This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
$1 buys you full access to ALL of TheStreet's Subscription Services! Learn More

TARP Banks, AIG: Tuesday's Headlines

NEW YORK ( TheStreet) -- Here are the top stock market headlines for the morning of Tuesday, Nov. 24, 2009.

Tuesday's Early Headlines

  • Fed Reportedly Asks Banks for TARP Plans -- Bloomberg reports that the Federal Reserve this month asked nine U.S. banks which were part of this year's stress tests to submit plans including a timetable to repay funds from the Troubled Asset Relief Program, citing a person familiar with the situation. The nine banks are Bank of America (BAC), PNC (PNC), Citigroup (C), Fifth Third Bancorp (FITB), GMAC, KeyCorp (KEY), Regions Financial (RF), SunTrust (STI) and Wells Fargo (WFC). These banks received a combined $142 billion in TARP funds out of the total $700 billion Congress authorized in 2008, Bloomberg noted.
  • U.S. Officials Want Pay Czar to Ease AIG Compensation Curbs -- The Wall Street Journal reports that federal officials have been urging pay czar Kenneth Feinberg to ease the compensation restrictions at American International Group (AIG) for 2010, arguing that the taxpayer would ultimately bear the burden if the restrictions are too severe. Federal Reserve and Treasury officials told Feinberg that tough restrictions ultimately could jeopardize the government's ability to recoup its roughly $90 billion in loans because key employees would leave.
  • Citigroup Sells Diners Club to BMO -- Citigroup will sell its Diners Club North American franchise to BMO Financial (BMO). Citigroup said the sale would reduce its assets in Citi Holdings by about $1 billion and isn't expected to have a material impact on Citigroup's net income or capital ratios. The transaction is expected to close by March 31, 2010. BMO said the agreement represents net receivables of almost $1 billion and about 7.8 billion in card transactions.
  • E.U. Drops Qualcomm Antitrust Probe -- The European Commission closed a two-year investigation against chipmaker Qualcomm (QCOM) after companies that complained dropped their charges. Companies such as Broadcom, Nokia and Ericsson claimed that Qualcomm broke agreements among patent holders of third-generation cellphone equipment to keep costs at reasonable levels
  • Lloyds Plans U.K.'s Biggest Rights Issue -- Lloyds Banking Group (LYG) will issue a total of 36.5 billion new shares on the basis of 1.34 new shares for every one existing ordinary shares as on the record date of Nov. 20. Lloyds expects to raise a record $22.3 billion (13.5 billion pounds) and avoid taking part in the government's asset protection scheme which would have increased public ownership from 43% to above 60%.

1 of 2

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,810.06 +91.06 0.51%
S&P 500 2,063.50 +10.75 0.52%
NASDAQ 4,712.97 +11.1030 0.24%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs