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But this financing structure was inherently unstable.
Drexel Burnham Lambert will handle this financing.
"This financing was not about valuation," Mr. Vermut said.
This financing is discretionary, meaning lawmakers can cut it.
This financing pays for half days in New York City.
Without this financing, BPI's bid would have been dead in the water.
It also had at least another year before it needed to secure this financing.
But this financing model "is no longer tenable", Mr de Rato's report says.
At its peak in September 2008, this financing amounted to around $430 billion (per day).
And if the product has high margins, this financing structure can make a lot of sense.
"Every program goes through the but-for test: But for this financing, this project wouldn't exist".
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