What’s the fallout of paying off TARP money when you’re really not ready? Citigroup ended up losing $7.6 billion in the 4th quarter of 2009, and Bank of America ended up reporting a loss of around $5.2 billion for the same time period.
They stated that their loss was due [...]
On the heels of the bad news from Citigroup regarding their bad 4th quarter and good news from Chase regarding their 4th quarter, I decided to combine some of the reports from the rest of the bank’s all in one post just to get it all over with certain move on [...]
This was expected. Citigroup announced that they had lost around $1.6 billion in the 4th quarter of 2009, mainly from trying to pay off the federal government, and that ends up giving them a loss of $7.6 billion for the year.
That’s certainly not the best news for a banking system [...]
The Treasury Department today gave GMAC Financial Services another $3.79 billion dollars, bringing the total amount they’ve been given to more than $16 billion and, in effect, giving the government 56% ownership in the company. Who needs a quick loan?
Supposedly, this new money is to help shore GMAC up to [...]