Word: debt
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...Obama and Geithner may not be completely out of the woods even if they do force banks to sell their toxic assets. Some banks may be so deeply in debt that even the proceeds from the sales won't be enough to fill their capital needs. In that case, the stress tests may prove useful in another way. Geithner has only about $35 billion of TARP money left to plug the remaining holes for the 19 largest banks. After that, he has to go back to Congress for more money - at which point he'll need the stress tests...
General Growth (GGP), the big mall owner, filed for bankruptcy, as many experts thought it would. The company has $27 billion in debt and, with real estate prices depressed, it may be impossible to raise even close to that amount of money through asset sales...
...clear whether the government looked closely at commercial mortgage loans when it did its "stress tests" on banks. It is also not clear what assumptions the government used for the default rates of this paper. The $27 billion in debt that General Growth holds seems like a great deal of money. But, looking at all of the commercial real estate holdings across the country, particularly those with mortgages taken out between 2003 and 2007, and the problem is deeper than most people can imagine...
...presidential campaigns end, one way or another, but the financial debt from them has a way of living on - especially for a candidate who loses. And while it wouldn't be seemly for a Secretary of State to be out there personally collecting checks on the rubber-chicken circuit, Hillary Clinton is lucky enough to have some big names willing to do something close to that on her behalf...
...Their latest gambit to help pay off the former presidential candidate's remaining debt might be familiar to anyone who has ever had to run a raffle for a kid's preschool. The e-mails started going out last week, beseeching, "Make a $5 contribution today, and you could be on your way to one of these once in a lifetime opportunities!" Among them: a chance to spend a day with former President Bill Clinton, "followed by your own special New York City weekend." Or perhaps you would prefer lunch in Washington with consultants turned cable pundits James Carville...