Word: programer
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...Panel (COP), set up by Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist banks. Warren has said she wants Pandit to delineate how he plans to fully pay back taxpayers. A spokesperson for Warren says she has no plans to press Treasury on why Citi was allowed out of the government's most...
...insurance agreement that had the government backing as much as $300 billion in troubled Citi loans. But the deal did nothing to repurchase the 7.7 billions shares the government had acquired in Citi in mid-2009. The Treasury considers its remaining stake in Citi part of the Capital Purchase Program initiated at the start of the financial crisis. But because the government owns common stock and not preferred, the Citi deal is unlike any of the hundreds the Treasury has struck with other banks that have participated in the program. Nonetheless, on Dec. 23, Feinberg issued Citi a letter saying...
...thoughts of today's troubled housing market conjure up images of lonely tumbleweeds blowing across streets of empty condos and "For Sale" signs, a couple of financial wizards have come up with a program they believe could breathe new life and buyer confidence into the decimated sector. It's called Sirius Value Protection - and works like a 'put option,' where buyers of new homes get the right to exercise a put that would require Sirius buy back the home at the original price after an eight-year period...
Andrew Herzberg, along with his brother Kenneth, both former investment bankers, came up with the program after seeing sales grind to a halt on thousands of newly constructed and half-built single family homes and condos in markets such as Las Vegas, Phoenix and parts of Florida. The aim is to assist developers and homebuilders clear unsold inventory, which - at least theoretically - should then help to stabilize home prices industry-wide. (See the best business deals...
Sirius Value Protection offers to calm investor jitters by guaranteeing the long-term value of the property through the put option, says Herzberg. At the same time, the program gives the developer, fund manager, bank, or homebuilder - whoever currently owns the newly-built home - a competitive edge over rivals, he says...