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Trading Now

Friday, August 28, 2009

TALF is on the Move: attracting investors AND banks are having to cut or slim down their fees

*bubble anyone? Now I know that we need a liquidified marketplace. But these derivatives are not the kinds of liquidity we want. Afterall, aren't these weapons of mass destruction the very thing that pushed us into the financial crisis to start with? YES! Why not earn money the old fashioned way: Through just plain hard work. And who will save them next time? Not US, believe it!
TALF attracts $12 billion in potential deals
The Federal Reserve's Term Asset-Backed Securities Loan Facility program has attracted $12 billion in deals backed by consumer loans in advance of the loan-application deadline. Ford Motor Credit, Chesapeake Funding, Nissan Motor and American Express are among lenders. Bank of America also announced a deal backed by auto loans. The Wall Street Journal/Dow Jones Newswires (8/27)

*well looky here...I have been reading for a few months about corporate cash managers complaining about the still TOO high fees these crooks are charging. One article said they were contemplating getting together as a group and dispensing with Wall Street all together. Now that would be something eh?
Investment bankers sweeten deals for investors
Some Wall Street investment bankers reportedly are holding off on some fees until investors get paid off -- a welcome move, Breakingviews argues. For example, PennyMac, which was founded by former managers of Countrywide Financial, Merrill Lynch, Deutsche Bank and Credit Suisse, offered to collect the final third of their underwriting fees only if their mortgage securities returned more than 8% in the first year. The New York Times/DealBook (8/28)

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