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Washington
Inside Washington (10/13/2008)
* WASHINGTON (10/14/08)--The U.S. Treasury Department announced Monday that EnnisKnupp and Associates will serve as its investment adviser for the implementation of the Troubled Asset Relief Program (TARP) authorized under the Emergency Economic Stabilization Act. Treasury said it hired the Chicago-based firm Saturday and the firm began work immediately to help administer the “complex portfolio of troubled assets” the Treasury will purchase under the program ... * WASHINGTON (10/14/08)--The Bush administration will work to help banks access capital, the president announced Monday after a meeting with Silvio Berlusconi, Italian premier. He also said the U.S. would work with other countries to solve the global financial crisis. Bush called the Monday meeting with executives from financial firms to firm up details of the Treasury’s $700 billion bailout plan (The New York Times Oct. 13). The financial crisis has shaken Europe, but European markets opened in a strong position Monday after coordinated U.S. and European efforts to beef up the banking system ... * WASHINGTON (10/14/08)--The Bank of England (BoE), the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank (SNB) are jointly announcing further measures to improve liquidity in short-term U.S. dollar fund. The BoE, ECB, and SNB will conduct tenders of U.S. dollar funding at 7-day, 28-day, and 84-day maturities at fixed interest rates for full allotment. Funds will be provided at a fixed interest rate, set in advance of each operation. Swap lines between the Federal Reserve and the BoE, the ECB, and the SNB will be increased to accommodate whatever quantity of U.S. dollar funding is demanded. The Bank of Japan will be considering the introduction of similar measures ...


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