Word: toxicities
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...problem facing America's economy has always been how to sell the worst of the toxic assets that are clogging banks' balance sheets. Geithner and his aides at Treasury cleverly realized that the best approach was to offer great prices on some of the more attractive stuff and hope the garbage would move too. (See 25 people to blame for the financial crisis...
...FDIC. It's a good idea to try and get those moving off banks' books. But what of the bundled, securitized assets? According to the FDIC, the total value of securities on banks' books as of Dec. 31 was $1.7 trillion. How much of those securities are toxic and how does the Geithner plan move them to be sold...
There has been little definitive discussion of the actual benefits of the Treasury's new program that will fund the purchase of toxic assets from banks using federal money, and then allowing private money managers to purchase and trade this paper. There has only been speculation about the outcome, and that has been over a broad range. Prominent economists, led by James Galbraith and Paul Krugman, have said that the plan may actually do more harm than good. In the Treasury's corner, Pimco, the largest fixed income management firm in the U.S., endorsed the Administration's plan. "This...
...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...
...that the Arctic ecosystems are unusually vulnerable to oil spills, according to long-term research funded by some of the $1 billion settlement from Exxon. Scientists found that, thanks in part to the cold environment, oil lingered in the area for years, some of it still biologically active and toxic. Because many Arctic species have long lifespans and slow reproductive cycles, wildlife recovery has been slow. Pacific herring - a keystone of both the commercial fishing industry and the marine food web in Prince William Sound - were spawning at the time of the spill, and were hit particularly hard. "The herring...