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Entries tagged "bailout bill"Survey shows banks' reservations over TARPThe Securities Industry and Financial Markets Association or SIFMA, the financial industry lobbying group, announced that a recent survey found a large percentage of financial firms are reluctant to participate in the Treasury Department's rescue plan because they say it lacks clarity. ... Scrutiny sought of latest appeal to TreasuryThe Treasury should weigh carefully whether to expand its $700 billion rescue package to include nonbank lenders like GE Capital or CIT Group Inc., say commercial bankers. These types of lenders have asked Treasury to consider capital investments along the lines already in the works for banks and insurers. Nonbank commercial lenders do not collect deposits but do compete with banks for corporate borrowers. ... Treasury's 25 garbage menSo far 25 banks have won the support of the Treasury Department, which has deployed almost $160 billion in direct capital injections, usually in the form of preferred share purchases. It's widely speculated that these banks are not going to simply use the money to open the spigots of lending, but instead to do acquisitions. J.P. Morgan Chase & Co.'s CEO Jamie Dimon recently made it clear during an earnings call that he might use some of Treasury's $25 billion for acquisitions. Even smaller banks receiving funding such as City National Bank of Beverly Hills, Calif., may seek acquisitions... Where Wall Street meets Main Street and CongressHouse Financial Services Committee Chairman Barney Frank is threatening to subpoena two hedge funds and a hedge fund association for a hearing next month. The two funds, Braddock Financial Corp. and Greenwich Financial Services, told The New York Times that they might take action if mortgage service companies participated in government-backed plans to renegotiate delinquent loans in a way that undercut their interests. ... Dodd questions Treasury's bailout executionAs the markets continue to struggle, Senate Banking Committee Chairman Christopher Dodd (pictured) and other lawmakers are beginning to question how the Treasury Department is using the $700 billion Congress gave it to stabilize the market. So far, $250 billion of the capital has been allocated for government purchases of large minority stakes in large and small commercial and investment banks. The next $100 billion is scheduled for government acquisitions of mortgage-backed securities, the asset that lawmakers and Treasury initially expected the funds would be spent on. But will it go there? ... The Times and Henry Paulson: The first postmortemHank Paulson speaks. In The New York Times Thursday, Joe Nocera (nailing those interviews for his book) and Edmund Andrews get an hour with the treasury chief, who, not surprisingly, is a little defensive about his tenure, particularly the event that now appears to be the inflection point of the crisis: the collapse of Lehman Brothers Holdings Inc. The piece is fascinating though, by definition, sketchy. These issues are complex; they're still very close in time -- too close really -- and Paulson remains elusive. ... Treasury taps Ex-Im's Lambright for TARP positionThe Treasury Department plans to install James Lambright, an Export-Import Bank chief since 2005, as interim chief investment officer for the government's landmark $700 billion stabilization purchase plan. Reuben Jeffery, under secretary of state for economic, energy, and agricultural affairs, once slated for the CIO position, will remain at the State Department.... America to Paulson: Thumbs downAlthough traders on the floor of the New York Stock Exchange -- the heart of Wall Street -- may have greeted Treasury Secretary Hank Paulson on Tuesday like new Americans greeted Washington after Yorktown, the average American on Main Street would likely run him out of town tarred and feathered like a Loyalist if a CNN poll is any indicator. ... The Times tries the bipolar approach to the crisisFolks, let's make up our minds. The New York Times was so excited about Monday's 413 rise in the Dow that it declared a "re-emergence of trust" in the credit markets on the front page Tuesday. Alas, two section within, Times M&A maven Andrew Ross Sorkin was gloomily shaking his head at how slow the credit markets were to respond to a massive infusion of equity stakes, bailout funds and oceanic central bank liquidity. The headline on Sorkin's column: "One Day Does Not Constitute a Trend." ... Treasury's visible hand in bank consolidationIt was already evident, but the papers Tuesday confirmed it: Treasury is using the bailout program to encourage bank consolidation. Simply put, Treasury (and presumeably its doppleganger, the Federal Reserve) adheres to the belief that bigger is better, or at least safer, in banking. And so despite some controversy that may ensue, more prosperous banks will be able to use the funds to buy other, weaker institutions. In short, the government is reaching into the market to insure certain results. ... Hedge funds shouldn't expect to see any bailout moneyThe bad news (and losses) keeps piling up for hedge funds. Under the pressure of shareholder redemptions and amidst the chaos in debt and equity markets, hedge funds are being signaled that Uncle Sam likely won't be opening his piggy bank to help them out the same way he has with the banks. ... Simpson Thacher pick makes Frank hopefulThe choice of Wall Street law firm Simpson Thacher & Barlett LLP for the coveted advisory role to the Treasury Department and its $700 billion bailout plan did not come without a rigorous review by government officials. ... Top tagsYou have executed a tag search on Dealscape. On the left,you will find a comprehensive list of stories tagged "bailout bill." Below are the most-popular tags for Dealscape. On the right of the page you will find a search box to dig deeper into our content.
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