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U.S. again says China not currency manipulator
WASHINGTON — The US Treasury on Tuesday again stopped short of labeling China a currency manipulator, noting gains in the value of the yuan, but said the currency remains “significantly undervalued.” In a twice-yearly finding to answer congressional critics of China’s overwhelming bilateral trade advantage, the Treasury declined to slap…
U.S. Treasury to sell $5 billion of AIG stock
The US Treasury is to sell $5 billion worth of shares in American International Group Inc. (AIG) in a stock offering, with the bailed-out insurer buying $2 billion. AIG, seen as a symbol of the excesses that epitomized the global financial meltdown in 2008, was saved from almost certain bankruptcy…
Mortgage-backed securities that brought about the financial crisis earned the U.S. Treasury $25 billion
The US Treasury said Monday it had earned $25 billion from investments it made in mortgage-backed securities during the height of the financial crisis in 2008-2009. Announcing the completion of its disposal of its position in the securities, which were at the center of the meltdown of the financial system,…
$2 trillion error in S&P calculations: US Treasury
The US Treasury has hit back against a Standard and Poor’s downgrade of its AAA credit rating, saying there was a $2 trillion dollar error in the agency’s calculations. “A judgment flawed by a 2 trillion dollar error speaks for itself,” a Treasury spokesman said, just after the US lost…
U.S. borrowing to surge after debt ceiling raised
WASHINGTON — The US Treasury said Monday that it will step up borrowing after the debt ceiling is raised, expected this week if a highly contentious legislation crafted over the weekend clears Congress. In its quarterly funding plans, the Treasury said it expected to issue $331 billion in net debt…
US Fed delivers $79 billion boost to government
WASHINGTON – The US central bank was a pretty profitable business in 2010, returning $79.3 billion to the government, much of it interest on securities bought to prop up the economy, it said Tuesday. The Federal Reserve published its official accounts showing a net profit of $81.7 billion, a 53…
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