The rescue plan for Citigroup was being praised by municipal-market participants after the Bush administration's announcement Monday. The government will guarantee $306 billion in loans and securities while making a direct, $20 billion investment in the bank. Citi's broker-dealer arm is the top underwriter for the municipal market.
Starting in January, Philadelphia stations owned by NBC and Fox will pool some of their video news gathering. The cost-cutting move is expected to be deployed in New York, Los Angeles, Chicago and other markets, where NBC and Fox have owned-and-operated stations. John Wallace, president of NBC Local Media, said that under the plan, each station would supply its own copy for news stories, and that the move toward pooled video would "free up the stations to do more enterprise reporting."
Talk Radio Network has named Phil Boyce, a 14-year veteran of WABC-AM in New York, as president of its Syndications unit, as well as president of programming for its Original Talk Radio Network, Talk Radio Network Enterprises, Talk Radio Network Entertainment and Talk Radio Network-FM.
As U.S. policymakers hammered out details of the $700 billion financial-industry rescue, related firms held talks on how to craft improvements to the plan. SIFMA held conference calls to talk about the views and priorities of its member firms. Some bankers are pushing for the plan to include municipal securities, which were excluded from the proposal as of late last week. SIFMA also addressed the date of issuance for securities that would be eligible for the plan. Currently, the Treasury would buy those issued on or before Sept. 17, but some bankers suggested that the cutoff date be late last year. To listen to one of the conference calls that SIFMA hosted, click here. Read SIFMA's press release regarding the U.S. government's rescue plan.