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Inside Washington (04/09/2009)
* WASHINGTON (4/10/09)--Evidence of Treasury’s success or failure to help solve the financial crisis is mixed, according to Elizabeth Warren, chair of the Congressional Oversight Panel. The panel has released its April Oversight Report, “Assessing Troubled Asset Relief Program (TARP) Strategy.” The report comes out six months after TARP was created under the Emergency Economic Stabilization Act of 2008. Treasury has spent or committed $590.4 billion in TARP funds in the past six months, and has relied on the Federal Reserve’s balance sheet--which has expanded by more than $1 trillion, the report said. The Treasury’s outlook on the crisis focuses on banks’ problems as temporary--and fails to acknowledge that the crisis may be deeper, Warren said. “Treasury’s efforts to date could be enough, but we will continue to press them,” she said ... * WASHINGTON (4/10/09)--The Obama administration is encouraging large investment companies to establish bailout funds--similar to war bonds, which were created during World War I to help soldiers (The New York Times April 9). The theory behind the bailout funds is that they would purchase troubled securities from banks, helping lenders make loans to stabilize the economy. The funds could eventually be sold to garner a profit. However, analysts say investors could lose money if banks’ assets aren’t worth as much as investors thought. The funds, which are currently under discussion, would not be created for several months if the plans are approved ... * WASHINGTON (4/10/09)--The banking industry is in better shape than some think, according to federal examiners who spent the last eight weeks stress-testing institutions to see how they would fare if the recession gets worse (The New York Times April 9). Though some banks are holding up in the tests--regulators say 19 of the banks being examined will pass--the nation’s largest lenders may need a bailout. Citigroup, JPMorgan Chase and others are expected to report their first-quarter results soon. Though the results could indicate that the banks are bouncing back, the banks also could report large losses on real estate and corporate loans, and credit cards ... * WASHINGTON (4/10/09)--The Federal Deposit Insurance Corp. (FDIC) Thursday was scheduled to offer a second conference all for investors interested in participating in its Legacy Loans program (American Banker April 9). The first call attracted 2,700 participants. The Legacy Loans Program aims to attract private capital through an FDIC debt guarantee and Treasury equity co-investment ...


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