Word: goldman
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...attempt to stimulate growth and stabilize markets, the People's Bank of China on Monday lowered its key interest rate by 27 basis points to 7.2% - the first cut since 2002. The central bank also reduced reserve requirements for some Chinese banks, a step that could increase lending. Goldman Sachs economist Hong Liang commented that the moves "clearly signaled the central bank's intention to support growth" and "could provide some badly needed boost to investors' confidence." Last week, Taiwan unveiled a $3.7 billion stimulus package for the sagging economy that included interest-free housing loans for newlyweds and subsidies...
...York Fed asked Goldman Sachs and JPMorgan Chase & Co. to try to arrange a $70 billion private loan for AIG, but that didn't go anywhere. Treasury officials mulled a government conservatorship as with Fannie Mae and Freddie Mac, but it might have required an act of Congress to make that happen. So the Fed devised a deal in which AIG agrees to repay the loan with asset sales and give the government (and thus taxpayers) a 79.9% equity stake in the company...
That could happen. But another possibility is that loan losses will continue to grow to the point that the core institutions of the American financial scene - Citigroup, JPMorgan Chase and Bank of America in particular, but also possibly Goldman Sachs and Morgan Stanley - are seen as endangered. Then we'll really get to see what a bailout looks like...
...governor of New York, the state that regulates it, to tap $20 billion in capital from its subsidiaries. Then it paid a visit to the Federal Reserve Bank of New York, where President Tim Geithner turned down its loan request but, according to the Wall Street Journal, asked Goldman Sachs and Lehman Bros. to organize a $70-billion to $75-billion rescue loan. There's no word yet on whether they'll actually do it, which means AIG's woes are likely to ripple through the market for some time...
...attempt to stimulate the economy and stabilize markets, the People's Bank of China on Monday lowered its key interest rate by 27 basis points to 7.2% - the first cut since 2002. The central bank also reduced reserve requirements for some Chinese banks, a step that could increase lending. Goldman Sachs economist Hong Liang commented that the moves "clearly signaled the central bank's intention to support growth" and "could provide some badly needed boost to investors' confidence." After a dark day on Wall Street, any bit of extra confidence could help...