Word: loaning
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...seek to influence how the banks were being run. It doesn't have to; Treasury has regulatory control over the banking system anyway. Harvey has proposed that the government set up an investment vehicle similar to the Resolution Trust Corporation that rode to the rescue following the savings-and-loan crisis in the 1980s...
...government should provide the $700 billion as loans to companies that want it - which would have to be repaid with interest to the Treasury. To qualify for such a loan, the receiving company should be barred from granting executive bonuses or paying dividends to investors until the loan (and interest) is repaid. This would infuse the needed money into the system and free up credit markets. But in the long run, it would cost taxpayers nothing. Robert P. Hebbel, North Oaks, Minnesota...
...struggling to keep up with the biggest financial crisis the U.S. has faced in more than 75 years. Kashkari must quickly figure out how to spend the first chunk of the $700 billion to maximum effect. He's looking at devices like a reverse auction, where holders of bad loans will compete to sell them to Treasury at the lowest cost to taxpayers. And he has to figure out how to extract from sellers not just complex debt vehicles like mortgage-backed securities but also plain old faltering home loans with local banks, without vacuuming up every loan...
...This system was designed for plain vanilla loans, and we were trying to push chocolate sundaes through the gears.' MARC GOTT, former director in Fannie Mae's loan-servicing department, explaining the company's collapse...
When Governor Arnold Schwarzenegger announced that California might have to go to the Federal Government for a $7 billion loan to fund its daily operations, it was the most dramatic display yet of how state and local governments are being buffeted by the deterioration in credit markets. With few willing buyers of municipal securities, Massachusetts twice shelved plans to float $750 million worth of short-term notes used for paying its bills. And across the country, dozens of other funding deals for longer-term projects, from road repair to school expansion, have been delayed...