“Fiorina loans campaign $2.5 million (AP via Yahoo! News)” plus 4 more |
- Fiorina loans campaign $2.5 million (AP via Yahoo! News)
- Citigroup's Dial resigns for personal reasons (Denver Post)
- SBA loans available (The Brewton Standard)
- SBA: Seek loans (The Brewton Standard)
- Fiorina loans her campaign $2.5 million, raises $1 million from donors (San Jose Mercury News)
| Fiorina loans campaign $2.5 million (AP via Yahoo! News) Posted: 11 Jan 2010 07:57 AM PST 4 seconds ago 2010-01-11T16:01:50-08:00 Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now |
| Citigroup's Dial resigns for personal reasons (Denver Post) Posted: 11 Jan 2010 06:06 AM PST NEW YORK—Citigroup Inc. said Monday that Teresa Dial is stepping down as CEO of its North America consumer banking unit for personal reasons—the latest move in a string of changes in the bank's management over the past year. She will be replaced at the division that includes the bank's branch network and Citi-branded cards business in the U.S. and Canada by Manuel Medina-Mora, who will continue to serve as chairman and CEO of Citi Latin America and Mexico. He reports to CEO Vikram Pandit. Dial will stay at the bank as a senior adviser. She had served as CEO of the unit since March 2008. Dial took over as part of Citigroup's plan to split its consumer banking division from its non-branded credit-card business as part of a broader reorganization to cut costs and simplify the large financial institution's structure. The bank, based in New York, was among the hardest hit by the recession as defaults on consumer loans mounted and the value of some investments declined. It was forced to take $45 billion in government aid, a portion of which was converted into a 34 percent stake in the bank. During the past year Citi has seen turnover among some of its top-ranking workers, while trying to return to consistent profitability and overhaul its operations. The bank lost $3.24 billion in the third quarter, but earned $101 million excluding dividend payments and costs tied to the government taking a stake in the bank. Citi had three different chief financial officers last year. It also had to replace its head of Asia Pacific operations over the summer after he left for a job at MasterCard Inc. There has also been heavy turnover on the board of directors. The latest move came last week when John Deutch said he won't seek re-election at the annual shareholders meeting in April. In other personnel news Monday, reports circulated that Citigroup is moving the CEO of its Japan unit back to New York after a six-year stint that ended with the bank quickly unloading assets in the country. Douglas Peterson will be replaced by Darren Buckley, president of Citibank Japan Ltd., the Wall Street Journal said, without naming its source. Peterson will help Citi wrap up the repayment of government bailout money, the Journal said. Citigroup raised $20 billion in December to help repay the money it received as part of the Troubled Asset Relief Program. The remaining $25 billion was converted to stock last fall. The government said it plans to sell that stake in the bank over the next year. As one of the biggest recipients of government aid, Citi faced close regulatory scrutiny over its operations last year, including reviews of management. The bank was also forced to limit compensation for top officials. The pay restriction was lifted after the bank paid back the $20 billion in aid last month. In a statement, Citigroup said Dial helped improve the profitability of its U.S. retail banking business by lowering expenses and speeding up deposit growth. Citigroup's North American consumer banking business operates more than 1,000 branches in the U.S. and Canada and has 25 million branded credit cards. It had $139 billion in deposits and $34 billion in assets under management at the end of the third quarter. Shares of Citi rose 3 cents to $3.62 in afternoon trading. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| SBA loans available (The Brewton Standard) Posted: 11 Jan 2010 07:30 AM PST Businesses affected by last month's flooding can qualify low-interest disaster loans from the U.S. Small Business Administration. "This is the only assistance we could get for businesses and individuals," Escambia County Emergency Management Director David Adams said. "It's a loan, not a grant, but it is better interest rates than they could get elsewhere." Damage in the county to businesses and homes did not meet a threshold for assistance from the Federal Emergency Management Agency, but local governments are still awaiting an assessment from FEMA to see if they will receive help to pay for damage to roads and bridges and other flood costs. Adams said he does not expect an answer from FEMA until later this month. SBA officials will be available next week in Atmore and the following week in Brewton to assist businesses with their applications. "The SBA is strongly committed to providing the people affected by these storms and floods with the most effective and customer-focused response possible, to assist homeowners, renters, and businesses of all sizes with federal disaster loans," said SBA Administrator Karen G. Mills. "Getting our businesses and communities up and running after a disaster is our highest priority." Mills said the SBA loans were made available in response to a request from Alabama Gov. Bob Riley for a disaster declaration after flooding the week of Dec. 12-18. The declaration covers Escambia County as well as Baldwin, Conecuh, Covington and Monroe counties in Alabama and Escambia, Okaloosa and Santa Rosa counties in Florida. "Loans up to $200,000 are available to homeowners to repair or replace damaged or destroyed real estate. Homeowners and renters are eligible for loans up to $40,000 to repair or replace damaged or destroyed personal property," said Frank Skaggs, director of SBA's Disaster Field Operations Center in Atlanta. SBA will have customer service representatives available in Atmore and Brewton this month to issue loan forms, answer questions and explain the process of filing applications. SBA representatives will be at the Atmore Public Library Tuesday, Jan. 5, through Friday, Jan. 8 from 8 a.m. to 4:30 p.m. and Saturday, Jan. 9, from 8 a.m. to 1 p.m. They will be at the Emergency Management Office at the Escambia County Courthouse in Brewton from 8 a.m. to 4 p.m. Monday, Jan. 11, and Tuesday, Jan. 12. Adams said SBA officials will be in Atmore for more days because that city saw more damage from flash flooding than Brewton saw from creek flooding. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. This posting includes an audio/video/photo media file: Download Now |
| SBA: Seek loans (The Brewton Standard) Posted: 11 Jan 2010 07:14 AM PST Small Business Association officials have some advice for those affected by last month's flood: "Don't be afraid of the word 'loan.'" That's what SBA spokesman Richard Daigle advised business owners ahead of the group's meetings this week in Brewton with affected merchants. If business owners are approved for a loan, they can still reject the funds, Daigle said. But if they miss the deadline, they won't have the opportunity for assistance. "We encourage them to apply as soon as they can," he said. "Sometimes people think they won't be approved, or they immediately dismiss it because it's a loan. When they are approved, they have the choice to use or not use the loan." SBA officials were in Atmore last week and will continue their meetings at the Atmore Public Library today until 1 p.m. They will be in Brewton Monday and Tuesday from 8 a.m. to 4 p.m. at the emergency management office in the Escambia County Courthouse. "This is a loan, not a grant, but it can provide a great deal of money," Daigle said. Daigle said interest rates could be as low as 2.5 percent on the loans. SBA workers Daphene Graham and Beth Baldree were in Atmore last week to help business owners and homeowners fill out applications for loans. "Whether you are a homeowner, business owner or you rent, we hope to get them enough money to help them get their property in the condition it was in before the storm," Graham said. Baldree said applications will be filed and processed quickly. Applicant Cynthia Cooper of Atmore said she wasn't sure how the loan would help. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
| Fiorina loans her campaign $2.5 million, raises $1 million from donors (San Jose Mercury News) Posted: 11 Jan 2010 08:44 AM PST WASHINGTON — Former Hewlett-Packard Chief Executive Carly Fiorina kick-started her bid for U.S. Senate with a $2.5 million loan to her campaign, and raised almost $1.1 million from donors, her campaign said Monday. Fiorina, a multimillionaire Republican trying to unseat three-term incumbent Sen. Barbara Boxer, D-Calif., in her first campaign for elected office, spent $830,000 from mid-August through December ramping up her campaign, leaving her with $2.7 million in cash on hand. Fiorina's campaign disclosed her fundraising totals in a news release Monday, even though 2009 campaign reports for the Senate race aren't due until the end of January. She did not release her list of itemized contributions or the timing of her loan, but said more than four-fifths of her outside donations were in amounts of $250 or less. She said she raised $232,000 online. Fiorina has said she does not intend to bankroll her campaign on her own, but the $2.5 million loan suggests she is willing to sacrifice significant sums of her personal wealth to fuel her uphill bid. She told reporters in November that she had loaned her campaign money but declined at the time to say how much. Ousted as HP's CEO in 2005 after a rocky six-year stint at the helm, Fiorina has assets totaling between $30 million and $119 million, according to her federal financial disclosure statement, which requires that assets be reported only in broad categories. "Frank and I have invested in this campaign because we've been blessed and believe that 2010 will mark the resurgence of" Republican values such as smaller government and job creation, Fiorina said in a news release. Her husband, Frank Fiorina, is a former AT&T executive.Fiorina's decision to inject money into her campaign in the form of a loan, instead of a contribution, allows her to pay herself back with future donations from supporters. Fiorina's early announcement of her fundraising totals came as speculation mounted that Republican gubernatorial candidate Tom Campbell was preparing to drop out of the governor's race, possibly to enter the Senate race. A Campbell Senate candidacy could hurt Fiorina because both are from Silicon Valley and viewed as moderates within their party. Boxer had $6.3 million in cash on hand as of the end of September. Fiorina's Republican primary opponent, state Assemblyman Chuck DeVore of Irvine, had just under $145,000 in cash on hand at that time. His campaign said Monday that he raised about $439,000 in the last quarter of 2009 and finished the year with about $250,000 on hand. Contact Mike Zapler at 202-662-8921. Five Filters featured article: Chilcot Inquiry. Available tools: PDF Newspaper, Full Text RSS, Term Extraction. |
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