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’Performing PPIFs
The Public-Private Investment Program, or PPIP — do you remember it?
Appropriately, given its somewhat Dickensian name, it was like the orphaned child of banking stabilisation measures. Associated with a difficult early period of the Tim Geithner reign,
PPIP(ed)
Congratulations to Western Asset Management.
The US fixed income specialist has just raised enough money to participate in the US government’s Public-Private Investment Program, the PPIP.
From the Associated Press:
BlackRock pitching distressed assets to Main Street
The NY Times reported on Sunday that BlackRock intends to open up the market for distressed assets – previously limited to institutional investors and hedge fund types – to “ordinary Americans”:
BlackRock is putting together an investment fund that it says will give ordinary Americans a chance to profit from the financial bailouts that they are paying for.
US Treasury pushes ahead with toxic asset plan
The US Treasury on Wednesday pushed ahead with scaled back plans for public- private partnerships to buy toxic assets, naming nine fund managers and allocating $30bn of public funds, but without securing any further backing from the Federal Reserve,
More than 100 fund managers apply to PPIP
Applications to participate in the investment side of US Treasury sec Tim Geithner’s Public-Private Investment program have now closed. But hey, it’s good to know that “minorities, veterans and women” have been actively “encouraged”
FDIC and the magical accountant: a financial fairytale
Once upon a time there was a princess called Sheila.
Sheila was in charge of a small but important slice of the Kingdom, known as FDIC.
All was well in Sheila’s fiefdom. Since the Glass-Steagal Revolution she had ruled over FDIC,
M2M Change = Time to buy banks?
The FASB’s amendment to mark-to-market accounting rules looks set to be approved today — giving US banks more flexibility to value their assets.
Time to buy banks then? Not quite.
While FAS 157-e,
The tabular banking-PPIP disconnect
Zero Hedge has a very interesting table from Goldman Sachs. Click to enlarge.
It shows Goldman’s estimates for how banks are carrying assets like commercial mortgages and consumer loans on their books.
Word of the day: Lemons
The citric fruit is cropping up in the oddest of places — specifically, in relation to Tim Geithner’s PPIP plan.
For instance, it’s in economist Willem Buiter’s Maverecon blog.
Banks with toxic assets on their balance sheet can choose to keep them there rather than participate in the Legacy Loans or Legacy Securities Programs.