美政府宣布拯救花旗方案

audream

美國政府公布拯救花旗集團方案，注資2百億美元購入花旗股份，並擔保其逾3千億美元不良資產。
                                                美國財政部、聯邦儲備局及聯邦存款保險公司發表聯合聲明，公布這次拯救花旗的方案。當局希望這方案能重建外界對花旗的信心，並藉此強化金融體系、保障美國納稅人和美國經濟的利益。
美國政府將從7千億美元的救市方案中撥出2百億美元用於購入花旗集團的股份，而花旗集團將向政府所持股份提供年利率8%的股息作為回報。(美聯社)

U.S. Approves Plan to Help Citigroup Weather LossesFederal regulators approved a radical plan to stabilize Citigroupin an arrangement in which the government could soak up billions ofdollars in losses at the struggling bank, the government announced lateSunday night.

The complex plan calls for the government to back about $306 billionin loans and securities and directly invest about $20 billion in thecompany. The plan, emerging after a harrowing week in the financialmarkets, is the government’s third effort in three months to containthe deepening economic crisis and may set the precedent for othermultibillion-dollar financial rescues.
Citigroup executivespresented a plan to federal officials on Friday evening after aweeklong plunge in the company’s share price threatened to engulf otherbig banks. In tense, round-the-clock negotiations that stretched untilalmost midnight on Sunday, it became clear that the crisis ofconfidence had to be defused now or the financial markets could plungefurther.
Whether this latest rescue planwill help calm the markets is uncertain, given the stress in thefinancial system caused by losses at Citigroup and other banks. Eachprevious government effort initially seemed to reassure investors,leading to optimism that the banking system had steadied. But thosehopes faded as the economic outlook worsened, raising worries that morebank loans were turning sour.
President-elect Barack Obamawas also working over the weekend to shore up confidence in the rapidlyfaltering economy. Mr. Obama signaled that he would pursue a far moreambitious plan of spending and tax cuts than he had outlined during hiscampaign and planned to announce his economic team on Monday. SomeDemocrats in Congress, meantime, were calling for the government tospend as much as $700 billion to stimulate the economy over the nexttwo years. Federal Reserve Chairman Ben Bernanke was involved duringthe discussions.
Mr. Obama’s expected choice for Treasury secretary, Timothy F. Geithner, the president of the Federal Reserve Bank of New York,played a crucial role in the negotiations on Friday but took a lessactive role once news of his appointment was circulated. While theinitial focus of government officials was to help the embattledcompany, they may also seek to draw up an industrywide plan that couldhelp other banks.
The plan could herald another shift in thegovernment’s financial rescue. The Treasury Department first proposedbuying troubled assets from banks but then reversed course and beganinjecting capital directly into financial institutions. Neither plan,however, restored investors’ confidence for long.
“Byintervening, they are giving the market some heart to temporarily staveoff some fear — but you can only push that so much,” said Charles R.Geisst, a financial historian and professor at Manhattan College.
Bankingindustry officials said the decision to support Citigroup, whilenecessary, could draw a firestorm of criticism from smallerinstitutions that were not big enough to be saved.
Under theagreement, Citigroup and regulators will back up to $306 billion oflargely residential and commercial real estate loans and certain otherassets, which will remain on the bank’s balance sheet. Citigroup willshoulder losses on the first $29 billion of that portfolio.
Anyremaining losses will be split between Citigroup and the government,with the bank absorbing 10 percent and the government absorbing 90percent. The Treasury Department will use its bailout fund to assume upto $5 billion of losses. If necessary, the Federal Deposit Insurance Corporation will bear the next $10 billion of losses. Beyond that, the Federal Reserve will guarantee any additional losses.
Inexchange, Citigroup will issue $7 billion of preferred stock togovernment regulators. In addition, the government is buying $20billion of preferred stock in Citigroup. The preferred shares will payan 8 percent dividend and will slightly erode the value of shares heldby investors.
Citigroup will also agree to certain executive compensationrestrictions, which will be reviewed by regulators. It will also put inplace the F.D.I.C.’s loan modification plan, which is similar to one itrecently announced.
The government said it was taking the step tobolster the economy while protecting taxpayers. “We will continue touse all of our resources to preserve the strength of our bankinginstitutions and promote the process of repair and recovery and tomanage risks,” the regulators said in a joint statement Sunday.
Inside Citigroup’s Park Avenue headquarters, the mood was tense. Through the weekend, Robert E. Rubin,the former Treasury secretary and an influential executive and directorat Citigroup, held several discussions with Treasury Secretary Henry M. Paulson Jr.
Vikram S. Pandit,Citigroup’s chief executive, spoke to regulators and lawmakers. Mr.Pandit also met with Citigroup’s board on Saturday, and there was noindication that they would seek to replace him.
Once thenation’s largest and mightiest financial company, Citigroup lost halfits value in the stock market last week as the bank confronted a crisisof confidence. Although Citigroup executives maintain the bank issound, investors worry that its finances are deteriorating. Citigrouphas suffered staggering losses for a year now, and few analysts thinkthe pain is over. Many investors worry that it needs more capital.
Withmore than $2 trillion in assets and operations in more than 100countries, Citigroup is so large and interconnected that its troublescould spill over into other institutions. Citigroup is widely viewed,both in Washington and on Wall Street, as too big to be allowed tofail.
Citigroup executives reached out to the Federal Reserveand the Treasury last week as they sought to stabilize the company’sstock. All major bank stocks have been battered in recent weeks,including those of Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley.
Citigroup’s shares have been hit particularly hard. A year ago they were trading at about $30; on Friday they closed at $3.77.
Theplan under discussion is reminiscent of the one that Citigroup and theF.D.I.C. worked out in October with Citigroup’s proposal to buy the Wachovia Corporation. That deal fell through, however, when Wells Fargo swept in with a higher offer.
Under that plan, Citigroup agreed to bear a certain level of Wachovia’slosses, with the federal agency absorbing the rest. In exchange,Citigroup agreed to give the F.D.I.C. preferred stock.
It is also similar to an effort orchestrated by Swiss financial regulators for UBS,another big global bank. Last month, the Swiss central bank and UBSreached an agreement to transfer as much as $60 billion of troubledsecurities and other assets from UBS’s balance sheet to a separateentity.

jialiren

谢谢好消息

bulaohu

三千亿的不良资产？OMG

西蒙

想当年，还拿花旗银行的网络银行创新业务做主题材料写过论文呢。
真是此一时彼一时。

[ 本帖最后由 西蒙 于 2008-11-25 14:01 编辑 ]

tonyju626

The bigger you are, the softer you fall...

shangpin

用一个错误，去掩饰前一个错误。

inferencemel

As the government won't let you fall.

wdmznzd

从Henry Paulson的第一个7000亿救市计划开始，美国政府就只有硬着头皮救下去了，下周还是要就汽车业。