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A robust data management system was developed, including IT backstopping to ensure data quality, proper lines of responsibilities for data entry and dissemination, and regularization of data input on an annual basis to ensure data are current.
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Bob Diamond at Barclays had come closest to a deal, but even he had come back to the Treasury demanding that it backstop Lehman's trading positions until he could arrange a vote of Barclays shareholders.
They want the Fed to guarantee a part of Lehman's troubled assets, these people said, similar to the way it backstopped the emergency sale of another foundering bank, Bear Stearns, in March.
After the Hong Kong Monetary Authority announced that it was backstopping the liquidity of the city's bank's mainland units, banking shares rose.
As the FHA's market share has increased, so has the default rate on loans originated by mortgage firms it backstops.
It is backstopped in this promise by its own self-insurance.
The share index suffered a steep drop in the morning, then recovered almost to the break-even point, as the U.S. announced Sunday night that it will backstop losses for Citigroup on $306.0 billion worth of its toxic assets and plow $20 billion into the troubled firm.
Unlike the current system, though, the government would not take a loss the instant the mortgage went bad: it would backstop private insurance.
In making clear that it would backstop the financial system, and in going to great lengths to explain its various emergency-lending programs, the Fed helped stop the panic and prevent a meltdown.
What concerns do you have about how large Citi's potential losses could be, its ongoing health and how much U.S. taxpayers are backstopping it?
Rather than the rest of Europe's rates collapsing towards Germany's borrowing cost, Germany's rates should have risen in recognition of the fact that it was essentially "backstopping" profligate borrowers.
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