s bailout to $45 billion. BofA’s shares shed 40% of their value in the past seven... More »

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Bank of America • Merrill Lynch • John Thain • bailout • Wall Street bailout • recapitalization • TARP

Report Rips TARP Strategy (or Lack Thereof)

Failure to track funds or evaluate effectiveness troubles panel

Jan 9, 09 9:25 AM CST
(Newser) - So much for transparency. A blistering draft report being issued by a congressional oversight panel today says Treasury has failed to reveal its strategy for stabilizing the financial system and failed to answer questions asked by the watchdog group, the Wall Street Journal reports. But worse still, it’s done... More »

MORE ABOUT:
Congressional oversight • Henry Paulson • bailout • financial crisis • Neel Kashkari • recapitalization • TARP

Ireland Buys 75% of Troubled Lender in Banks Bailout

Anglo Irish goes into taxpayers' hands after scandal

Dec 22, 08 4:33 AM CST
(Newser) - Ireland became the latest nation to partially nationalize struggling banks last night, buying 75% of the deeply troubled Anglo Irish Bank and bailing out others, reports the Financial Times. The bank, whose shares had already dropped 95% from bad mortgage debts, suffered a further blow last week when its CEO ... More »

MORE ABOUT:
Ireland • mortgage debt • banking • Irish economy • rescue package • recapitalization • Anglo Irish

Treasury Hopes Bailout Will Spur Bank Mergers

Paulson seeks to reshape banking with new capital

Oct 21, 08 9:23 AM CDT
(Newser) - Treasury's $250 billion cash infusion into financial institutions is meant to increase liquidity and get banks to start lending to each other again, but it might have another effect: accelerating mergers. The New York Times reports that the government's unprecedented recapitalization is also meant to give bigger banks the... More »

MORE ABOUT:
Henry Paulson • mergers and acquisitions • merger • Treasury Department • banks • recapitalization

ANALYSIS

 How Brown 
 Became a 
 Superhero 

Glum British PM now seems more 'Flash Gordon'

Oct 15, 08 8:25 AM CDT
(Newser) - Unpopular at home and nearly invisible on the world stage, Gordon Brown endured a tough ride during his first year in power. But the global financial crisis has transformed the British prime minister, who now finds himself in the unlikely position of international superstar. As Europe, Australia, Hong Kong, and... More »

MORE ABOUT:
United Kingdom • Gordon Brown • credit market • Britain • Paul Krugman • financial crisis • recapitalization

A $250B Offer They Couldn't Refuse

In brief meeting, Paulson gave banks a 'take it or take it' deal

Oct 15, 08 7:47 AM CDT
(Newser) - When the CEOs of America's 9 largest banks arrived at the Treasury at 3pm Monday afternoon, they each received a draft one-page statement promising to sell shares to the government. By 6:30 they'd all signed them. The New York Times reconstructs the meeting, during which Henry Paulson wore down... More »

MORE ABOUT:
Bank of America • CEO • Henry Paulson • Wells Fargo • Treasury Department • financial crisis • recapitalization

OPINION

 Academics Laud Bank Plan 

Econ professors say capital infusion best option

Oct 14, 08 4:26 PM CDT
(Newser) - The Treasury gets gold stars for finally recapitalizing collapsing banks, with the Wall Street Journal reporting on reactions from economics professors:
  • Barry Eichengreen, UC Berkeley: "I would give it an A- for quality but lower the final grade to a C for lateness."
  • Kenneth Rogoff, Harvard:
... More »

MORE ABOUT:
Treasury Department • credit crisis • bailout • banks • financial crisis • recapitalization • preferred stock

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