Ben Bernanke, the Federal Reserve’s Chairman, gave a speech at the Council on Foreign Relations in Washington D.C. today.
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The U.S. Treasury Department and the Federal Reserve Board today announced a restructuring of the government’s assistance to AIG in order to stabilize this systemically important company in a manner that best protects the U.S. taxpayer.
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After the money taken by Citigroup from the TARP funds, the government decided today that we will increase our stake to 36% from 8% in the company without putting anymore cash into it.
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The press release today by Timothy Geithner, the Treasury Secretary for the Obama administration, announced a plan to help restart the flow of credit, clean up and strengthen our banks, and provide critical aid for homeowners and small businesses.
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Fannie Mae announced today that it will likely need between $11 and $16 billion from the Treasury Department.
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Last week Bank of America reported its first quarterly loss since 1991, feeling the hit from rising credit costs, including additions to reserves, and significant writedowns and trading losses in the capital markets businesses.
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