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Billions in U.S. Bank Rescue Funds are Fueling Buyouts Worldwide – Instead of Lending at Home
Bank of American Corp. (BAC), which is getting $15 billion from the U.S. government as part of the Treasury Department’s $250 billion “recapitalization” effort, is doubling its stake in state-owned China Construction Bank Corp., and will hold a 20% stake worth $24 billion in China’s second-largest lender when that deal is finalized.
PNC Financial Services Group Inc. (PNC), which will get $7.7 billion from Treasury’s Troubled Assets Relief Program (TARP), is using that cash infusion to help finance its $5.2 billion buyout of embattled…
5Dec2008 | Money Morning | Comments Off | ContinuedSoaring PPI Coupled with Plunging Housing Starts Spotlights Struggling U.S. Economy
U.S. companies were hit with the largest annual jump in wholesale prices in 27 years during July, while housing starts dropped to their lowest level in 17 years, the latest indicators that ruinous stagflation is tightening its grip on the U.S. economy for the first time in decades.
“Inflation is way too hot and with housing way too cold, we have the opposite of a Goldilocks economy,” Joel Naroff, president and chief economist of Naroff Economic Advisors, said in a note to clients after two separate U.S. government reports were released.
The Labor Department announced that the producer…
20Aug2008 | Money Morning | Comments Off | Continued
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