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Sat, 07/30/2011 - 13:14 by Dipankar Roy
The computer giant Apple Inc. now holds more cash to spend than the United States government, who is facing a debt crisis.
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Wed, 12/08/2010 - 10:23 by Prince damin
Washington -- U.S. Treasury Department officials said the debut of the newly redesigned $100 bills is being delayed by a printing problem.
The department said the bills, which would be the first $100s to bear the signature of Treasury Secretary Timothy Geithner, are being delayed due to a "problem with sporadic creasing of the paper during printing," The Washington Post reported Tuesday.
The creasing results in blank spots on the money, officials said.
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Sat, 11/06/2010 - 10:39 by Prince damin
Washington -- The U.S. Treasury Department said its "Build America" bonds had surpassed the $150 billion mark by the end of October.
The bond program was launched April 3, 2009. Since then, there have been 1,912 separate issues of Build America bonds by local or state governments, Treasury said.
The program created by the American Recovery and Reinvestment Act provides for the Treasury to state or local governments directly 35 percent of the interest payment on the bonds sold.
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Wed, 07/21/2010 - 22:17 by Inderjit Singh
Washington -- The U.S. Treasury Department said it would start unwinding the $700 billion bailout program that was designed to rescue the nation's banks.
The first step would be to shrink the Troubled Asset Relief Program by $30 billion by ending a lending facility for small businesses that was never used, The Wall Street Journal reported Wednesday.
The next step would be to end the Federal Reserve's Term Asset-Backed Lending Facility, which was used sporadically and less than expected, the Journal said.
The moves are being made in anticipation of the financial reform overhaul that directs the Treasury to reduce TARP to a $475 billion fund and to forgo any new spending.
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Fri, 10/23/2009 - 19:41 by harsheeb
Washington, Oct. 23 -- U.S. Treasury Department's pay czar Kenneth Feinberg said he would be "disappointed" if executives left their jobs due to pay cuts he imposed.
Feinberg lowered the boom on the top 25 executives at seven firms that received extraordinary assistance from the $700 billion Troubled Asset Relief Program, cutting cash salaries about 90 percent, while shifting compensation over to long-term stock options that cannot be cashed for years, a step meant to curtail risky investments.
Feinberg said he was caught in the middle. "The populists will undoubtedly say, 'You caved. You gave Wall Street financiers too much money.' The other side, the Wall Street culture, will say I put those companies at a disadvantage," he said. .
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Fri, 08/07/2009 - 01:32 by surajdogra
Washington -- U.S. shipping giant DHL has agreed to pay a $9.4 million fine to settle allegations of improper record keeping, the U.S. Treasury Department said.
The Treasury's Office of Foreign Assets Control and the Commerce Department's Bureau of Industry and Security levied the fine concerning "pervasive" record keeping failures involving shipments to Iran, Sudan and Syria, Treasury said.
In a statement, DHL said, "the U.S. government has not alleged that DHL transported shipments of strategic sensitivity to these countries," the Dayton (Ohio) Daily News reported.
Shipments to Iran and Sudan, however, are limited by federal regulation and require strict record keeping, the newspaper said.
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Fri, 06/19/2009 - 21:20 by Inderjit Singh
Washington -- The U.S. Treasury Department said Friday Switzerland had agreed to a broader tax information exchange to be signed in the next few months.
The agreement comes in the wake of a tax scandal that resulted in a $780 million fine earlier this year levied on Swiss bank UBS for helping hide assets from the IRS.
In a statement, Treasury Secretary Timothy Geithner said the Obama administration was "committed to reducing off shore tax evasion to help ensure that all U.S. taxpayers are playing by the same rules."
"This treaty will increase our ability to enforce our tax laws and will help bring an end to an era of offshore accounts and investments being used for tax evasion," Geithner said.
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Fri, 06/12/2009 - 02:14 by surajdogra
Washington -- The U.S. Treasury Department Thursday said new car buyers could apply local taxes and fees to create a federal tax deduction in states that have no sales tax.
"Building on the Recovery Act, the Treasury Department is taking steps to make sure every American, in every state qualifies for a tax deduction when purchasing a new car," Deputy Secretary Neal Wolin said in a statement.
"This tax deduction not only increases support for the auto industry as it seeks to rebuild, but also puts money back into the pockets of hardworking Americans," he said.
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Thu, 05/28/2009 - 17:40 by Salinder Kumar
New York -- Stocks in Asia were mixed Thursday, while stocks in Europe fell in the wake of a long slide in U.S. equities late Wednesday.
Without a perceptible turning point, the Dow Jones industrial average slid into negative territory Wednesday, ending the day 173 points behind. In Asia, the Nikkei average held its own, gaining 0.13 percent. The Hang Seng index in Hong Kong jumped 5.26 percent, while the Singapore Straits Times fell 0.57 percent and the S&P/ASX in Australia lost 1.19 percent.
In midday trading, European stocks edged lower. The FTSE 100 in London fell 0.99 percent, while the DAX 30 in Frankfurt dropped 1.08 percent. The CAC 40 in Paris lost 0.93 percent. The DJStoxx 600 fell 1.15 percent.
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Thu, 05/28/2009 - 10:29 by Salinder Kumar
Washington -- U.S. auto giant General Motors Corp. said shareholders had turned down its offer to swap $27 billion in debt for a 10 percent stake in the company.
"The principal amount of notes tendered was substantially less than the amount required by GM ... to meet debt reduction objectives," the company said, the Detroit Free Press reported Wednesday.
The creditor's decision puts GM a step closer to declaring bankruptcy as the U.S. Treasury Department gave GM until June 1 to arrange a financial plan that would allow the government to extend its emergency line of credit.
In the latest bankruptcy plan, the U.S. and Canadian governments would own about 72 percent of GM.
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Thu, 04/16/2009 - 22:42 by Shruti Sharma
Washington-- U.S. Treasury Department officials said they expect a minimum of $25 billion in bailout funds could soon be returned from financial firms.
Goldman Sachs said it intended to return the $10 billion in government funds it accepted in October and J.P. Morgan Chase, which received $25 billion has said it intends to return its bailout funding. The Treasury is intentionally using a conservative estimate of what may come back, The Washington Post reported Thursday.
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Thu, 04/16/2009 - 22:00 by Shruti Sharma
Washington -- U.S. Treasury Department officials said they expect a minimum of $25 billion in bailout funds could soon be returned from financial firms.
Goldman Sachs said it intended to return the $10 billion in government funds it accepted in October and J.P. Morgan Chase, which received $25 billion has said it intends to return its bailout funding. The Treasury is intentionally using a conservative estimate of what may come back, The Washington Post reported Thursday.
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