Record $175 Billion Due Makes Banks Worst Losers
Banks are leading losses in China’s bond market this quarter as investors brace for a record $175 billion in debt due in 2014 and Standard & Poor’s warns that bad loans will escalate.
Notes issued by financial companies including China Construction Bank Corp. have lost 2.7 percent since the end of June, the most among the sectors tracked by Bank of America Merrill Lynch’s China [...]
Washington – A government auditor harshly criticized the Treasury Department for approving “excessive” pay packages for top executives at three companies that received large government bailouts.
Christy Romero, the special inspector general overseeing the $700 billion Troubled Asset Relief Program, criticized the Treasury for approving pay raises at General Motors Co., Ally Financial Inc. and American International Group Inc.
The report released Monday was critical of the Treasury’s special master overseeing executive pay [...]
Chinese buyers lead foreign investment in US housing market
According to the National Association of Realtors, non-American buyers accounted for $82 billion in home sales last year. More than $7 billion of that is by the Chinese, who are now the second largest foreign home purchasers after Canadians. They’re buying high-end, multimillion-dollar homes from California to New York and paying cash.
“They’re probably the top 1 percent of the Mandarin speakers that are [...]
Derivatives traders may take losses on the margins they post at clearinghouses during a crisis, as global plans to eradicate the dangers of too-big-to-fail financial institutions gather pace.
Losses on so-called variation margin and conversion of creditor claims into equity are among options proposed by a group of regulators last week to protect taxpayers from future financial catastrophes when other buffers are depleted. Clearinghouses act as central counterparties in derivatives [...]
TREASURY TO OFFER $4.5 BILLION OF AIG COMMON SHARES
AIG TO BUY BACK UP TO $3 BILLION OF SHARES SOLD BY TREASURY
American International Group, Inc. (AIG) today announced that the U.S. Department of the Treasury (Treasury) has launched an offering of $4.5 billion of its AIG common stock, par value $2.50 per share (AIG Common Stock). The Treasury will also grant a 30-day option to the underwriters for the offering [...]