An edition of How to make TARP II work (2009)

How to make TARP II work

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How to make TARP II work
Lucian A. Bebchuk
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Last edited by MARC Bot
October 29, 2020 | History
An edition of How to make TARP II work (2009)

How to make TARP II work

  • 0 Ratings
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"Treasury Secretary Geithner announced a plan, which the Treasury is willing to finance with up to $1 trillion of public funds, to partner with private capital to buy banks' 'troubled assets.' The Treasury has not yet settled on the plan's design, and its announcement has encountered substantial skepticism as to whether an effective plan for a public-private partnership in buying troubled assets can be worked out. This paper argues that, yes, it can. The paper also analyzes how the plan should be designed to contribute most to restarting the market for troubled assets at the least cost to taxpayers. The government's plan should focus on establishing a significant number of competing funds that will be privately managed and dedicated to buying troubled assets - not on creating one, large public-private aggregator bank. Establishing competing funds, I show, is necessary both to securing a well-functioning market for troubled assets and to keeping costs to taxpayers at a minimum. Each new fund will be partly financed with private capital, with the rest coming (say, in the form of non-recourse debt financing) from the government's Investment Fund planned by the Treasury. One important element of the proposed design is a competitive process in which private managers seeking to establish a fund participating in the program will submit bids as to what fraction of the fund's capital will be funded privately. The government will set the fraction of each participating fund's capital that must be financed with private money at the highest level that, given the received bids, will still enable establishing new funds with aggregate capital equal to the program's target level. Overall, I show that the proposed design will leverage private capital to the fullest extent possible and will provide the most effective and least costly mechanism for restarting the market for troubled assets."--John M. Olin Center for Law, Economics, and Business web site.

Publish Date
Publisher
Harvard Law School
Language
English

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Edition Availability
Cover of: How to make TARP II work
How to make TARP II work
2009, Harvard Law School
Electronic resource in English

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Book Details


Edition Notes

Title from PDF file as viewed on 05/05/2009.

Includes bibliographical references.

Also available in print.

System requirements: Adobe Acrobat Reader.

Mode of access: World Wide Web.

Published in
Cambridge, MA
Series
Discussion paper -- no. 626, Discussion paper (John M. Olin Center for Law, Economics, and Business : Online) -- no. 626.

Classifications

Library of Congress
K487.E3

The Physical Object

Format
Electronic resource

ID Numbers

Open Library
OL23226596M
LCCN
2009655509

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Download catalog record: RDF / JSON / OPDS | Wikipedia citation
October 29, 2020 Edited by MARC Bot import existing book
August 4, 2012 Edited by VacuumBot Updated format '[electronic resource] /' to 'Electronic resource'
December 15, 2009 Edited by WorkBot link works
May 16, 2009 Created by ImportBot Imported from Library of Congress MARC record