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Tag Archives: great depression
U.S. Treasury Sells Final Shares of AIG Common Stock. Taxpayers Earn $22.7 Billion! More Profits to Come from the Bailout
Along with today’s stock sale, the return to date on the Federal Reserve and Treasury’s combined $182 billion commitment to bailout AIG during the financial crisis is now $22.7 billion. Treasury has now earned a positive return of $5 billion and the Federal Reserve has posted a profit of $17.7 billion. Continue reading
Ford Motor Q1 Prelim Results Hint at COVID-19 Illiquidity
Ford’s Q1 vehicle wholesales were down 21% from a year ago, largely as a result of lower production and demand related to the coronavirus. Ford currently expects to report revenue of about $34 billion and first-quarter adjusted losses before interest and taxes of about negative -$0.6 billion, which excludes about $0.3 billion of special-item charges. The company has not yet calculated its tax rate for the first quarter and is not able to provide its preliminary net loss or loss per share. As of 9 April, the company had about $30 billion in cash on its balance sheet, including $15.4 billion of proceeds from borrowings last month against two existing credit lines. Continue reading →