Public–Private Investment Program for Legacy Assets | Wikipedia audio article
Channel: wikipedia tts
Date: 2019-01-06

This is an audio version of the Wikipedia Article:
https://en.wikipedia.org/wiki/Public%E2%80%93Private_Investment_Program_for_Legacy_Assets


00:01:08 1 Background
00:03:30 2 General
00:10:00 3 Two assets types
00:10:33 3.1 Legacy loans
00:13:56 3.2 Legacy securities
00:17:43 4 Criticism



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SUMMARY
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On March 23, 2009, the United States Federal Deposit Insurance Corporation (FDIC), the Federal Reserve, and the United States Treasury Department announced the Public–Private Investment Program for Legacy Assets.  The program is designed to provide liquidity for so-called "toxic assets" on the balance sheets of financial institutions.  This program is one of the initiatives coming out of the implementation of the Troubled Asset Relief Program (TARP) as implemented by the U.S. Treasury under Secretary Timothy Geithner.  The major stock market indexes in the United States rallied on the day of the announcement rising by over six percent with the shares of bank stocks leading the way. As of early June 2009, the program had not been implemented yet and was considered delayed.  Yet, the Legacy Securities Program implemented by the Federal Reserve has begun by fall 2009 and the Legacy Loans Program is being tested by the FDIC.  The proposed size of the program has been drastically reduced relative to its proposed size when it was rolled out.