(Reuters) – U.S. Treasury Secretary Timothy Geithner on Monday will unveil the Obama administration’s plans for using the remaining money in the $700 billion financial bailout program approved by Congress in October.
The Treasury said on Friday it has disbursed $295.02 billion from the Troubled Asset Relief Program but has made further pledges that would leave it with about $320 billion to tap.
Following is an outline of TARP funds spent or pledged so far:
— $250 billion pledged for purchases of senior preferred shares and warrants in banks and thrifts under the Capital Purchase Program.
In the most recent report on TARP transactions through January 30, the Treasury said it has completed equity purchases totaling $195.33 billion in 359 institutions.
— $20 billion pledged for Bank of America (BAC.N) as part of a package in which the government agreed to share in losses on $118 billion of assets. The $20 billion is in addition to $25 billion for the bank disbursed under the $250 billion Capital Purchase Program.
— $20 billion investment in Citigroup (C.N) as part of a package in which the government agreed to share in losses on $301 billion of assets. In addition to the $20 billion investment, the Treasury agreed to cover up to $5 billion in losses on the portfolio with TARP funds.
— $40 billion investment in troubled insurer American International Group (AIG.N).
— $20.9 billion to prop up the U.S. auto industry. The amount is made up of $10.4 billion in loans to General Motors Corp (GM.N), including $1 billion for GM to help its financing affiliate GMAC reorganize as a bank holding company; a $4 billion loan for Chrysler LLC CBS.UL; a $5 billion direct investment in GMAC; and a $1.5 billion loan for Chrysler Financial. GM could also qualify for a further loan of $4 billion in March.
— $20 billion pledged to cover potential losses for a Federal Reserve program aimed at improving consumer access to credit.
For details on money already disbursed and recipients, see www.treas.gov/initiatives/eesa/transactions.shtml.
(Compiled by Reuters Washington bureau)
September 18 –
International Equal Pay Day
“Increase wages now,
more than other cost items.
For widespread, practical equality!”
Invoke Article 33 of the ILO Constitution
against the military junta in Myanmar
to carry out the recommendations of the 2021 ILO Commission of Inquiry
against serious violations of protocols of
Forced Labour and Freedom of Association.
Accept the National Unity Government (NUG)
of Myanmar. Reject Military!
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September –
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8 Sept – International Literacy Day
12 Sept – United Nations Day for South-South Cooperation
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