• News

    Treasury Set to Let it Ride (On Treasuries?)

    When you need more and more money from an ever-larger group of lenders, you can’t let a little thing like the LIBOR scandal stop you. And the Treasury Department (soon to be under new management?) isn’t, insisting that it will offer its first-ever floating-rate bonds within the next year.

    / Feb 7, 2013 at 12:18 PM
  • The 2013 model.


    GM Is Buying Some Stock

    One thing to savor about Treasury’s plan to get out of GM is how many corporate-governance hot buttons it gently caresses. “GM will purchase 200 million shares of GM common stock from Treasury at $27.50 per share” translates into news reports as “Treasury is losing a bazillion dollars,” since after all Treasury paid rather more […]

    / Dec 20, 2012 at 11:01 AM
  • There was some temptation to use the Onion's Joe Biden with Camaro picture, which would be pretty on the nose, but we're not that sort of operation.


    Let’s Help Treasury Get Out Of GM

    I’m pretty sure that there’s one or two or thirty investment bankers currently handholding at the U.S. Treasury and General Motors in their debate over when and at what price Treasury should get rid of its remaining GM shares. I’m also pretty sure that those bankers are fed up with their principals’ childishness. Thus, I […]

    / Sep 17, 2012 at 10:49 AM
  • Banks, News

    Treasury Wants To Make Banks Boring Again By Selling CDOs Of Community-Bank Hybrid Capital Instruments

    “Make banking boring again” is a favorite reaction to news that JPMorgan was screwing up its VaR modelling of its attempt to get long gamma with improperly delta-hedged tranches of the CDX.NA.IG.9 and, sure, maybe, but don’t tell Treasury: The U.S. Treasury may pool stakes in small banks bailed out during the financial crisis to […]

    / May 17, 2012 at 3:15 PM
  • News

    Sheryl Sandberg for Treasury Secretary?

    In New York this week, John Heileman repeats reports that Tim Geithner wants to resign as Treasury Secretary this year after the debt ceiling talks are resolved, and kind of surprisingly gives the nod to Facebook COO Sheryl Sandberg as the most likely successor, adding to talk of her shortlisting from earlier this month. His […]

    / Jul 13, 2011 at 11:08 AM
  • News

    Blanche Lincoln’s Derivatives Provision All But Dead Now

    Blanche Lincoln’s famed derivatives legislation, which would basically prevent any big bank from ever trading CDS again, has already been chastised by Barney Frank. Now, a senior Treasury official has essentially delivered another blow to the Lincoln legislation.

    / May 26, 2010 at 4:50 PM
  • News

    TARP Cost Reduced by $11.4 Billion, Thanks Vikram

    The Treasury Department said on Friday that it has lowered its estimate of the projected cost of the Troubled Asset Release Program by $11.4 billion to $105.4 billion.

    / May 21, 2010 at 1:36 PM
  • News

    Why Isn’t Goldman Advising On The Treasury’s Citi Stock Sale?

    Ooo, ooo, Charlie Gasparino knows! It’s because of their image problem. According to Chaz, people at the Treasury were worried about Blankein running his mouth re: Hova (again), among other things.

    / Mar 29, 2010 at 1:30 PM
  • News

    Debt Problem? What Debt Problem?

    The United States may be hurtling headlong into a debt disaster, but that didn’t seem to bother creditors today. Sure, the national debt now exceeds $12 trillion, and simply servicing that mountain of IOUs is going to cost almost $1 trillion a year in a decade. Still, bidders today drove down the yield on two-year […]

    / Nov 23, 2009 at 3:39 PM
  • News

    $2 Trillion Debt Is “Manageable”

    The Acting Assistant Secretary for Financial Markets, Karthik Ramanathan, gave a bit of a pep talk yesterday regarding US debt issuance for 2009 and 2010. People should take comfort knowing that the US has funded nearly 80% of its total “expected borrowing needs” of $2 trillion to fund the fiscal deficit for this year and […]

    / Jun 23, 2009 at 10:01 AM
  • News

    Possible, Partial Salvation For The Commercial Real Estate Market

    It is almost a foregone conclusion that the CMBS market is headed for some real pain over the next couple of years. The problem is so glaring that even the Treasury is aware of it and looking for ways to avoid a complete meltdown. A major issue confronting the market is the reluctance of CMBS […]

    / Jun 10, 2009 at 4:33 PM
  • News

    Treasury Porn, Pt. II

    Jeb Mason, the Treasury’s liaison to businesses. [NYT] Earlier: Treasury Porn

    / Nov 12, 2008 at 11:17 AM
  • News

    When Is “Price Discovery” Not Price Discovery?

    Hidden in the middle of a Wall Street Journal article on vulture investors is a small observation that suggests, perhaps unwittingly, that the Treasury might be on the eve of complicity in one of the largest cases of accounting fraud in recent memory. Other opportunistic investors, though, say they likely will stick to the sidelines […]

    / Sep 29, 2008 at 11:19 AM
  • News

    Bazooka Strategy Seems To Be Working, For Today

    The plan to bolster Fannie Mae and Freddie Mac by talking up the Treasury’s ability to bailout their debt while talking down the possibility that the two government sponsored mortgage companies could nationalized seems to be working. Reuters reported early this morning that the Treasury Department believes that the two companies should remain “shareholder-owned,” something […]

    / Aug 25, 2008 at 1:14 PM
  • News

    Fed Pressures Treasury Not To Wipe Out Fannie Mae Preferreds

    The Federal Reserve has been quietly pressuring the Treasury Department not to adopt a rescue plan for Fannie Mae and Freddie Mac that would wipe out the value of their preferred shares, according to a source familiar with the matter. The Fed fears that any move that hurt the preferred could worsen the crisis in […]

    / Aug 25, 2008 at 11:08 AM
  • News

    Merrill: Treasury Looking To Keep GSE’s Shareholder Owned

    The supporters of the current structure of Fannie Mae and Freddie Mac appear to be winning the debate at Treasury. “Merrill Lynch is telling its that a source within Treasury says they want to keep the GSEs in their current form, as in shareholder owned. That implies no ‘takeover’ any time soon, ” finance blogger […]

    / Aug 22, 2008 at 4:13 PM
  • News

    As Fannie and Freddie Rescue Debated At Treasury, Insider Trading Accusations Fly

    As investors continue to dump shares of Fannie Mae and Freddie Mac, the debate over a possibly government bailout of the two mortgage giants is raging inside the Beltway. One camp of free market oriented Fed officials is arguing that any rescue plan must wipe-out shareholders and include severe regulatory restrictions on future activity while […]

    / Aug 21, 2008 at 9:34 AM
  • News

    Fed and SEC to Compare Notes, Hank Paulson Blesses Union

    Today the Federal Reserve and the SEC signed the memorandum of understanding that would expand their information-sharing and cooperation along the lines of Henry Paulson’s “Blueprint” for regulatory reform. The agreement is designed to bridge the gaps currently in the oversight structure, notably by allowing Bernanke to see the positions and leverage of financial firms. […]

    / Jul 7, 2008 at 4:35 PM
  • News

    Treasury’s Brave New World Of Financial Innovation

    We’re going to have a lot to say about the costs of Treasury Secretary Hank Paulson’s Blueprint for a Modernized Financial Regulatory Structure. Before that, however, it’s worth noting that there is little to admire about our current financial regulatory structure. Largely a product of the financial crises of the past, the structure was unwieldy, […]

    / Mar 31, 2008 at 12:53 PM

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