Hot sectors in a tepid recovery
The energy, finance, technology and healthcare industries are expected to be the hottest areas for dealmaking in 2010. Full Article | Full Coverage
UPDATE 1-NY Sen. Schumer-First bailout tranche $250 bln
(Adds comments on oversight)
WASHINGTON, Sept 25 (Reuters) - A plan to authorize $700 billion to buy up bad debts from financial firms would dispense the money in tranches, starting with $250 billion, a member of the U.S. Senate's Democratic leadership said on Thursday.
"The money will come in a tranche system -- $250 billion right up front, another $100 billion when the president certifies this emergency continues and $350 billion in May" 2009, New York Sen. Charles Schumer said.
He also said legislation to implement the asset-relief program proposed by the Treasury Department would ensure the government received warrants for equity in companies participating as a way to protect taxpayers.
"We should be paid back first," he said.
Schumer said a key feature of the lawmakers' agreement was the establishment of tougher oversight of the Treasury Department than had been proposed by the Bush administration.
"The Treasury secretary no longer has unlimited power," he said. "There's two independent boards, one to gather all information that has congressional representatives on it, the other with power to undo what the Treasury Secretary has done." (Reporting by Glenn Somerville and Tim Ahmann, Editing by Chizu Nomiyama)
