Word: injection
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...weekend, after the worst week in the history of the New York Stock Exchange came to a close on Friday. The first was that the meeting of the G-7 - whose finance ministers and central bankers were set to convene in Washington - would unveil details of a plan to inject capital into banks worldwide. The second was that the G-7 would commit to a coordinated guarantee of interbank lending...
...produce an action plan, but it was light on specifics; all member countries will inject capital into banks as needed (Britain has already committed to doing so), but they didn't announce amounts or timing. It was hardly the explicit, "show us the money" announcement many investors hoped for. Similarly, the G-7 pledged to unfreeze credit markets but didn't say how or mention interbank guarantees...
...securities such as CDOs (collateralized debt obligations) that are now poisoning bank balance sheets. The thinking has been that once financial institutions can unload this trash on the government, the gears of commerce will move again. But that takes time to pull off. "It's an inefficient way to inject capital," says Campbell Harvey, professor of international business at Duke's Fuqua School of Business. And it also has risk. "You are potentially injecting capital by buying assets from institutions that don't deserve...
...days since Congress passed a $700 billion bailout bill to get toxic assets off banks' balance sheets and inject companies with new capital, governmental intervention in the credit crisis has continued and even grown as other countries step up their own efforts to guarantee bank accounts and bolster financial firms. In a coordinated swoop, governments around the world cut interest rates; two days ago, in the U.S., the Fed took the unprecedented step of saying it would start buying commercial paper, short-term corporate IOUs, in yet another attempt to thaw frozen credit markets...
...issues since the Federal Government started taking one unprecedented step after another to try to jolt lending back to life - cutting interest rates, starting a program to buy short-term corporate debt, authorizing hundreds of billions of dollars to get toxic mortgage-related assets off bank balance sheets and inject capital into the companies. "We were really worried," says Jonathan Miller, the state's secretary for finance and administration. "We had encountered a lot of pessimism and skepticism that we'd be able to sell these bonds." Bolstered by how the Kentucky issue went, Ohio followed with a $240 million...