The Treasury announced today that it has extended to Aprl 24 the deadline for those seeking to apply to be pre-qualified to serve as a manager of a Legacy Securities Public-Private Investment Fund.
While the Treasury says fund managers will be pre-qualified based upon criteria that are anticipated to include:
Demonstrated capacity to raise at least $500 million of private
capital.
Demonstrated experience investing in Eligible Assets, including
through performance track records.
A minimum of $10 billion (market value) of Eligible Assets currently
under management.
Demonstrated operational capacity to manage the Funds in a manner consistent with Treasury’s stated Investment Objective while also protecting taxpayers.
Headquarters in the United States.
These pre-qualifcations do not seem to apply if you are an Afro-Hispanic lesbian couple with a flower shop. The Treasury has announced new guidance to program applicants and that applicants will be viewed "holistically":
The new guidance extends the deadline for application to the program and clarifies that participation criteria will be viewed holistically -- failure to meet any one criterion will not necessarily disqualify a proposal. Additionally, the guidance highlights Treasury’s interest in program participation by small, minority and women-owned businesses; the potential for further expansion of participants and asset classes; and the interaction of the Federal Reserve’s Term Asset-Backed Securities Lending Facility (TALF) with this program.If however, you are not an Afro-Hispanic couple with a flower shop, but simply a white male, this is the application (pdf) you will have to fill out AND you will already have to be managing $10 billion.
Because nothing's so screwed up that it can't be made worse with some added racism.
ReplyDelete"Afro-Hispanic lesbian couple with a flower shop"
ReplyDeleteYou might have been on to something.
http://www.treas.gov/press/releases/tg109.htm
Since announcing the program details on March 23, Treasury has encouraged small, veteran, minority and women owned private asset managers to partner with other private asset managers. ...We are pleased to see a number of creative partnership proposals among the applications we are currently evaluating."
I hope they make all the proposals public.
And indeed they have. The list of firms/flower shops run by afro-hispanic lesbian couples is as follows:
ReplyDelete* Advent Capital Management, LLC;
* Altura Capital Group LLC;
* Arctic Slope Regional Corporation;
* Atlanta Life Financial Group, through its subsidiary Jackson Securities LLC;
* Blaylock Robert Van, L.L.C.;
* CastleOak Securities, LP;
* Muriel Siebert & Co., Inc.;
* Park Madison Partners LLC;
* The Williams Capital Group, L.P.; and
* Utendahl Capital Management.
How many times can the gov't write "small-, veteran-, minority-, and women-owned businesses" in one paragraph? Four.
Bottom line is PPIP is now focused on CRE.
http://www.financialstability.gov/latest/tg_07082009.html