Word: bankses
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To a nonbanker, what quickly becomes apparent is that the elaborate and formal process for banks' reporting suspicious characters makes it quite possible that a quiet, close-to-the-vest player like Madoff who is not part of any global crime syndicate could operate comfortably for a long time and...
The problem facing America's economy has always been how to sell the worst of the toxic assets that are clogging banks' balance sheets. Geithner and his aides at Treasury cleverly realized that the best approach was to offer great prices on some of the more attractive stuff and hope...
Those bad loans are a problem for banks. There are some $230 billion in loans that were overdue by 90 days or more as of Dec. 31, 2008, according to the FDIC. It's a good idea to try and get those moving off banks' books. But what of the...
According to TIME calculations, U.S. banks hold $153 billion in residential mortgage bonds that used to have AAA ratings but have since been downgraded. The calculations are based on numbers from the International Monetary Fund, Fitch Ratings and New York University professor Nouriel Roubini. (Treasury and Federal Reserve officials declined...
That leaves the commercial mortgage-backed securities and other asset-backed securities that were once AAA-rated but have since been downgraded. Those toxic assets will be sold, Treasury hopes, by at least five still untested public-private investment funds that will be created through open bidding among investment banks...