Friday, March 20, 2009

The Fed Announced That They Will Buy Treasury Security (March 20, 2009)

Ben Bernanke said in his speech that The Fed will buy treasury securities that aims to revive lending and improve the economy. U.S stock market rised directly after this announcement.

On the other side, Vikram Pandit, CEO of Citigroup said that the company was splitting in two divisions. The divisions are Citi Holdings and Citicorp. Beside that, Citigroup have shifted Gary Crittenden as Chairman of Citi Holding, the riskiest that hold the riskier bank's assets. Previously, Gary was a Chief Financial Officer in Citigroup. Citigroup also moved Edward Kelly to become chief financial officer from previously have position as CEO of Citi Alternative Investments.


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