Wall Street gains on job growth; earnings next hurdle
NEW YORK (Reuters) - U.S. stocks started a traditionally healthy month on strong footing on Friday after solid jobs figures, but the S&P 500 may need help to break to new multi-year highs.
Small business struggles in Iraq
BAGHDAD (Reuters) - Frustrated by little support from his government and chasing a dream of having his own business, Iraqi nurse Sabah Jassim pooled his savings and turned to a private bank to develop a medical clinic in Baghdad.
Putin rides first Russian hybrid car to see Medvedev
NOVO-OGARYOVO, Russia (Reuters) - Avid car lover and Russian Prime Minister Vladimir Putin drove Russia's first gasoline-electric hybrid car on Friday to visit political partner President Dmitry Medvedev.
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FACTBOX: Where has the U.S. bailout money gone?
(Reuters) - The Treasury Department on Monday offered up to $30 billion in new aid to insurer American International Group, the latest in a series of rescues that draw on a $700 billion U.S. financial bailout fund.
The fresh aid would come on top of a $40 billion government investment in AIG made in November under the Treasury's Troubled Asset Relief Program.
In its latest report on transactions under the $700 billion financial rescue program released on February 24, the Treasury said it had disbursed $306.15 billion.
Much more, however, has been pledged and the Obama administration has held out the possibility it could to go Congress to request a further $750 billion.
Following is an outline of funds spent or pledged from the TARP bailout fund so far:
-- An unspecified amount pledged to seed a public-private partnership to buy bad assets from banks.
-- An unspecified amount pledged to pump capital into banks. In the most recent transactions report, the Treasury said it had purchased $196.36 billion in bank equity.
-- $50 billion pledged for mortgage foreclosure mitigation.
-- $20 billion investment in Citigroup as part of a package in which the government agreed to share in losses on $301 billion of assets. In addition to the investment, the Treasury agreed to cover up to $5 billion in losses on the portfolio. The $20 billion is in addition to $25 billion disbursed in the initial round of bank capital injections.
-- $20 billion investment in Bank of America as part of a package in which the government agreed to share in losses on $118 billion of assets. The $20 billion is in addition to $25 billion disbursed earlier as part of the Treasury's bank capital program.
-- $40 billion investment in troubled insurer American International Group made on November 25. In addition, the Treasury said on March 2 that it stood ready to provide up to $30 billion more.
-- $24.78 billion has been disbursed to prop up the U.S. auto industry, according to the latest transactions report.
-- $100 billion pledged to cover potential losses for a Federal Reserve program aimed at supporting credit card, auto, education and small-business lending.
(For details on money already disbursed and recipients, see: here)
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