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Được kututu sửa chữa / chuyển vào 22:20 ngày 11/10/2008

US Plans Recapitalization Plan For Financial Firms
U.S. Treasury Secretary Henry Paulson is taking extraordinary steps through the extensive authority granted to him under emergency rescue legislation.


CNBC.com
Henry Paulson
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With the legislation?Ts main mechanism?"an auction system to purchase bad mortgage-based securities?"still weeks away from implementation, Paulson now plans to make big capital injections into large financial institutions and get equity in return.

In a news conference Friday evening, following the Group of Seven meeting in Washington, Paulson said the plan is to offer a term sheet for needy banks. The government will not get voting rights status for its injection in most cases. Paulson said the government''''''''s efforts were focusing on "liquidity" needs and "systemic risk."

Paulson said recapitalization was now "necessary" and would let "taxpayer dollars go further," because it is a "more efficient" use of capital than the auction process, which is meant to deal with illiquid assets.

"This a plan I am quite confident will work," Paulson said.

Still, not all economists heard all the details they wanted from Paulson''''''''s statement Friday night.

"There are few specifics," said economist Robert Brusca of FAO Economics. "Too many key words are vague and not well-specified."

Details of the plan were first reported by CNBC earlier Friday.

Even before details of the latest measures began to trickle out, there was heightened concern about the health of big institutions and the need for direct government support.

?oI don''''''''t wish to spread alarm on the line people but the big issue confronting the market is I''''''''m afraid the health and sustainability of Morgan Stanley [MS 9.68 -2.77 (-22.25%) ] and Goldman Sachs [GS 88.80 -12.55 (-12.38%) ]," Hugh Hendry, Partner and CIO at Eclectica, told CNBC early Friday. "It is unimaginable that they can be allowed to go, I suspect that they will be nationalized at some point today or over the weekend," he add.

The Emergency Economic Stabilization Act of 2008?Ts vague language gives Paulson almost unlimited power to intervene and leaves much up to interpretation.

In that context, some say cash injections could wind up being made to non-depository institutuons like investment banks, insurers and hedge funds. That issue was not addressed in Paulson''''''''s news conference Friday in either his remarks or the question-and-answer period, but at this point it is understood that the plan is meant for banks, savings and loans and credit unions.



?oHê?Ts free to just strike deals, to do special deals,? says Lawrence White, a former White House economist and savings and loan regulator, who adds Congress was aware of the powers being given to Paulson and thus pressed hard for an oversight board.

Like the auction process, however, that board has yet to be set up, and with developments in the financial markets moving much faster than the Washington bureaucracy it might not be long before Paulson takes action.

Indeed, on Thursday, the Treasury indicated it would take action by the end of the month, but it now appears action may come sooner, based on comments by the Treasury Secretary and President Bush Friday. The President said the department would move quickly.

Independent bank analyst Bert Ely, who says hê?Ts read the new law closely, sees no such specific authority for the Treasury in the EEA. "Presumably they have the authority some placê?"in this legislation or otherwise," he adds.

A staffer in the House Financial Services Committee says Congress was aware that the EEA would authorize the Treasury Secretary to make cash injections separate to the auction process.


When asked, if that authority also applied to non-depository institutions, the staffer was non-committal. It''''''''s unclear if those injections would have to yield an equity stake.

(Calls Thursday to the office of Sen. Christopher Dodd, who chairs the Senate Finance Committee, and that of Sen. Charles Schumer, a vocal member of the panel, were either not answered or failed to yield comment. Sen. Richard Shelby, the Ranking Republican on the committee, who opposed the bill, had no comment.)

?oI''''''''ve got to think they have that figured out, to interpret the legislation broadly enough that they can do it," says Ely.

A government move to prop up an investment bank-turned bank-holding company, such as Morgan or Goldman is all the more likely given the growing consensus that says Paulson and Federal Reserve Chairman Ben Bernanke erred in not rescuing Lehman Brothers three weeks ago, a date which happens to coincide with the beginning of the market?Ts deep descent.

Pressure has been mounting on Morgan Stanley for days now, amid growing speculation Japan''''''''s Mitsubishi UFJ will not proceed with plans to purchase a major stake. Goldman shares, in contrast, have held up relatively well compared to the broader market.

For the first time Thursday, the Treasury publically acknowledged that it was "seriously considering" capital injections. In doing so, the government was recognizing it ?omight have to do something different,? says Dean Baker, co-director of the Center for Economic And Policy Research.


?oIn a sense, they are also following the markets,? adds Baker. ?oThere was no burst of relief last week when the bill was passed. People were not impressed. He''''''''s [Paulson] got to take that seriously.?

In a news conference Wednesday, Paulson said the ?oprimary motivation? of the government?Ts efforts was to lead to the ?orecapitalization? of the financial services industry, but he avoided outlining what circumstances would determine whether institutions would be allowed to fail or the government would step in to save them. He also declined to comment on whether he would consider a bank nationalization plan, such as the $77-billion one announced by the UK.

The decision not to seek voting rights is an important one. Banks are considered reluctant to give the government that sort of power as a shareholder. By avoiding the issue, the government is increasing its chance of obtaining broad industry acceptance, analysts say.

Bank nationalization would be a more extraordinary move for the US, but in a recent interview former FDIC Chairman William Isaac provided some rare insight into the matter. He said that during the Latin American debt crisis of the 1980s when major money center banks were facing possible loan payment defaults by sovereign governments, the US ?ohad a contingency plan in place to nationalize [the banks].?

?oThat''''''''s always going to be the answer," Isaac explained.

Paulson diid not acknowledge that the recap plan might be considered a change of policy, maintaining that the problem has always been about a recapitaization of the industry.

Though deatils of the Treasury''''''''s term-sheet plan are just beginning to emerge, it is by no means a simple undertaking. There are some 8,400 banks and savings and loans in the country with government-insured deposits.

Therê?Ts also a sense that the concept of moral hazard may have become something of a luxury item in the current meltdown. The Fed and Treasury have already taken a number of unusual steps, from paying interest on bank deposits to backing up the commercial paper market to providing more than $100 billion in loans to the insurance giant American International Group. On top of that, therê?Ts a growing chorus calling for governments to guarantee banks?T liabilities, which essentially separates credit risk from funding, and may encourage more lending among banks.

"They''''''''re prepared to do almost everything,? says Ely.

(Editor''''''''s Note: CNBC Senior Economics Reporter Steve Liesman provided exclusive and critical information to this story.)

oh, **** all pig birds





Được kututu sửa chữa / chuyển vào 09:46 ngày 11/10/2008

G-7 Commit to `All Necessary Steps'''''''' to Stem Meltdown

Oct. 11 (Bloomberg) -- Group of Seven finance chiefs, meeting after stocks plunged and as a global recession looms, vowed to prevent the collapse of major banks while failing to unveil new initiatives for thawing credit markets.

``The current situation calls for urgent and exceptional action,'''''''''''''''' the finance ministers and central bankers said in a statement after talks in Washington yesterday. They pledged to ``take all necessary steps to unfreeze credit and money markets'''''''''''''''' without detailing how that would be accomplished.

Signaling they would intervene to avoid a repeat of last month''''''''s collapse of Lehman Brothers Holdings Inc., the officials promised to ensure major banks have access to cash and are able to tap public funds for capital. By refraining from specific fresh measures such as embracing a U.K. plan to guarantee loans between banks, they still run a risk of disappointing investors.

``They''''''''ve seen what Lehman did and the repercussions,'''''''''''''''' said Jeff Pantages, chief investment officer at Alaska Permanent Capital Management in Anchorage, which oversees $2 billion. ``If you''''''''re a bondholder, you''''''''ve got to feel better. If you''''''''re a shareholder, you''''''''re not so sure.''''''''''''''''

A sign of the strains: The G-7 ministers today met with President George W. Bush, an echo of former President Bill Clinton''''''''s visit with the group in 1998 amid the Russian debt default and collapse of hedge fund Long Term

``This is a serious global crisis and therefore requires a serious global response,'''''''''''''''' Bush said at the White House. The Group of 20, which includes emerging markets such as Russia and China, convenes later.

Lehman''''''''s downfall precipitated the latest chapter of the 14- month crisis, causing banks to stop lending to each other out of concern they may not get their funds back. The G-7''''''''s willingness to now back ``systematically important financial institutions'''''''''''''''' may provide some relief for Morgan Stanley, whose stocks and bonds dropped this week on concerns for its health.


U.S. Treasury Secretary Henry Paulson said no bank was singled out in the discussions yesterday.

The policy makers from the U.S., Japan, Germany, U.K., France, Canada and Italy met after stock indexes this month plunged more than 20 percent from Japan to Europe to North America.

That left them under pressure to roll out new policies and adopt a united front to quell the panic in markets after their previous steps failed to do so and appeared disjointed. Instead, they outlined principles for all nations to follow.

Measures taken should protect taxpayers and avoid ``potentially damaging effects on other countries,'''''''''''''''' the group said. In the past month, some European governments have taken unilateral actions to increase bank-deposit guarantees, spurring concern that savers would drain cash from nations with less protection.

Paulson said it would be ``naive'''''''''''''''' to think that different economies in different circumstances could come up with the same policy paths.

Emergency Actions

In the past two weeks, global central banks executed emergency interest-rate cuts and pumped more cash into markets, the Federal Reserve said it would buy commercial paper, European governments bailed out banks and the U.K. and U.S. said they would start taking equity stakes in financial companies.

Money markets remain gridlocked even so, with the three-month London interbank offered rate climbing to 4.82 percent yesterday, a record premium over the Fed''''''''s benchmark rate. The seizure spurred British policy makers to propose a program to backstop loans between banks.

G-7 officials shied away from copying the U.K. idea, which would either turn central banks into clearing houses for banks'''''''' loans or have governments back the obligations.

The jump in borrowing costs and restricted access to credit prompted Merrill Lynch & Co. to predict the G-7 economies next year will be the weakest since 1982.

Stock Slump

U.S. stocks fell for an eighth straight day yesterday, with the Dow Jones Industrial Average capping its worst week since 1914. The MSCI World Index of equities in 23 developed countries slid 20 percent this week, the most since records began in 1970.

Policy makers expressed confidence that investors will ultimately recognize the scale of initiatives under way, including a new U.S. plan to buy stocks in a ``broad array'''''''''''''''' of financial companies.

``We have taken a lot of actions,'''''''''''''''' European Central Bank President Jean-Claude Trichet said. ``It is normal that there is a maturing process.''''''''''''''''

Paulson signaled his top priority is to start buying financial stocks as soon as he can. ``This is a plan that I''''''''m quite confident will work,'''''''''''''''' he said. The Treasury chief also said ``we have more to do in the liquidity area.''''''''''''''''

The American plan follows U.K. Prime Minister Gordon Brown''''''''s 50 billion pound ($87 billion) program that will partly nationalize at least eight lenders and provide 250 billion pounds of loan guarantees.

Canadian Plan

Canada''''''''s government yesterday moved to shore up its banks by saying it will buy as much as C$25 billion ($21.6 billion) in mortgages from them. German Finance Minister Peer Steinbrueck and Bundesbank President Axel Weber said they''''''''re working on a package of measures to rescue banks that''''''''ll be revealed before markets open next week.

``The situation in financial markets is demanding unusual and far-reaching decisions from all policy makers,'''''''''''''''' Weber said. ``There is no alternative to these measures because banks have come under strong pressure.''''''''''''''''

European leaders will go beyond the G-7''''''''s agreements in shaping their own rescue package when they meet tomorrow in Paris for a second summit in as many weekends, French Finance Minister Christine Lagarde said. Europe''''''''s governments just a few weeks ago questioned the need for a strategy, arguing their banks were sound.

While the G-7''''''''s joint statement made no mention of currencies, Trichet said the group viewed excess volatility in exchange rates as detrimental and urged China to allow faster gains in the yuan.

Unprecedented Public Split

Rifts within the G-7 were exposed on two fronts yesterday. Lagarde blamed the U.S.''''''''s decision to let Lehman go bankrupt for precipitating the crisis, while Italian Finance Minister Giulio Tremonti rejected a draft statement for being ``too weak.''''''''''''''''






Được kututu sửa chữa / chuyển vào 22:24 ngày 11/10/2008

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