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...ready for the Toxic Asset Loan Factory. TALF, the U.S. government's effort to boost consumer lending, finally launches next week. The program - officially the Term Asset-Backed-Securities Loan Facility - is targeted at restarting the market banks use to fund credit-card, auto and other consumer loans. But some worry TALF could create even more risky bonds that our nation's wobbly financial firms don't want and can't sell - a perverse unintended consequence of a well-intended program...
...heart of the program - and the biggest cause of complaints - is an effort to reignite the process by which most banks get the money they use to make consumer loans. To fund credit-card, auto and education lending, banks typically gather up loans they already have made and pass them off to an investment bank. Wall Street firms then package these into bonds that pay interest based on borrowers' loan payments. Completing the money-recycling loop, investors buy the bonds, and investment banks pass most of that money, minus a fee, back to the lenders. The lenders can then...
Could the credit crunch get you out of paying that pesky divorce settlement? That's the teaser before London's Court of Appeal after Brian Myerson, a fund manager in the city, asked a panel of judges Wednesday to nix the $15.2 million agreement reached last March with his ex-wife Ingrid. The reason: turmoil in the markets has effectively wiped out his share of the couple's spoils. A ruling in Myerson's favor could see a tide of wealthy divorcees heading back to court in search of sweeter deals...
...lawyer, claimed in court recent events were indeed "unforeseeable and unforeseen", Nicholas Mostyn, representing Myerson's ex-wife, hit back that "the present downturn was totally foreseeable and indeed well under way" at the time of the couple's settlement a year ago. Moreover, Mostyn argued, as a fund manager, Brian Myerson knew as well as anyone that shares can go up as well as well as down. "He agreed in exchange for having a majority of the assets to assume the risk," Mostyn argued. "It is too late now for him to try and unpick that deal...
...March 3, Ozawa's chief secretary, Takanori Okubo, was arrested by the Tokyo District Prosecutor's office on charges of taking, and falsely reporting, illegal political donations from dummy corporations linked to the company Nishimatsu Construction. The donations are alleged to have been funneled through Ozawa's political fund. In a March 7 interview with TIME, Ozawa said that he was "very surprised" by the arrest, and that the case involved merely "errors in the statement of political fundraising records" of the sort that in the past required only a "kind of correction." The investigation has since widened to include...