economic aid: Pension Insurance Fund Losses Could Cost Taxpayers 100's of Billions More - 03/30/09 09:38 AM
Billions of dollars from pension insurance funds held by the Pension Benefits Guaranty Corporation (PBGC) have been invested in speculative investments in emerging foreign markets, real estate, and private equity funds according to the Boston Globe, Michael Kranish. The federal agency that insures the retirement funds of 44 million Americans is at risk of becoming insolvent leaving taxpayers the responsibility for its debts.
The former Agency Director, Charles Millard, was appointed by President G. W. Bush and his appointment was approved by the Senate. After receiving his appointment, Millard embarked on a new investment policy which was approved by his board … (6 comments)

economic aid: Geithner's TAP - Taxpayer's Losses - 03/23/09 06:39 AM
Suppose we segregate the MBS and CDO assets currently held by banks into 3 separate tranches:
Assets backed by Prime Mortgages; Assets backed by a blend of Prime and Sub-prime Mortgages; and Assets backed by Sub-prime and Alt-A Mortgages. Assets backed by Prime Mortgages were properly rated as AAA investments and are performing well. The Banks will not want to sell these assets and they wont be offered to the FDIC to liquidate via the TAP sanctioned auctions.
Assets backed by a blend of Prime and Sub-prime Mortgages are underperforming at present and the current market price for these assets is … (4 comments)

economic aid: Public Funds on TAP or Geithner’s Toxic Asset Plan (TAP) - 03/17/09 06:15 PM
Treasury Secretary Geithner is proposing the use public funds to provide financing and guarantees to private investors (hedge funds) to buy mortgage backed Toxic Assets. The problem is how to set a fair market price for these assets. The Banks are lobbying for relief from mark-to-market accounting practices because the market conditions are driving the market price of these assets to a mere fraction of their purchase price. However you establish the market value of these assets, the investors want to buy them at a price low enough to ensure that they can sell them at a profit. If the price … (4 comments)

economic aid: Federal Negotiators Accept Greater Taxpayer Exposure - 03/01/09 07:36 AM
I accept the fact that our government has to take bold action to stabilize the financial markets. However, my confidence in the government's actions is repeatedly shaken and continually eroded by the lack of a structured plan that produces predictable behavior and repeatable successful outcomes by government agents who are responsible for representing taxpayer’s interest.
Federal negotiators are ready to provide American International Group, Inc (AIG) $30 billion in additional federal assistance and revamp the AIG bailout with terms that increase taxpayers’ exposure to losses.
Repayment of the original $ 40 billion was supposed to be in cash with interest. Additional … (3 comments)

economic aid: Economic Aid To People On Main Street Is Needed Now - 11/16/08 08:40 AM
When you look at the 25 worst housing markets in the U.S. and you consider that in many of these markets they are plagued by multiple variations of the following problems:
High housing inventory and low demand High foreclosure rate which creates a high inventory of bank owned properties that are vacant. Declining home values High unemployment with indications of major increases in unemployment High numbers of people with no assets and no credit Winter months ahead These people in these markets and the communites they live in need Economic Aid to ensure that they have:
A place to live during the … (0 comments)

 
George Bennett, Inactive Principal Broker, GRI (Inactive)

George Bennett

Inactive Principal Broker, GRI

Port Orford, OR

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Address: 736 Highway 101, Port Orford, OR, 97465

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