Word: loaning
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...seem absurd. Throughout the autumn, the interest rate banks charge each other broke one record after another as trust between institutions evaporated, investors stashed so much cash in super-safe Treasuries that yields approached zero, and the private securitization market for mortgages, which keeps capital flowing for more home loans, disappeared. Lehman Brothers collapsed when no one would loan it money, and any number of other firms - AIG, Citigroup, GM - went hat in hand to the U.S. government, lender of last resort. (Read TIME's Top 10 Financial Collapses...
...that sort of involuntary lending mean that other potential borrowers were getting crowded out? In a rebuttal to the Scharfstein paper, Chari and his co-authors wrote that they hadn't seen any data showing that banks weren't lending to credit-worthy companies asking for loans simply because certain firms were tapping pre-existing credit lines. "The argument is if you're a new customer walking into a bank, it's impossible for you to get a loan," says Chari. "That story may be true, but there's no convincing evidence that's what's going...
President Bush's fiscal lifeline for GM and Chrysler, announced at the White House Friday morning, amounts to a $13.4 billion handoff to the incoming Administration of President-elect Obama. The deal is rife with indistinct targets the automakers must meet to avoid being forced to repay the loan in three months, squishy conditions for union sacrifices and a deadline that can be changed under numerous circumstances. And of course the entire thing can be renegotiated at will by the incoming Administration...
...eliminates the job bank and requires that half of the future payments to the retiree health-care trust, VEBA, be made with stock. Further, it requires that debt be cut by two-thirds through a debt-for-equity exchange. Though these are terms of the loan, they are described as "targets," meaning exceptions can be made if there is deemed to be a good reason...
...massive loan is just the latest move in a long game of high-stakes hot potato involving Detroit, Congress, the White House and the incoming Administration. Obama first asked Bush to do something to save the auto companies in their initial meeting after the Nov. 4 election, but Bush rebuffed him. The problem then went to Capitol Hill, where it spent two weeks getting ground down, spiced up and stuffed into legislative packaging, only to have the whole sausage thrown out when the Senate failed to move the bill before adjourning for the holidays. (See pictures of the remains...