He is chief executive of M.CAM, a Virginia-based company that underwrites lending on intellectual property, earning a fee from the lender, usually a bank, and in most cases the right to sell on the IP if the company defaults.
A Big Waste THE INTERNATIONAL MONETARY FUND (IMF) is asking U.S. taxpayers to provide it with $3.5 billion in emergency aid and a further $15 billion in loan guarantees to underwrite IMF lending activities to economically troubled nations.
Financial Times editorial A Big Waste THE International Monetary Fund (IMF) is asking U.S. taxpayers to provide it with $3.5 billion in emergency aid and a further $15 billion in loan guarantees to underwrite IMF lending activities to economically troubled nations.
If that didn't do the trick, nationalisation could not be ruled out, he agreed.A day earlier Alistair Darling, the chancellor of the exchequer, unveiled a pre-budget report that included £1 billion of government guarantees for small-business loans and another £1 billion to underwrite export lending.
Banks had generated profits by issuing, underwriting or lending against mortgage securities.
Yesterday, other European countries launched a massive rescue scheme, committing €2tn (£1.6to) to prop up tottering banks, underwrite their lending and increase liquidity in the money markets.
Bankers have repeatedly been hauled in for ad hoc dressings down in Downing Street since October, when the government agreed to spend £37bn on recapitalising the banking sector, and promised up to £250bn to underwrite new lending.
The firm plans to offer only advice and merchant banking services, without underwriting, lending or trading businesses.
In a speech at Labour's state of the economy conference on Saturday, he will say the party wants to address the "freefall decline in home ownership among young people", pointing to a number of Labour councils that are underwriting mortgages or lending money directly.
The government is also making a three-pronged effort to stimulate the mortgage market: up to £100bn will be provided to underwrite new mortgage lending, the existing £200bn scheme will be extended, and state-owned Northern Rock is being given a new mandate to increase its lending.
