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Video Transcription - Page 1
"Money Waiting On the Sidelines"
Host 2: Martin Soong
Squawk Box is CNBC Asia’s morning show which focuses on updates after the US market closes.
There are institutions and investors with cash that are ready to return to the U.S. markets for the right reasons, observes Todd Everts, president & CEO at Wall Street Global. He tells CNBC's Amanda Drury & Martin Soong more.
Todd G. Everts: I think it’s the start, I’m not sure if it’s the ultimate lifeline that’s going to solve the problem because there’s lots of problems in the market that we’ve seen over time. Fortunately with the demise of such large institutions that we’ve seen in the last 10 days the individual investor in the US has been resilient and is probably going to continue to sit by the side lines and start to come back into the market. It’s absolutely encouraging to see the market uplift so much in the last hour of trading yesterday which means that there’s institutions and investors with cash that are ready to come back in for the right reasons. the right reasons.
Host 2: Yeah Todd, come on the whole thing is whatever the shape this RTC type energy takes today, isn’t just going to transfer mortgage risk to the taxpayer. Somebody’s got to pay for this.
Host 1: Well we look back at what happen with the resolution trust company… you had roughly about $260 billion worth of debt that was assumed by the US government and then sold off to the tune of about 180 billion so the taxpayer did have a substantial loss but let’s look at how aggressive the Fed was in negotiating with AIG where they basically are getting… their capital back in 2 years libor plus a very high coupon they still end up owning just less than 80% stake. If things work and it turns, that actually could turn quite a profit for the treasury which might offset some losses that this potential new resolution trust company style program.
Host 2: Yeah, the thing is they could actually end up making money out of it. That’s pretty interesting but a lot of those can’t figure out is how Fed decision making seems very arbitrary in many cases. You know..AIG fine $85 billion Lifeline plus an 80% stake…Lehman let it go…Fannie and Freddie stepped in this case now they’re setting up an RTC so that doesn’t to be that much consistency in decision making or is there that we’re missing?
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