Word: bankes
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Dates: during 2000-2009
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...Shutting down plants and cutting labor are costly - it's one of the ironies of the auto business. Deutsche Bank estimates that GM would have to spend $12 billion to chop labor costs and compensate dealers who lose their franchises. That would lower GM's North American operating costs from the current $31 billion to $25 billion annually, says Deutsche Bank. (See pictures of the global financial crisis...
...assets is going to be the exception," says Thomas Brown, whose hedge fund, Second Curve Capital, specializes in financial firms. "If it does happen, it will be select purchases." Neel Kashkari, who is heading up TARP, has said that $250 billion will cover the demand for direct investments from banks. And Treasury officials say $40 billion of the money that has been spent was a onetime emergency investment into insurer AIG and should not be counted as part of the $250 billion they plan to invest in banks. Still, the AIG investment depletes the amount of money left for buying...
...initial deadline for applying for TARP funds for most companies is Nov. 14. Companies that qualify will be allowed to sell preferred shares to the Treasury. The government's investment is capped at 3% of the bank's highly regarded assets. (Risky investments are excluded.) The banks that receive the shares will have to pay the government a 5% dividend for five years, but that is far less than what they typically pay to borrow...
Then there are the firms that are not traditional banks that are starting to line up for bailout funds. Earlier this week, American Express filed to change its status to a bank-holding company, which would allow the credit-card giant to apply for TARP funds. Analysts estimate that AmEx could receive as much as $3.5 billion in federal aid. GE Capital is also reportedly looking into applying for a Treasury investment. The troubled finance unit of industrial giant General Electric could receive as much as an $18 billion investment. What's more, a number of members of Congress...
...getting a number of calls from financial firms who want to know if they should convert to bank-holding companies," says Randall Guynn, a partner at law firm Davis Polk & Wardwell. "But if you start to add all of these companies to the list, then I am not sure there is enough money to go around." See TIME's Pictures of the Week...