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Dec 23, 2009

U.S. Treasury Department :TREASURY RECEIVES $45 BILLION IN REPAYMENTS FROM WELLS FARGO AND CITIGROUP



MERRY CHRISTMAS AND THE BEST IN 2010
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U.S. Treasury Department
Office of Public Affairs


 

FOR IMMEDIATE RELEASE:  December 23, 2009
CONTACT: Treasury Public Affairs (202) 622-2960


TREASURY RECEIVES $45 BILLION IN REPAYMENTS

FROM WELLS FARGO AND CITIGROUP

TARP Repayments Now Total $164 Billion

 
WASHINGTON – 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.
In 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. 
 
Treasury 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 ahead.
 

FORBES . COM : E-COMMERCE NEWSLETTER DECEMBER ; 2009



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The Economist : Publisher Newsletter

 
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Dear Reader,
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 America.

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.

Diversions
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"?
Well Red
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 in-laws?
Christmas quiz
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

Join the debate and have your say on The Economist online, or on Twitter, where you can join our Twitter poll. Or follow the argument on Facebook.
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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.
Economist cover
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.

Happy reading and happy holidays!

Yours sincerely,

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Ben Edwards
Publisher
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