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| Tuesday, February 9, 2010 |
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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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October 10, 2008 9:52 AM ET
(Crain's Chicago Business)—Northern Trust Corp. is partnering with the parent of the New York Stock Exchange in a bid to run the federal government’s $700-billion financial bailout effort. The Chicago-based bank, which has $4 trillion in assets under custody, and NYSE Euronext, which owns the world’s leading stock exchange, submitted a joint proposal to the Treasury Department on Wednesday night, according to people familiar with the situation. The Treasury Department said Monday night that it is seeking a financial institution with at least $500 billion in assets under custody to run the bailout effort, providing custody of assets, accounting, auction management and other “infrastructure” services. Proposals were due within 48 hours, reflecting the urgency needed to address the mounting global financial crisis. Bank of New York Mellon Corp. and State Street Corp., the only other two asset custodians considered to be in Northern Trust’s league, also submitted proposals to run the bailout, according to Bloomberg News, which said the firms could not be reached for comment. Spokespeople for Northern Trust and NYSE Euronext declined to comment. Separately, Chicago’s CME Group Inc. and private hedge fund Citadel Investment Group LLC said this week that they are teaming up to create a marketplace for trading and clearing credit default swaps, another goal of Treasury that isn’t directly related to the $700-billion rescue plan. NYSE Euronext’s commercial technology unit is expected to develop an electronic trade-matching system for the auction Treasury wants to set prices for the troubled mortgage-related assets it plans to buy from banks and other financial institutions, according to people familiar with the situation. Northern Trust would act as custodian and provide accounting, cash management and other record-keeping services for the assets the government acquires. “Certainly Northern Trust would qualify; it’s one of the leading institutional custodians,” said Richard Ennis, chairman of Ennis Knupp & Associates, a Chicago-based consulting firm that advises pension funds on the selection of money managers and custodians. “There’s no doubt Northern Trust has the requisite infrastructure and resources to do that.” The Treasury Department also plans to hire private firms to directly manage the mortgage-related securities it acquires, as well as a separate firm or team of firms to manage the mortgage loans it buys up during the bailout process. In an e-mail, a Treasury Department spokeswoman said firms are likely to be selected and announced next week. Meanwhile, firms submitting proposals will not be identified.
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