Joe Weisenthal at Clusterstock reports that the administration has invited bloggers to participate in a "constructive plenary discussion session" over the benefits and limitations of TALF2 at 10am today. Not surprisingly, Zero Hedge was not invited, but we will participate anyway and provide our readers with as much info from this "public medium" as we can....And:
Blogging Treasury's Attempts At Disclosure
One of few counselors to Geithner who have not resigned Gene Sperling and counsel Matthew K. Baker are joined by Muffie Benson-Perella.
Gains which "are hoped to be made" will be shared with the private investor...Losses which are hoped to not be made, will be footed by the taxpayer.
Life would be different if credit markets were "functioning"
"A problem of great scale and complexity" Indeed. "Will be a long road as we tweak these solutions and try other solutions": TALF 3.0 thru 17.3 coming soon
"FDIC has experience in running failed auctions" Practice makes perfect
Two programs on securities side: TALF2 expansion is up and running to address "highly illiquid" markets. Assets are discounted as can not be purchased on a leveraged basis...
"TALF provides modest amount of leverage" uh... modest? 6 to 1 is considered CCC- even by S&P
Asset managers will be picked from a RFP sent out today.
"We are committed to seeing this through." Worked miracles with TARP 1.0
Q. What will qualifications be for asset managers to be picked to manage assets?>>>MORE