The management company managed and controlled the affairs and business of each fund, and performed activities such as purchasing, managing, restructuring, and selling all of the funds' investment assets.
It has to manage the restructuring of the financial sector and help those hit by the crisis.The IMF has the task of immediate crisis management.
The government managed to restructure about 93 percent of outstanding bonds in debt exchanges that offered some 30 cents on the dollar in 2005 and 2010.
Similarly, during the Great Depression of the 1930s, the US took ownership and recapitalized banks via the Reconstruction Finance Corporation (RFC) and managed mortgage restructuring through the Home Owners Loan Corporation HOLCLC).
Fortunately, I managed to restructure the business, get rid of the people who perhaps did not have my best interests at heart, and continued trading.
Several other countries including Uruguay in 2003 have managed to restructure their debts without running foul of courts and creditors in the same way.
"There ain't no money around," said Richard Millward, managing director of restructuring at Rothschild.
"We haven't changed the parameters by which we do a deal," said Rob McMahon, the managing director of restructuring at GE Capital.
Gerald Jerry Grinsteinin, formerly the CEO of Western Airlines and then the chairman of Delta's board of directors, came out of retirement to manage the restructuring.
The government is also bringing in new blood to help manage that restructuring; last week it recruited one of Hong Kong's top market regulators, Laura Cha, to become vice chairwoman of the China Securities Regulatory Commission.
