Will April corporate loan showers bring July flowers?

first_imgThe stimulus package is here! Well, almost here—the House of Representatives still has to pass it. In concert with the package, the Fed this week embarked on unlimited Quantitative Easing, taking their balance sheet to $5 trillion for the first time with massive purchases of Treasury notes and Agency MBS. The Fed has bought $50 billion Agency MBS per day since Monday. At times this represents ten times the real daily production of new Agency MBS! They will also soon expand their asset class purchasing powers to buy high-grade corporate bonds (and ETFs) as well as municipal bonds. They have indeed done what we wrote two weeks ago, they have “Flipped the Script.” Additionally, the Fed has restarted some 2008 favorite facilities like Term Asset Backed Securities Lending Facility (“TALF”), as well as money market fund and commercial paper back-stops.We wanted to focus on perhaps the most controversial component of the stimulus package, the $454 billion large corporation lending program, where the Treasury Department becomes a hedge fund and the Federal Reserve becomes their prime broker.The program that the Fed and Treasury look to embark upon seems to draw inspiration from the Citibank and Bank of America 2008-2009 bailouts. With those deals, the Treasury Department took a combined $424 billion “toxic assets” off the bank’s books, by putting the banks in first loss positions on $10 billion, and then a 90%/10% (Treasury/Bank) loss sharing scheme for the rest. continue reading » ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblrlast_img read more

Read More »

NYSEG employees deliver gifts to families in need

first_imgEmployees then take a name tag and the wish list and go out shopping for that child. A partnership 30 years in the making, NYSEG is given a list of children ages infant to 17 and an accompanying wish list. “Its always very important to get back involved in the local community, everyone here that participates loves that working with the community and the communities they live in.” said Lori Cole the Coordinator for Gift Giving Tree at NYSEG. NYSEG provided gifts for 85 children in the community.center_img BINGHAMTON (WBNG) — NYSEG is once again collaborating with the Family and Children’s Society of Binghamton to deliver gifts to families in need. Today at the NYSEG headquarters, employees were loading up their cars with all the gifts to be delivered to the Family and Children’s Society.last_img read more

Read More »

A Unique Valentine’s Day Experience! Silent Movie: ‘Lucky Star’ With World-Class…

first_imgFacebook6Tweet0Pin0Curated by the incomparable world-class theater organist Dennis James, the Center’s Silent Movie Series bring to life the golden age of cinema. A treat for the eyes and ears, each movie shines with live music played on an Olympia treasure from 1924, the Mighty Andy Crow Wurlitzer Organ.“Lucky Star” is a powerful romance starring Janet Gaynor and Charles Farrell, known as “America’s Favorite Lovebirds.”  Make your Valentine’s Day a unique experience to remember!Tickets are on-sale now!DATE: Friday, February 14TIME: 7:30 pmVENUE: Washington Center Main Stage, 512 Washington St. SECOST: Tickets: $23 | General AdmissionFor more information about upcoming events please visit www.washingtoncenter.org or call the Box Office at 360-753-8586.last_img

Read More »