This is an audio recording of the conference call with the US Treasury Department, giving information for financial analysts regarding the planned financial bailout legislation. Apologies for the audio quality – it was recorded using a mini digital recorder, half with the microphone and half with an inductive pickup. The first minute or so is cut off (we were too slow!), but the rest is intact through the end.
http://thepiratebay.org/torrent/4418763

*update: now also posted on youtube in five parts*

According to dealbreaker, Treasury sent this memo regarding the conference call to SIFMA and others.

MEMORANDUM
TO: SIFMA Government Reps Committee

FR: SIFMA Washington Office

DA: September 28, 2008

RE: Conference Call w. Treasury / 9:00PM TONIGHT

At 9:00pm tonight, Sunday, September 28th, there will be a call with Treasury officials to discuss the Troubled Asset Recovery Plan. This call is specifically for analysts. Please distribute ASAP to analysts in your firm who might be interested in participating. We have also distributed this call notice through various SIFMA Committees to solicit analyst participation.

Please find the conference call information below:

Date: Sunday, September 28th

Time: 9:00PM ET

Toll-free Dial-in: 1-866-843-0890

Entry Code: 1812173#

I wish I could hoist your recap into a post, but I cannot verify that either the call was real (I am really bothered that the Treasury is giving analysts info it is not sharing with the media or public at large) or to be blunt, whether you are real.

If you have a suggestion as to how to get around those problems (any evidence of the call?) e-mail me. Click on my name under “Contributors” and it takes you to a bio page with an e-mail link.

Takeaways from the Analyst Call:

Broad Discretion for Treasury Secretary

Almost impossible to stop immediate allocation of all $700B, especially if Paulson asks for all of it immediately after Congress goes on break!

Purpose was to maximize the liquidity boost (wealth transfer) to the system, not to optimize for the taxpayer. No requirement that banks relend cash they receive.

Will wait a few weeks before anything is done (weak banks can fail), even then prefer to deal with strong banks than rescue weak ones.

Exec comp. provisions won’t really affect strong banks.

Pricing TBD

All matters of implementation will be done as “guidelines” meaning they are exempt from public review and comment.

PLEASE try to get thru to your Representatives by phone or fax. They will be reporting to the floor at 8am tomorrow to vote on two bills, the second is this Bailout Bonanza, then they recess for the year. They should know what was said in that call!

according to a company statement HRE gets a 10 bn EUR mid term loan from other banks.

Now I have to go to bed.

Here is a link to a current article on Bloomberg:

http://www.bloomberg.com/apps/news?pid=20601085&sid=ajEcFjp85SDY&refer=europe

this is KJ from Germany. Focus Online is saying, that a pool of other banks is giving mid term credit to HRE to avoid bankruptcy.

http://www.focus.de/politik/schlagzeilen?day=20080929&did=917922&gn=0

Belgium (4,7 bn EUR) an Luxembourg invest (2,5 bn EUR) in Fortis. ING buys the shares of ABN Amro.

http://www.ftd.de/unternehmen/finanzdienstleister/:Staatsintervention-Belgien-springt-Fortis-zur-Seite/419559.html

Your blog is great.

KJ