On Thursday morning, Spain's treasury managed to sell 3.13 billion euros of debt, exceeding its own target of 3 billion euros.
With gas tax revenue stagnant and transportation funds scarce, states are turning to toll roads in 2018 to fill treasuries and manage traffic — despite outrage from motorists and questions about the efficiency of tolls.
As long as Hank Paulson, America's treasury secretary, manages to steer the economy away from financial Armageddon, Mr Buffett is sure to add to his reputation and his fortune.
Mr. Van Rompuy did not say how much money such a treasury should manage, and no agreement on that figure is expected when E.U. leaders gather for a two-day summit meeting in Brussels in the coming week to consider his proposals.
A latter-day Alan Greenspan, whose presence at the treasury reassured the banks, Jacques Necker managed to convince public opinion that the heavily-leveraged monarchy was in fact in sound financial shape.
Until those levels are hit, he is shying away from U.S. equities and even easing out of Treasurys, preferring to direct the managed accounts at Grantham, Mayo, Van Otterloo & Co. toward odd stuff like foreign small-cap value, emerging market debt, real estate investment trusts and timberland.
They all need employees in the treasury office to manage investments and other accounts.
Gorman said that Morgan Stanley does not have positions similar to the derivatives trades that have caused at least $2 billion in losses for competitor JPMorgan Chase & Co. Morgan Stanley's corporate treasury desk, which manages the company's excess liquidity, is "conservative," he said.
As a result, investors who think that the Fed's plan — called quantitative easing, or QE2 — could lead to higher inflation have managed to drive up long-term yields by selling 30-year Treasuries.
The treasury was hoping to rake in at least 8 billion reais; it only managed 5 billion reais.
