CCH Financial Reform News Center

Congress Heeds G-20 Call for Int'l Consensus in Derivatives Regulation

This story appeared in Jim Hamilton's World of Securities Regulation.

The G-20, including the United States, has endorsed efforts to coordinate international financial policy and regulations as nations reform their financial regulatory systems. A focus on reaching international consensus is important as legislation moves forward.

Quarterly PPIP Report Issued

This story appeared in Bank Digest.

The Treasury Department has released the second quarterly report for the Legacy Securities Public-Private Investment Program (PPIP). This report includes a summary of PPIP capital activity, portfolio holdings and current pricing, and fund performance. Treasury expects to provide additional information as the program matures in subsequent quarterly reports.

Initial PPIP Report Released

This story appeared in Bank Digest.

The Treasury Department has released the initial quarterly report for the Legacy Securities  Public-Private Investment Program (PPIP). This report includes a summary of PPIP capital activity, portfolio holdings and current pricing, and fund performance. The Treasury expects to provide additional information as the program matures in subsequent quarterly reports.

Additional Initial Closing of PPIF

This story appeared in Bank Digest.

The Treasury Department has announced that Oaktree Capital Management, L.P., has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). All nine pre-qualified PPIP fund managers have now completed an initial closing. Oaktree has partnered on the PPIF with Arctic Slope Regional Corporation, a small and minority-owned business based in Alaska. To date, the PPIFs have completed initial and subsequent closings on approximately $6.0 billion of private sector equity capital which has been matched 100 percent by the Treasury Department, representing $12.0 billion of total equity capital. The Treasury Department has also provided $12.0 billion of debt capital, representing $24.0 billion of total purchasing power.

Treasury Announces Additional Initial Closing of Legacy Securities

This story appeared in Bank Digest.

The Treasury Department has announced that Marathon Asset Management, L.P. has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). Marathon is partnering with Blaylock Robert Van, LLC on this PPIF. Blaylock Robert Van is a full-service, minority-owned investment banking firm. To date, PPIFs have completed initial and subsequent closings on approximately $5.07 billion of private sector equity capital which has been matched 100 percent by Treasury, representing $10.13 billion of total equity capital. Treasury has also provided $10.13 billion of debt capital, representing $20.26 billion of total purchasing power.

SIGTARP to Audit PPIP Fund Manager Selection, Conflict of Interest Procedures

This story appeared in Bank Digest.

Special Inspector General for the Troubled Asset Relief Program Neil Barofsky has announced two audits. The first, an audit of the internal controls in place for the Treasury Department and the Public-Private Investment Fund, will examine the mitigation of conflicts of interest and fund managers' compliance with internal control requirements. The second, an audit of the process used by the Treasury to select PPIP fund managers, will look at the selection criteria used, the consistency with which those criteria were applied, the Treasury's compliance with appropriate regulations and its efforts to prevent conflicts of interest.

Initial Closing of PPIF Announced

This story appeared in Bank Digest.

The Treasury Department has announced that RLJ Western Asset Management, LP, has completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). RLJ Western Asset Management, LP, is a minority-owned partnership between The RLJ Companies, LLC and Western Asset Management. To date, seven PPIFs have completed initial closings on approximately $4.09 billion of private sector equity capital which has been matched 100 percent by the Treasury, representing $8.18 billion of total equity capital. The Treasury has also provided $8.18 billion of debt capital, representing $16.36 billion of total purchasing power for all PPIFs.

Treasury Announces Initial Closing of PPIF

This story appeared in Bank Digest.

The Treasury Department has announced that on Oct. 30, 2009, Angelo, Gordon & Co., L.P., and GE Capital Real Estate completed an initial closing of a Public-Private Investment Fund (PPIF) established under the Legacy Securities Public-Private Investment Program (PPIP). To date, six PPIFs have completed initial closings on approximately $3.58 billion of private sector equity capital, which has been matched 100 percent by Treasury, representing $7.17 billion of total equity capital. Treasury has also provided $7.17 billion of debt capital, representing $14.34 billion of total purchasing power.

http://www.ustreas.gov/press/releases/2009113174017454.htm

Finance Committee Chairman Comments on SIGTARP Report

This story appeared in Bank Digest.

In response to the quarterly report of Special Inspector General for the Troubled Asset Relief Program Neil Barofsky, Senate Finance Committee Chairman Max Baucus, D-Mont., said that “we now have a good summary from the Special IG of how the Treasury Department is running the program every quarter.” He added that “I am also pleased that the Department decided to follow the Special IG’s recommendation requiring managers for the Public Private Investment Program (PPIP) to disclose all of their assets or exposures to related liabilities, including credit default swaps. I will follow up with the Secretary of Treasury on the Special IG’s ;request that his office be allowed to comment on any change in PPIP compliance rules, and that his office have access to fund manager information maintained by the Treasury Department.”

http://finance.senate.gov/press/Bpress/2009press/prb102109.pdf

Additional Initial Closings of Legacy Securities Public-Private Investment Funds

 This story appeared in Bank Digest.

The Treasury Department announced three additional initial closings of Public-Private Investment Funds (PPIFs) established under the Legacy Securities Public-Private Investment Program (PPIP). AllianceBernstein, LP and its sub-advisors Greenfield Partners, LLC and Rialto Capital Management, LLC, BlackRock, Inc. and Wellington Management Company, LLP have completed initial closings, each with at least $500 million of committed equity capital from private investors bringing the total number of initial closings completed to five and total committed equity and debt capital to $12.27 billion.