L' eccellente piano Geithner ottiene l' appoggio di PIMCO

[risparmier]

Il piano del segretario tesoro USA T. Geithner per rilanciare il sistema bancario ed economica USA ( che in parte può essere considerato un upgrade del piano Paulson originale che prima di modifiche aveva avviato un rally) , ha ottenuto l' appoggio del fondatore del più grosso fondo obbligazionario del mondo, B. Gross di Pimco, che si attende un ritorno a doppia cifra dall' investimento in asset congelati.
Il piano Geithner non richiede approvazioni parlamentari.
In riferimento al piano contano i commenti e l' appoggio di chi ha somme rilevanti da investire.

23 Marzo 2009

Bill Gross, the manager of the world's largest bond fund, gave the Obama administration's financial stability effort a much-needed endorsement Monday, saying Pimco will participate in the public-private plan.
"This is perhaps the first win/win/win policy to be put on the table and it should be welcomed enthusiastically," the co-chief investment officer of Pimco told Reuters.
"We intend to participate and do our part to serve clients as well as promote economic recovery," he added

Video: Pimco is intrigued by the potential double-digit growth from the toxic asset plan, says William Gross, co-chief investment officer/founder.

Generous government financing will underpin the so-called Public-Private Investment Program, which Treasury will kick off with $75-$100 billion that comes from its existing $700-billion bailout fund approved by Congress last fall.
"From PIMCO's perspective, we are intrigued by the potential double-digit returns as well as the opportunity to share them with not only clients but the American taxpayer," Gross said.
Gross's endorsement is important
...

http://www.cnbc.com/id/29835810

 

[risparmier]

Blackrock , una delle più grandi società di Asset Management degli USA e del mondo è interessata ad avere un grosso ruolo nel piano preparato dal Tesoro USA per rilevare obbligazioni da asset delle banche USA.

Arledge Says BlackRock Seeks `Big Role' in Treasury Plan: Video


March 24 (Bloomberg) -- Curtis Arledge, co-head of fixed-income portfolio management at BlackRock Inc., talks with Bloomberg's Erik Schatzker about the firm's plan to apply to be an investment manager in the Treasury's program to buy distressed bank debt.

Arledge, speaking from New York, also discusses the potential risks and returns from investing in toxic assets. (Source: Bloomberg)
Plan to play "very big role" in Treasury plan
00:39 Expectations for a "large buyer base"

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aibnVgLmFaoM

http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vgFuEqhGnQaA.asf

 

[risparmier]

All' economista DeLong il piano Geithner piace

Mar. 24, 2009, 7:24 AM

another smart economist who doesn't hate the Geithner bank plan. In fact, Brad DeLong, actually likes it.

DeLong:
Q: What if markets never recover, the assets are not fundamentally undervalued, and even when held to maturity the government doesn't make back its money?
A: Then we have worse things to worry about than government losses on TARP-program money--for we are then in a world in which the only things that have value are bottled water, sewing needles, and ammunition...
Q: Why isn't this just a massive giveaway to yet another set of financiers?
A: The private managers put in $30 billion and the government puts in $970 billion. If we were investing in a normal hedge fund, we would have to pay the managers 2% of the capital and 20% of the profits every year. In this case, the private managers' returns can be thought of as (a) a share of the portfolio's total return proportional to their 3% contribution, plus (b) a "management incentive fee" of (i) 0% of the capital value and (ii) between 0% (if the portfolio returns 3% per year) and 9% (if the portfolio returns 10% per year)--much less than hedge-fund managers typically charge. the Treasury is only paying 0% of the capital value and 17% of the profits every year.


Q: So the Treasury is doing this to make money?
A: No: making money is a sidelight. The Treasury is doing this to reduce unemployment.
Q: How does having the U.S. government invest $1 trillion in the world's largest hedge fund operations reduce unemployment?
A: At the moment, those businesses that ought to be expanding and hiring cannot profitably expand and hire because the terms on which they can finance expansion are so lousy. The terms on which they can finance expansion are so lousy because existing financial asset prices are so low. Existing financial asset prices are so low because risk and information discounts have soared. Risk and information discounts have collapsed because the supply of assets is high and the tolerance of financial intermediaries for holding assets that are risky or that might have information-revelation problems are low.
Q: So?
A: So if we are going to boost asset prices to levels at which those firms that ought to be expanding can get finance, we are going to have to shrink the supply of risky assets that our private-sector financial intermediaries have to hold. The government buys up $1 trillion of financial assets, and lo and behold the private sector has to hold $1 trillion less of risky and information-impacted assets. Their price goes up. Supply and demand.
Q: And firms that ought to be expanding can then get financing on good terms again, and so they hire, and unemployment drops?
A: No. Our guess is that we would need to take $4 trillion out of the market and off the supply that private financial intermediaries must hold in order to move financial asset prices to where they need to be in order to unfreeze credit markets, and make it profitable for those businesses that should be hiring and expanding to actually hire and expand.

Q: Oh.
A: But all is not lost. This is not all the administration is doing. This plan consumes $150 billion of second-tranche TARP money and leverages it to take $1 trillion in risky assets off the private sector's books. And the Federal Reserve is taking an additional $1 trillion of risky debt off the private sector's books and replacing it with cash through its program of quantitative easing. And there is the fiscal boost program. And there is a potential second-round stimulus in September. And there is still $200 billion more left in the TARP to be used in other ways.
Think of it this way: the Fed's and the Treasury's announcements in the past week are what we think will be half of what we need to do the job. And if it turns out that we are right, more programs and plans will be on the way.

http://www.businessinsider.com/henry-blodget-another-economist-doesnt-hate-the-geithner-plan-2009-3