Geithner Banks on Private Cash

美国财政部长蒂莫西•盖特纳(Timothy Geithner)说，解决金融危机的唯一途径是同私营机构合作，消除银行资产负债表中的问题资产，尽管目前华尔街的机构正受到公众和政界人士的抨击。盖特纳在周日接受《华尔街日报》采访时说，政府不能独自解决这个问题。他说，我们的判断是解决问题的最佳途径是同市场合作。我们不想让政府承担所有风险。我们希望私营机构同我们合作。Getty Images盖特纳三管齐下的计划细节将于周一公布，其设想是建立一系列公私合营投资基金，以吸纳处于危机核心之中的5,000亿美元甚至1万亿美元问题贷款和证券。为了鼓励投资者购买这些资产，美国政府将提供丰厚的补贴，并承担大量风险。如果这些投资最终获利，纳税人将同对冲基金和私人资本运营公司等投资者一道获得收益。这是盖特纳更全面计划的组成部分。盖特纳希望藉此稳定金融体系，推进此前的一项计划，该计划旨在向银行注入资金启动消费和小企业贷款，并帮助一些房屋业主偿还抵押贷款。许多经济学家认为，金融公司需要清除它们的资产负债表中堆积的问题贷款和证券，这样它们才能重新恢复对外放贷的信心。盖特纳上月曾粗率介绍了这些计划，华尔街一直在急切地等待其中的细节。但现在公布这些细节有点不合时宜，由于美国国际集团(AIG)向员工发放奖金引起众怒，人们对救助计划的不耐烦正在转变为对救助的愤怒。因此，不论这一处方对解决困扰金融行业的病症是否正确，这种似乎在奖赏华尔街的做法很可能会引发人们的担忧。一些投资者已经表示，他们对同政府合作持谨慎态度，原因是担心规则会中途改变，就像是美国国会目前正在对接受金融救助的华尔街机构限制奖金上限的举动那样。为了鼓励投资者参与，财政部认为该计划的参与者不应受制于国会实行的高管人员薪酬限制规定。授权7,000亿美元救助资金的立法和7,870亿美元刺激法案中的一项规定对接受政府资金的企业实行了严格的薪酬限制，其中包括对奖金的限制。奥巴马政府认为，这些规定不应适用于此类大规模的计划。上月，在美国联邦储备委员会推出的一项消费贷款安排中，其参与者就不受上述限制。这项安排旨在向同意购买某些资产支持证券的投资者提供贷款。政府官员希望，公众能够分辨AIG等接受政府救助的金融公司和作为投资者参与政府大规模计划的对冲基金和私人资本运营公司等机构的不同。在没有看到更多细节前，许多因其做法而遭致华盛顿猛烈抨击的华尔街公司都没有对此做出评论。那些仍持有价值相对较高的问题资产的银行或许不愿出售资产，他们担心得不到买方够高的出价，从而不得不大量减记资产。而其他如高盛(Goldman Sachs Group)摩根士丹利(Morgan Stanley)等公司则已对问题贷款进行了减记，因而在向公私合伙机构出售资产方面或许会比较容易。一家大型美国银行的管理人士称，如果对某些奖金征收高额所得税的方案（就像上周众议院通过的奖金税法案）条款更宽松或暂时搁置，则这项计划将能更顺利推出。最近几日，多位金融业人士对实行可追溯的奖金税法案发出警告，称这将损害他们留住优秀员工的能力。财政部计划从7,000亿美元救助资金中拿出750-1,000亿美元用于该计划，以便从银行资产负债表上清除房地产相关不良资产。将来还有可能拿出更多资金。美联储和联邦存款保险公司(Federal Deposit Insurance Corp.)将提供其他形式的融资，包括低风险贷款。针对银行不愿意继续持有的按揭贷款，财政部和联邦存款保险公司将向买家提供融资。存款保险公司将对某家银行希望出售的资产进行集中拍卖，并将与最高投标人组建合伙公司，从而成为资产的共同所有人。合伙公司然后将发售由存款保险公司担保的债券，用于支付部分购买款，而财政部将乐意拿出收购这些资产所需资金的50%-80%。财政部将在合伙机构中以平等投资方的身份出现。为处置高风险证券，比如按揭支持证券，财政部将创立数只由合乎一定标准（比如曾管理过类似资产）的私人投资方经营的投资基金。财政部将作为联合投资方，多数情况下，私人投资方每出1美元投资，财政部就将相应拿出1美元，且双方将平等分摊任何利得或损失。最后，政府将把美联储的定期资产支持证券贷款工具(Term Asset-Backed Securities Loan Facility)进一步扩大，以吸纳时间更久的风险资产。该工具当初设立是为了收购新发售的支持所有各类消费和中小企业贷款的证，但问题最严重的资产中有部分是在20052006和2000年间设立的。这次计划的推出对盖特纳来说是个考验，上任不久的他因为个人税务问题引发争议，又因2月份宣布的银行业救助计划缺乏细节招致批评，他还卷入了AIG奖金事件，这些都使他个人形象受损。一些人对他没能更早了解到AIG发奖金的事提出质疑。奥巴马总统周日在哥伦比亚广播公司(CBS)的“60分钟”节目里说，盖特纳“像我们对公务员要求的一样敏锐而富有经验。”奥巴马还开玩笑说，如果盖特纳提出辞职，他会说，“抱歉，伙计，这份工作还是你的。”共和党资深议员来自艾奥瓦州的格拉斯利(Charles Grassley)和来自新罕布什尔州的格里格(Judd Gregg)对盖特纳的努力表示支持。格里格在美国有线新闻网(CNN)的State of the Union节目上说，“我真的认为，在试图稳定我们经济中的金融领域方面，他们的做法是正确的。”“当然，他们的这些行动没能表现出他们应有的决断，但他们的方向是对的。”盖特纳响应企业高管薪酬问题引发的政治反响，打算建议授权美联储确保大型金融公司的薪酬水平必须与公司长期表现挂钩。定于下周宣布的金融市场监管改革计划中将包括这一调整内容。Deborah Solomon（更新完成）相关阅读美国将公布银行不良资产剥离计划详情 2009-03-20美众议院通过奖金税法案 附加税高达90% 2009-03-20美国政府将救助汽车零部件供应商 2009-03-20美国会奖金税法案震撼华尔街 2009-03-20


Treasury Secretary Timothy Geithner said the only way to resolve the financial crisis is to work with the private sector to remove troubled assets clogging banks' balance sheets, even at a time when Wall Street moneymakers are being vilified by the public and politicians.In an interview with The Wall Street Journal Sunday, Mr. Geithner said the government cannot do this alone. 'Our judgment is that the best way to get through this is if we can work with the markets,' he said. 'We don't want the government to assume all the risk. We want the private sector to work with us.'Mr. Geithner's three-pronged program, which will be unveiled Monday, envisions the creation of a series of public-private investments to soak up $500 billion, and maybe as much as $1 trillion, in troubled loans and securities at the heart of the financial crisis. To encourage investors to buy those assets, the U.S. government will offer lucrative subsidies and shoulder much of the risk.Taxpayers will stand to reap gains - alongside investors such as hedge funds and private-equity firms - if the investments ultimately prove profitable.The effort is part of Mr. Geithner's broader plan to stabilize the financial system and builds on earlier programs to pump capital into banks, restart consumer and small-business lending, and help some homeowners pay their mortgages. Many economists argue that financial firms need to purge troubled loans and securities clogging their balance sheets if they are to regain the confidence to resume lending.Mr. Geithner outlined the latest effort in general terms last month, and Wall Street has been eagerly awaiting details. But the rollout comes at an inopportune time, with bailout fatigue turning to bailout rage amid a furor over bonus payments to employees of insurer American International Group Inc.As a result, whether or not the prescription is correct to fix what ails the financial sector, there is likely to be concern about an effort that appears to reward Wall Street. Some investors have already said they're leery of working with the government for fear the rules will change midstream, as is happening with Congress's moves to cap Wall Street bonuses for firms receiving financial aid.To encourage investor participation, the Treasury believes participants in the program shouldn't be subject to executive-pay rules imposed by Congress. The law authorizing the $700 billion bailout and a provision in the $787 billion stimulus package impose tough pay restrictions on firms that receive government funds, including limits on bonuses.The Obama administration believes those provisions shouldn't apply to such broad programs, and an exception was made last month for participants in the Federal Reserve's consumer-lending facility, which provides loans to investors who agree to buy certain asset-backed securities.Administration officials are hoping the public will draw a distinction between financial firms that receive a government rescue, such as AIG, and those such as hedge funds and private-equity firms that participate as investors in broad government programs.Many on Wall Street, shell-shocked from the assault on their practices from Washington, are withholding judgment until they see more details.Banks that are still holding troubled assets at relatively high values may be reluctant to sell for fear they won't get a high enough bid to avoid having to take a huge write-down. Other firms, such as Goldman Sachs Group Inc. and Morgan Stanley, have already written down the value of their troubled loans and may have an easier time selling assets into the public-private partnerships.An official at one large U.S. bank said the program will be launched more smoothly if a high income tax on some bonuses, such as passed by the House last week, is watered down or tabled. In recent days, various financial-industry executives have warned against a tax that's retroactive, saying it would hurt their ability to keep valued employees.The Treasury plans to contribute between $75 billion and $100 billion from its $700 billion bailout to the programs to remove troubled real-estate-related assets from bank balance sheets, with the possibility of additional money in the future. The Fed and the Federal Deposit Insurance Corp. will provide other forms of financing, including low-risk loans.Targeting mortgages that banks no longer want to hold, the Treasury and the FDIC will provide financing to buyers. The FDIC will auction off pools of loans that a bank wants to sell and will become a co-owner by forming a partnership with the highest bidder.The partnership will then raise FDIC-guaranteed debt to finance a portion of the purchase price, with the Treasury willing to kick in between 50% and 80% of the equity needed to buy the assets. The Treasury will be an equal investor in the partnerships.To tackle risky securities, such as those backed by mortgages, the Treasury will create several investment funds run by private investors who meet certain criteria, such as experience managing similar assets. Treasury again will act as a co-investor, in most cases contributing $1 for every $1 contributed by the private sector and sharing equally in any gains or losses.Lastly, the government will expand the Fed's Term Asset-Backed Securities Loan Facility, or TALF, to help absorb older, riskier assets. It was set up to buy newly issued securities backing all manner of consumer and small-business loans. But some of the most troubled assets are securities created in 2005, 2006 and 2007.The rollout represents a test for Mr. Geithner, whose short tenure has been marred by controversy over his personal taxes, criticism of the lack of detail in his February bank-bailout announcement, and his involvement in the AIG bonus furor. Some questioned why he didn't know of the AIG bonuses sooner.President Barack Obama said on CBS's '60 Minutes' Sunday that Mr. Geithner is 'as sharp and as skilled a public servant as we have.' The president joked that were Mr. Geithner to offer his resignation, he would say, 'Sorry, buddy, you've still got the job.'Two senior Republican senators, Charles Grassley of Iowa and Judd Gregg of New Hampshire, offered their support for Mr. Geithner's efforts. 'I do think that, in the area of trying to stabilize the financial sector of our economy, they're doing the right things,' Sen. Judd said on 'State of the Union' on CNN. 'They haven't done it as definitively as they should have, clearly, but they are moving in the right direction.'In a nod to the political resonance of the executive-pay issue, Mr. Geithner intends to recommend the Fed be given powers to ensure that compensation at large financial firms isn't divorced from long-term performance. Such a change would be one element of the broader revamp of financial-market oversight set to be announced next week.Deborah Solomon