NEW YORK - THE anger was evident at Citigroup's annual meeting, where all nominated directors were elected but shareholders took turns at the microphone to object to how the bank has been operating.

When Citi Chairman Richard Parsons recognised the five departing members of the board, who include ex-chairman Win Bischoff and former US Treasury Secretary Robert Rubin, one man from the audience yelled out: 'Thank God you've gone!'

WASHINGTON - TREASURY Secretary Timothy Geithner defended the bank rescue program devised by the Obama administration on Tuesday as the International Monetary Fund predicted US financial institutions could lose US$2.7 trillion (S$4.06 trillion)

Mr Geithner, testifying before the rescue plan's Congressional Oversight Panel, faced several questions about how Treasury is using the US$700 billion Troubled Asset Relief Program (Tarp) and how it intends to help rid financial institutions of their bad loans and securities. from the global credit crisis.

WASHINGTON - THE US Treasury has US$134.6 billion (S$202.6 billion) remaining from a $700 billion emergency program passed by Congress last year to stabilise the financial system, Secretary Timothy Geithner said on Tuesday.