11 February 2008
Hotel Lawyers looking for liquidity in hotel finance. As Congress reached a $789.5 billion compromise on the almost stimulus bill, Treasury Secretary Timothy F. Geithner testified for a second day in front of a Senate panel and was pressed to reveal more details on how the Administration’s program would work.
It still looks like a “black box” where no one knows what’s going on inside. This won’t help solve the problem.
Second day of Senate hearings probes for more detail
Mr. Geithner was brought back Wednesday morning by the Senate Budget Committee. The Senate panel members expressed serious concern about the lack of details provided by the Treasury Secretary in the “unveiling” of the financial rescue plan on Tuesday. They called for a straightforward, clear and detailed presentation, noting they had not received this yesterday.
The “plan” is still a secret
Geithner did not provide any further details to the Senate panel. Instead, he repeated his mantra from Tuesday when confronted about complaints on lack of detail. Mr. Geithner would only say that the Treasury Department did not want to present a plan that he would have to be abandoned, referring to the change of directions by Henry Paulson when he first announced that the bailout program would buy troubled assets from banks, but then changed to a capital injection program.
So we are still drifting.
Other recent articles on the economy and its impact on the hotel industry, include:
Other articles on the Global Financial Crisis & Recovery and Outlook & Trends
For other articles about the Global Financial Crisis and where this all takes us, here are some recent articles and links. You can also go to Global Financial Crisis & Recovery and Outlook & Trends on www.HotelLawBlog.com
- Hotel Lawyer: Stimulate this! The lighter side of political commentary from the centuries
- Hotel Lawyer: What lies ahead? What’s the bailout cost $700 billion? $3 trillion? $20 trillion? What does Dr. Doom mean by an L-shaped Depression?
- Hotel Lawyer: Stimulus Bill and financial recovery — summary of selected tax provisions
- Hotel bankruptcies, workouts and turnarounds: Hotel Lawyers on the TARP, the TALF, and the ugly. What does it mean to hotel owners and lenders?
- Hotel Lawyer: Uh Oh! Now they are using the D word
- Hotel Lawyer: New hotel data and revised predictions for 2009. Increased hotel loan stress, falling NOI and slumping values. It’s going to get worse before it gets better.
- Hotel Attorneys with the latest “updates from the field”
- Hotel Lawyers: How do we pay for this? And what happens next?
- Distressed hotel assets find no fast relief in bailout plan. Up to $1 trillion “bad bank” to take toxic assets. No critical details yet.
- Troubled Hotel Loans: Turning point or just another ledge on the cliff before we go over the edge? Bad bank rescue and RTC-2 ahead?
- Latest insights from JMBM’s Hotel Attorneys and PKF Consulting on what lies ahead for the hotel industry . . .
- Fortunes will be made . . . or lost . . . in the wake of The Financial Bailout Bill and the Panic of 2008. What happens AFTER the Bailout Bill . . .
This is Jim Butler, author of www.HotelLawBlog.com and hotel lawyer, signing off. We’ve done more than $50 billion of hotel transactions and more than 100 hotel mixed-used deals in the last 5 years alone. Who’s your hotel lawyer?
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