The News Review:
- Jackson fails to overturn auction
- South Korean bonds dip ahead of auctions
- Treasury Auctions Set for This Week
- DIARY-France to April 30
- How to Clean a Dirty Bank
Jackson fails to overturn auction
BBC News
In March Mr Jackson filed legal action in Los Angeles claiming that Julien’s Auction House had "effectively stolen" his property. "We have to proceed because we have no choice said auctioneer Darren Julien who claimed a contract was agreed. A further court motion to stop the sale will be heard on 15 April. BankruptcyMr Jackson’s production company is seeking the return of hundreds of items which include the wrought iron gates from his Neverland Ranch and a white glove he wore in his 1983 Billie Jean video.
South Korean bonds dip ahead of auctions
Forbes
The government plans to auction up to 2. 72 trillion won ($2. 04 billion) in 3-year treasury bonds larger than the 2. 28 trillion won issuance in March in order to finance its unprecedented extra budget.
Treasury Auctions Set for This Week
New York Times
According to traders at the close of the New York cash market on Friday the rate on the outstanding three-month bill was 0. The rate on the six-month issue was 0. 40 percent and the rate on the four-week issue was 0.
DIARY-France to April 30
Reuters
—————–Monday April 13 2009————————–Easter Monday – public holiday. —————–Tuesday April 14 2009————————- PARIS – Auction of BTF treasury bills. 1250 GMT—————–Thursday April 16 2009———————— PARIS – Auction of BTAN medium-term treasury notes. 0850 GMT PARIS – Auction of ATi index-linked treasury notes. 0950GMT—————–Monday April 20 2009————————– PARIS – Auction of BTF treasury bills. 1250 GMT—————–Wednesday April 22 2009———————– PARIS – UNEP Champions of the Earth Award Ceremony. —————–Monday April 27 2009————————– PARIS – Auction of BTF treasury bills.
Related from Recollets: DIARY-France to April 30
How to Clean a Dirty Bank
New York Times
Treasury’s new plan the Public-Private Investment Program reduces that incentive by preserving shareholder and debt holder ownership of insolvent banks. It also injects capital into those banks in a roundabout unproductive way. Under the program the government will help private investors buy at auction the banks’ toxic assets (what Treasury now calls “legacy assets”). Private firms will use government funds along with some money of their own to buy the assets at prices above current market value. The government will bear almost all the exposure to losses from these transactions but earn only a small fraction of any profits. Another problem is that if the buyers of these assets harvest significant gains they will have to worry that Congress might seek to recapture the money in the future as it has threatened to in the recent bonus turmoil at A.