Word: bankses
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The Treasury Department is quickly running out of money to invest in troubled banks. A TIME.com analysis of public records shows that nearly one-third, or $216 billion, of the $700 billion that Congress approved to be spent just six weeks ago has already been spent or will soon be...
While the Treasury still has about $480 billion to spend, it's not clear how much of what is left will be used for direct investments into banks. Shortly after the Emergency Economic Stabilization Act was passed by Congress, the Treasury said $250 billion was going to be used to...
But on Wednesday Treasury Secretary Henry Paulson told Congress that he believes buying mortgage bonds is no longer the best use for the remaining TARP funds. Instead, he said, Treasury is looking at injecting more money into struggling "banks and nonbanks." He said he plans to use some of the...
"The purchase of mortgage 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...
But a new report from Merrill Lynch suggests just how strong a role these macro forces have been playing - and how it's not over yet. Merrill's research shows that stocks within industry groups (like retailing, pharmaceuticals, consumer durables, media and banks) have been moving in lockstep much more...