I am writing today to announce the closure of the Michigan Messenger. After four years of operation in Michigan, the board of the American Independent News Network, has decided to shift publication of its news into a single site, The American Independent at Americanindependent.com. This is part of a shift in strategy, towards new forms [...]
An abstinence-only presentation provided to numerous school districts in Calhoun and Eaton Counties in October of this year provided false and misleading information to students about HIV, experts allege.
Two county registers of deeds filed a class action lawsuit Monday on behalf of Michigan’s 83 counties alleging that the Mortgage Electronic Registration Services owes millions of dollars in property title transfer taxes.
Despite evidence of the impact of mercury on children and public health, Michigan Attorney General Bill Schuette last month joined with 24 other state attorneys general in filing a lawsuit to scuttle new EPA regulations that would reduce mercury emissions from power plants.
The federal government is set to begin selling off its nearly 8 billion shares of stock in financial giant Citigroup. They swapped those shares for $25 billion in loans to keep the company afloat during last year’s crisis in the financial markets and now that company is stabilized and the stock value on its way up, the government may actually make a profit on the exchange. The Detroit Free Press reports:
The Treasury Department said today it will begin selling the stake it owns in Citigroup Inc., which could result in a profit to the government of more than $8 billion…
Like any investor, the government will likely hold on to its shares if prices fall steeply. However, Citi shares have steadily been rising with the broader market in recent months, which means the Treasury Department stands to pocket a hefty profit.
The government invested a total of $45 billion in Citigroup. The company already paid back the first $20 billion; the rest was secured with 7.7 billion shares of stock, now trading at well over $4 a share.
This is the ideal model for how the government will handle its stakes in GM and Chrysler as well, though it will likely take longer for those companies to see a boost in stock value after they make initial public offerings of stock in the newly restructured automakers.
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