Chrysler Financial cuts 9 percent of workforce, closes service centerJune 30th, 2009 Chrysler Financial to cut 9 percent of workforceDETROIT — Chrysler's former financial arm says it will reduce its workforce by 9 percent as it restructures and closes a customer service center in Overland Park, Kansas. Chrysler Financial, a company separate from Chrysler Group, says the moves come as it no longer serves as the automaker's preferred lender for financing Chrysler vehicle purchases and dealer inventories.
Congressional Budget Office lowers estimate of bailout costs to $159 billionJune 26th, 2009 CBO lowers estimate of bailout costs to $159BWASHINGTON — The nonpartisan Congressional Budget Office estimates that taxpayers will lose about $159 billion from the government's bailouts of the financial and auto industries. While a massive figure, the CBO put the total cost of the bailouts at $356 billion in March.
Bank of New York Mellon repays $3 billion received as part of government programJune 17th, 2009 Bank of New York Mellon repays TARP fundsNEW YORK — Bank of New York Mellon said Wednesday it repaid the $3 billion it received last fall as part of the government's $700 billion bank investment program. Bank of New York Mellon received the money as part of the Treasury Department's Troubled Asset Relief Program to help revive the stagnant credit and lending markets amid one of the worst periods of the credit crisis.
Goldman Sachs completes repayment of $10 billion received as part of government programJune 17th, 2009 Goldman Sachs repays government investmentNEW YORK — Goldman Sachs Group Inc. said Wednesday it has repaid the $10 billion it received last fall as part of the government's $700 billion bank bailout program.
Northern Trust repays $1.58 billion received as part of government investment programJune 17th, 2009 Northern Trust repays government investmentCHICAGO — Northern Trust says it has repaid the $1.58 billion it received last fall as part of the government's $700 billion bank bailout program. Chicago-based Northern Trust received the money as part of the Treasury Department's program to help revive the stagnant credit and lending markets amid one of the worst periods of the credit crisis.
Capital One repays $3.57 billion received as part of government investment programJune 17th, 2009 Capital One repays $3.57B in TARP fundsNEW YORK — Capital One Financial Corp. says it repaid the $3.57 billion it received last fall as part of the government's $700 billion bank investment program.
American Express repays $3.39 billion received as part of government investment programJune 17th, 2009 American Express repays $3.39B in TARP fundsNEW YORK — American Express Co. said Wednesday it repaid the $3.39 billion it received last fall as part of the government's $700 billion bank investment program.
State Street Corp. repays $2 billion receives as part of government investment programJune 17th, 2009 State Street repays $2B in TARP fundsNEW YORK — State Street Corp. says it was among the banks to repay $2 billion it received last fall as part of the government's $700 billion bank investment program.
16 of 19 stress-tested banks raise $75.2B in capital since early May, mostly by selling stockJune 8th, 2009 Stress-tested banks raise $75.2 billion in capitalSixteen of the 19 large banks that underwent government stress tests last month have raised more than $75 billion in capital, either because regulators required it or because the banks want to return federal bailout funds. Banks have also been issuing debt to prove to officials that they can finance operations on their own.
Judge approves agreement to make GMAC preferred lender for Chrysler dealers and customersMay 12th, 2009 Judge OKs deal to make GMAC top Chrysler lenderNEW YORK — A bankruptcy judge says GMAC can become Chrysler's preferred lender. Pending the completion of certain documentation, U.S.
Citigroup's loans using TARP grow to $44.75B; bank sets aside $5B to lend to municipalitiesMay 12th, 2009 Citigroup: TARP loans near $45 billion markNEW YORK — Citigroup Inc. is using its $45 billion in government capital to make nearly that much in new loans.
Judge to consider motion for GMAC to take over Chrysler vehicle loansMay 11th, 2009 Chrysler to ask judge to approve GMAC agreementNEW YORK — Chrysler LLC will ask a bankruptcy judge on Tuesday to allow General Motors Corp's lending arm to take over making auto loans for Chrysler's customers and dealers. Chrysler two weeks ago said its lending arm, Chrysler Financial, would no longer provide vehicle financing.
Details on the 7 regional banks that were subjected to federal 'stress tests'May 8th, 2009 7 regional banks subjected to federal stress testsHere are details about the seven regional banks subjected to federal "stress tests" to see how they would fare if the recession worsened. Five of the seven — Regions Financial Corp., SunTrust Banks Inc., KeyCorp, Fifth Third Bancorp and PNC Financial Services Group Inc.
Chrysler Financial to immediately stop dealer wholesale financingMay 2nd, 2009 Chrysler Financial to suspend dealer financingFARMINGTON, Mich. — Chrysler Financial says it's temporarily suspending financing for Chrysler dealers effective immediately.
Chrysler to file for Chapter 11, receive up to $8 billion more in gov't aid during bankruptcyApril 30th, 2009 Chrysler to get up to $8B from govt for bankruptcyWASHINGTON — Chrysler will file for Chapter 11 bankruptcy protection in New York on Thursday and will be eligible for up to $8 billion in federal aid to rebuild the ailing automaker, according to senior administration officials. The officials say bankruptcy is necessary after talks with some of Chrysler's holdout creditors over the company's $6.9 billion in debt fell apart last night.
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