Word: tarp
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Dates: during 2000-2009
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...purchase of mortgage assets is going to be the exception," says Thomas Brown, whose hedge fund, Second Curve Capital, specializes in financial firms. "If it does happen, it will be select purchases." Neel Kashkari, who is heading up TARP, has said that $250 billion will cover the demand for direct investments from banks. And Treasury officials say $40 billion of the money that has been spent was a onetime emergency investment into insurer AIG and should not be counted as part of the $250 billion they plan to invest in banks. Still, the AIG investment depletes the amount of money...
...initial deadline for applying for TARP funds for most companies is Nov. 14. Companies that qualify will be allowed to sell preferred shares to the Treasury. The government's investment is capped at 3% of the bank's highly regarded assets. (Risky investments are excluded.) The banks that receive the shares will have to pay the government a 5% dividend for five years, but that is far less than what they typically pay to borrow...
Many of the hundreds of banks left to get funding are small and will qualify for far less than the $25 billion investment that was received by Citigroup, JPMorgan and others. Still, every day new companies are announcing that they will receive TARP funds. Last week, brokerage firm E*Trade said it expects to receive $800 million. And there are still a number of large banks that have yet to receive TARP funds, including Synovus Financial (of Columbus, Ga.) and Colonial Bancgroup (of Montgomery, Ala.), which could collectively swallow an additional $1.5 billion in TARP funds...
Then there are the firms that are not traditional banks that are starting to line up for bailout funds. Earlier this week, American Express filed to change its status to a bank-holding company, which would allow the credit-card giant to apply for TARP funds. Analysts estimate that AmEx could receive as much as $3.5 billion in federal aid. GE Capital is also reportedly looking into applying for a Treasury investment. The troubled finance unit of industrial giant General Electric could receive as much as an $18 billion investment. What's more, a number of members of Congress...
...press. And he's just tired. He gave off the vibe today that he might just be counting the days until he gets to hand off the whole mess to Larry Summers, Tim Geithner or whoever President-elect Barack Obama chooses to succeed him. (Read more about TARP...