Archive for the ‘Treasury’ category

Auto Loan stopped by Republicans

December 11, 2008

Republicans would not let the auto companies get the no interest bridge loan which they need to keep their workers. Minority Senate leader Mitch McConnell (R-KY) has annouced opposition for the bill. He and other republicans want more concessiosn from the UAW.

They believe the American workers don’t deserve to earn as much as they currently do. These lawmakers want these workers to earn as much as workers for the Japanese companies of Nissan, Toyota and Honda do.

Senator McConnell does not believe the idea of a car czar with the ability to take back the money if the car makers don’t live up to their end of the bargains is strong enough.

Harry Reid will soon call the Senate to a vote and we will see how this goes.


Obama’s Cabinet… so far

December 2, 2008

Today Barack Obama named his latest additions to the staff naming Clinton, Holder, Napolitano, and Rice to his team. This is his team so far:

White House Chief of Staff Rahm Emanuel
Secretary of the Treasury Timothy Geithner
Director of the Office of Management and Budget
Peter Orszag
Secretary of State Hillary Clinton
Secretary of Defense Robert Gates
Attorney General Eric Holder
Secretary of Homeland Security Janet Napolitano
Ambassador to the United Nations Susan Rice
Secretary of Commerce Bill Richardson*
Secretary of Health and Human Services Tom Daschle*

*Richardson and Daschle have apparently been named by sources close to the campaign as soon to be designated.

Citigroup Gets Government Bailout

November 24, 2008

Henry Paulson and the Treasury Department have once again agreed to take on the burden of failed and risky assets held onto by a bank. This time it’s one of the big three banks in the United States, Citigroup bank which also runs Mexico’s second largest bank Banamex.

On top of taking on these risky assets they’re getting $20,000,000,000.00 in cash flow from Washington. In a joint statement by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp. announced the move on Sunday.

“With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy,” The said in the joint statement. “We will continue to use all of our resources to preserve the strength of our banking institutions, and promote the process of repair and recovery and to manage risks.”

Financial analysts said the failure of Citigroup would be a “nightmare scenario.”

Of course critics of the move say this is risking taxpayer dollars and will only encourage other financial institutions to make risky moves knowing the Treasury will back them up.

The biggest question out there is how will this affect me?

If you have a Citibank Checking or Savings account the following information is for you…