Hedge funds will be allowed to borrow from the Federal Reserve for the first time under a landmark $200bn programme intended to support consumer credit.
The Fed said on Friday it would offer low-cost three-year funding to any US company investing in securitised consumer loans under the Term Asset-backed Securities Loan Facility (TALF). This includes hedge funds, which have never been able to borrow from the US central bank before, although the Fed may not permit hedge funds to use offshore vehicles to conduct the transactions.
Fortress Investment Group LLC will not pay a fourth-quarter dividend, saying it will use the capital for investing or operations.
Global 2008 deal advisory ranking (preliminary)
Rank Firm Volume Pending Ratio
1 Goldman Sachs $816.1 $358.5 44%
2 JPMorgan Chase 773.1 237.9 31%
3 Citigroup 705.3 327.0 46%
4 UBS 565.1 238.7 42%
5 Morgan Stanley 553.3 281.8 51%
6 Merrill Lynch 507.8 213.9 42%
7 Credit Suisse 478.6 179.0 37%
8 Deutsche Bank 436.0 112.6 26%
9 Barclays Capital318.4 90.1 28%
10 BNP Paribas 269.4 148.7 55%
Source: Thomson Reuters; volume in billions
2011 Flying Heart Cellars Red Wine - $5
13 years ago
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