US Treasury continues to shut down support programmes

The US Treasury continued to reduce its support for the financial sector over the New Year, shutting down its Capital Purchase Program (CPP) and a loss-sharing agreement on $300 billion of Citigroup assets, and scaling down its planned support for the auto loan provider GMAC.

The Treasury announced on December 30 it would invest a further $4 billion in GMAC, in the form of a total of $2.67 billion of super-senior securities and $1.31 billion of mandatory convertible preferred stock. Prior to the