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Alston & Bird LLP | USA | 12 Jan 2010

Federal Reserve announces Reserve Bank income and transfers to U.S. Treasury for 2009

Today, the Federal Reserve Board announced preliminary unaudited results confirming that the regional Reserve Banks had paid approximately $46.1 billion of their estimated 2009 net income of $52.1 billion to the U.S. Treasury, after providing for the payment of $1.4 billion in statutory dividends to member banks and using $4.6 billion to equate surplus to paid-in capital.


Alston & Bird LLP | USA | 6 Jul 2009

U.S. Bankruptcy Court approves GM’s Section 363 asset sale

Late last night, after presiding over a three-day hearing on the matter last week, U.S. Bankruptcy Judge Robert Gerber of the U.S. Bankruptcy Court for the Southern District of New York issued an order authorizing the sale of substantially all of the assets of General Motors Corporation (“Old GM”) under Section 363 of the Bankruptcy Code (“Section 363 Sale”).


Alston & Bird LLP | USA | 13 May 2009

Chrysler bankruptcy judge approves GMAC as preferred lender for dealers

Yesterday, U.S. Bankruptcy Judge Arthur Gonzalez approved a motion by Chrysler LLC requesting that GMAC LLC become the preferred lender for its dealer network, and be permitted to provide wholesale, retail and other product-related financing for Chrysler dealers and customers to purchase vehicles.


Alston & Bird LLP | USA | 8 Mar 2009

SEC, Federal Reserve and Treasury permit ICE trust to operate clearing entity for credit default swaps; IntercontinentalExchange completes acquisition of The Clearing Corporation

This past week, regulatory action surrounding the credit default swaps (CDS) market heightened as the Securities and Exchange Commission (SEC), the Federal Reserve Board (the Fed) and the U.S. Treasury Department separately took actions to permit ICE US Trust LLC (“ICE Trust”), a New York limited liability trust company established jointly by IntercontinentalExchange, Inc. (ICE) and The Clearing Corporation (TCC) and approved by the New York State Banking Department last December to provide clearing services for CDS.

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