Word: bankses
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But once we get to the actual buying of what Treasury is gingerly calling "legacy assets" (I'm hoping for a public-service ad campaign with the slogan "It's not toxic, it's a legacy"), things may shake out much differently from what Wall Street hopes and Krugman & Co...
That may lead to a standoff, given that many banks are like underwater homeowners - hoping to hold on until prices rebound. "The challenge is going to be to get the prices high enough for banks to sell," FDIC Chairman Sheila Bair told reporters the day the plan was unveiled. "The...
Once some banks do sell, though, it could force a widespread, and revealing, revaluation of similar assets on every bank's books. The banks have been asking regulators and accountants for, and getting, relief from having to mark some of their assets to market prices because the markets for many...
"One value of doing this is it would clarify which banks are and which banks aren't undercapitalized," says Harvard Law professor Lucian Bebchuk, whose September proposal for toxic-asset purchases by competing investors seems to have provided a template for Treasury's plan. "It's reasonable to expect that...
Along with the "stress tests" big banks are conducting under regulators' supervision, the asset sales could move the government farther down the road toward closing or taking over the most troubled banks. The operative word here is could - Geithner and top White House economic adviser Larry Summers have been awfully...