Word: plan
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...your local department store in which they offer great deals on a couple of things in the hopes of getting enough people in the door so they can move the crap too? That's sort of what the Treasury Department and Tim Geithner are doing with the bank plan that was rolled out on Monday...
...plan has three parts. Most people have focused on the first part, which is run by the reliable Federal Deposit Insurance Corp. (FDIC) and about which Geithner provided the most detail on Monday. It covers not the complex bundled loans that have received much attention in the media but troubled loans, like mortgages that haven't been paid for three months or more. The plan offers very favorable financing for private investors who want to buy them. In an example provided by the Treasury, an investor would pay as little as $6 for a loan that had an original value...
...market knows next to nothing about the fundamentals that should drive money into equities at this point. The skepticism about the Treasury's plan is enough so that it would be fair to guess that it has less than a 50/50 chance of succeeding. The toxic assets that may be bought from financial company balance sheets are only a part of the problem that banks face. Consumer, commercial real estate, and business loan defaults are almost certain to undermine money center results for the rest of this year...
...rest of your unit react when they heard about your plan? A lot of our peers sort of made fun of us. They were cracking jokes. They thought it was lame to be starting a business, but maybe those same guys will be asking us for jobs next month. [Laughs...
...point, analysts declared the reform process dead. But before his resignation, Prime Minister Gyurcsany proposed a new package in response to the financial crisis. Again, critics dismissed this plan as too little too late. Krisztian Szabados of the Budapest-based think tank Political Capital called it "weak" for not going "far enough" in cutting spending and taxes...