Word: fed
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...Fed will step in and do what it did for Bank of America (BAC) as its Merrill Lynch unit posted a $15.3 billion loss in the fourth quarter. Citi will also get a program which will guarantee the value of certain bad assets and keep the bank from failing...
...Americas big banks are being nationalized whether the banks and the Fed want to put it that...
...Sitting on the government's side of the table in the talks with Bank of America are officials from Treasury, the Fed, and the FDIC. The deposit insurance agency does not have to capital to bail out a lot of big banks. It has to worry about work-outs for smaller ones that are failing. The Fed is willing to lend big banks money for a short term. It is not likely to get into the business of trading cash for equity...
...wasn't a popular view back then. "He had taken a lot of heat" for the position inside the Fed, a colleague says. Some regional Fed presidents thought he was excessively gloomy. As an insider put it, they thought Geithner had been captured by his constituents - the heads of the largest banks and investment firms in New York, most of whom were leveraged to the hilt and deeply vulnerable to turmoil in the mortgage-backed-securities market. But Geithner's view prevailed that week with his boss, Ben Bernanke. A few weeks later, the Fed slashed its key interest rate...
Geithner acknowledges that Treasury and the Fed need to do a better job of explaining their actions. In his defense, he has told friends that there often just hasn't been time. At key moments, "the overwhelming imperative has been to act," he has said. "You would have violated the Hippocratic oath if you didn't." As the economic crisis deepens, the sense of urgency is undiminished. A friend of Geithner's says he believes the U.S. "is still not out ahead" of this problem. "We will be," he has said, "but we're not there...