In today’s news update, we have links to updates on Citigroup repaying the government for the bailout, climate negotiations and an update on the healthcare debate.
Dec. 14 (Bloomberg) — Citigroup Inc., recipient of the biggest U.S. bank bailout, struck a deal with regulators to repay $20 billion to taxpayers and escape government-imposed pay restrictions.
Citigroup, the only major U.S. lender still dependent on what the government calls “exceptional financial assistance,” will raise the funds with a sale of $20.5 billion of equity and debt. The New York-based company also plans to substitute “substantial common stock” for cash compensation, the bank said in a statement today.
COPENHAGEN — Ongoing climate negotiations were temporarily upended on Monday when dozens of developing countries threatened to walk out in protest, saying that the world’s richer countries were not doing enough to cut their greenhouse gas emissions.
The move seemed to be tactical, as climate talks entered a second, more serious week, and by Monday afternoon, representatives from developing countries said they were ready to return to the table. Still, the threat of nonparticipation underscored the tenuous balance between richer and poorer nations.
WASHINGTON — Embedded in sweeping health legislation passed by the House and being debated on the Senate floor is a major new federal insurance program for long-term care intended to help people like Anne M. Rader.
Ms. Rader, 45, works at Booz Allen Hamilton as a consultant to federal agencies on emergency preparedness. Even though she has cerebral palsyand multiple sclerosis, she leads a full, active life. But she worries that she will lose her independence if her conditions grow worse.
Economic Update – Bailouts
With the economic situation of today, here are some quick updates on the bailout. In our July 21st economic update focuses on the bailout as it approaches $24 trillion.
The subprime mortgage crisis, covered in two McCuistion TV episodes, The Cause of the Economic Crisis in America and What Is the True State of the 2009 Economy, has resulted in bailouts that have amassed levels of proportion that according to Mike Shedlock, an investment advisor, are at levels that “simply become incomprehensible.” Mike Shedlock’s posting on TARP Special Investigator Says Bailout Total May Reach $23.7 Trillion gives substantial coverage on the state of the 23.7 trillion dollars in bailout money.
Paul Watson of PrisonPlanet.com asserts that that is equivalent to $80,000 per American. He posted a CNBC video on this economic update on his website.
According to Editor Andrew Sorkin economic update on yesterday’s post on DealBook, “More than 80 percent of the banks that received federal bailout funds said the money had helped them increase lending or avoid a drop in lending as the recession worsened this year, according to a new survey released Sunday.”
ClusterStock offers a chart that shows the growth of bailout money since bailouts began to be distributed.