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FOR IMMEDIATE RELEASE: December 23, 2009 CONTACT: Treasury Public Affairs (202) 622-2960
TREASURY RECEIVES $45 BILLION IN REPAYMENTS
FROM WELLS FARGOAND CITIGROUP
TARP Repayments Now Total $164 Billion
– Today, the U.S. Department of the Treasury received repayments on its
Troubled Asset Relief Program (TARP) investments in Wells Fargo and
Citigroup in the sum of $45 billion, bringing the total amount of
repaid TARP funds to $164 billion. Wells Fargo repaid $25 billion under
the Capital Purchase Program (CPP) and Citigroup repaid $20 billion
under the Targeted Investment Program (TIP), both of which will wind
down at the end of this year. Treasury now estimates that total bank
repayments should exceed $175 billion by the end of 2010, cutting total
taxpayer exposure to the banks by three-quarters.
addition, effective today, Treasury, the Federal Reserve, the Federal
Deposit Insurance Corporation and Citigroup terminated the agreement
under which the U.S. government agreed to share losses on a pool of
originally $300 billion of Citigroup assets. This arrangement was
entered into in January of this year under Treasury’s Asset Guarantee
Program (AGP) and was originally expected to last for 10 years. The
U.S. government parties did not pay any losses under the agreement and
will keep $5.2 billion of $7 billion in trust preferred securities as
well as warrants for common shares that were issued by Citigroup as
consideration for such guarantee. With this termination, the AGP is
being terminated at a profit to the taxpayer.
currently estimates that TARP programs aimed at stabilizing the banking
system will earn a profit thanks to dividends, interest, early
repayments, and the sale of warrants. Total bank investments of $245
billion in FY2009 that were initially projected to cost $76 billion are
now projected to bring a profit. Taxpayers have already received over
$16 billion in profits from all TARP programs and that profit could be
considerably higher as Treasury sells additional warrants in the weeks
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Become a polymath
this month! Our Christmas issue introduces articles on topics as varied
as progress, what America offers immigrants, dirt, Detroit and
languages. On The Economist online, our Diversions section
will help add to (or take your mind off) the festive frenzy, and we
have a live online debate on European holidays. Also this month, we won
an award for one of our covers courtesy of Advertising Age.
Christmas double issue Keep the conversation sparkling and ensure your festive season is a cracker with our Christmas double issue.
The idea of progress
forms the backdrop to civilisation. Yet while technology and GDP
advance, morals and society are treading water. Our article
investigates why the modern view of progress is so impoverished.
Out of the whole of America's population,
38m are foreign-born. We look at why people want to live in the land of
the free and ask what America offers immigrants and what they offer
Did you have a shower this morning? Does the idea
of "stinking of sweat, stables, feet and garlic", like France's Henri
IV, fill you with horror? While the world spends billions each year on
personal and household cleaning products, research now suggests dirt may be healthy not harmful.
One-third of its housing stock is vacant, unemployment runs at 28% and
it faces a £300m budget deficit. Yet it is not all doom in dilapidated Detroit. We explore how making art out of abandonment is bringing the mojo back to Motown.
Half of the world's 6,000 languages may be gone in a century. We go in
search of the most difficult, from English and Latin, to Cantonese,
Kwaio and Bora. The winner? Tongue-tying Tuyuca, from the eastern Amazon, spoken by fewer than 1,000 people.
Keep your brain buzzing with our Diversions. Well Red, our quiz based
on the current issue, asks when did rice first reach Japan, what fate
was suffered by Elizabeth Feodorovna, and Which Greek playwright wrote
a play called "The Clouds"?
Passed with flying colours?
Then challenge family and friends to our Christmas quiz. Who was Bertie
Felstead? Where did St Nicholas come from? And what, according to
French tradition, is thrown on the fire to divine the year ahead: a bag
of onions; a log doused with brandy; a handful of chestnuts; the
Online debate Does the thought of going back to work in the New Year fill you with dread or delight? Take a look at our online debate:
"This house asks whether Europeans would be better off with fewer holidays and higher incomes."
Europeans take several weeks' holiday throughout the working year with
many having an extended break on full pay during the festive period. By
contrast their cousins over the pond work for longer—but are richer.
Who is better off? The relaxed and rested Europeans with their joie de
vivre, or the affluent Americans with their bulging bank accounts?
Moderator: John O'Sullivan, economics correspondent, The Economist.
For the motion we have: Robert J. Gordon, Professor in Social Sciences,
Northwestern University, and arguing against is: John de Graaf,
Executive Director, Take Back Your Time.
Schedule Closing: December 29th Winner announcement: December 31st
Best magazine covers of the decade
Kim Jong Il, North Korea's "Dear Leader", caused consternation
throughout the noughties with his missile tests and pursuit of nuclear
weapons. Our tongue-in-cheek "Rocket man" cover has won an Advertising Age award for one of the best magazine covers of the decade. Put a smile on your face by clicking on the button below.
First issue of the New Year Our first issue of 2010 will be published online on Wednesday December 30th. Can't wait? Then look out for updates on The Economist online throughout the holiday period, or check us out on Twitter and Facebook.