Hints and tips:
...The five-masted Golden Horizon is the world’s largest square-rigger, brand-new but a near-replica of the 1913 barque France II....
...In 2008 it was an NY Fed “loan” that took the toxins out of AIG (and eventually generated a net profit from their sale of $2.8bn through Maiden Lanes II and $6.6bn through Maiden Lanes III)....
...What An Grade II*-listed manor house dating to the 16th century with eight bedrooms and five reception rooms....
...So, before publishing his first paper, he adopted his mother’s maiden name, Tegmark....
...Maiden Lane II and III were entities, capitalised primarily by loans from the New York Fed, that bought toxic mortgage assets from AIG and its banking counterparties....
...The second challenge was to stabilise the value of the mortgage securities AIG owned that were housed in Maiden Lane II....
...Oh, and the Fed has released the bank from liability with respect to the Maiden Lane II securities, writes the NYTimes....
...The central bank has sold securities with a face value of more than $30bn this year from the Maiden Lane II and Maiden Lane III vehicles, which contained investments tied to subprime mortgages and collateralised...
...The sale of assets held in the Fed’s Maiden Lane III portfolio closes a chapter on one of the most contentious bailouts of the financial crisis....
...The Swiss bank also bought more than $13bn of mortgage-related securities in auctions earlier this year for Maiden Lane II, a separate portfolio of debt related to AIG’s bailout....
...It suspended sales of its Maiden Lane II portfolio when prices in the secondary market fell....
...With the help of sales of non-core assets, and proceeds from the wind-down of Maiden Lane II and III (entities financed by the Federal Reserve and AIG to buy foundering assets from AIG and its counterparties...
...Last year, the New York Fed suspended asset sales from Maiden Lane II, another AIG-related vehicle, when prices in the secondary market fell....
...Last year, the New York Fed began selling Maiden Lane II assets, but halted the sales when prices for this debt fell in the secondary market....
...As CDOs, the majority of the securities in Maiden Lane III are packages of bonds rather than the underlying bonds themselves, unlike the Maiden Lane II portfolio....
...The move comes after the New York Fed sold all the mortgage securities that were housed in Maiden Lane II this year for a net gain of $2.8bn, taking advantage of renewed appetite for this type of debt as...
...The New York Fed is considering selling the Maiden Lane III portfolio after it auctioned the remaining assets in Maiden Lane II, another portfolio related to AIG’s bailout, this year, logging a $2.8bn profit...
...The sale marks a step forward in the NY Fed’s efforts to sell the $20bn portfolio, called Maiden Lane II, after suspending previous auctions a year ago....
...The New York Fed earlier this year sold the remaining assets in Maiden Lane II, another AIG-related portfolio, for a $2.8bn profit. Additional reporting by Shahien Nasiripour...
...Efforts to sell Maiden Lane III assets come after the New York Fed sold the remaining assets in Maiden Lane II, another portfolio of mortgage debt that it acquired through AIG’s rescue, earlier this year...
...Goldman Sachs, Barclays Capital, Bank of America and Credit Suisse will bid for $7bn worth of subprime mortgage-backed securities from the Fed’s Maiden Lane II portfolio when it comes up for auction on Thursday...
...Following the auctions, AIG also has bought some $2bn in face value of the Maiden Lane II securities....
...This year, the New York Fed had seized on demand for high-yielding, risky assets to sell the remaining securities from Maiden Lane II, a portfolio of subprime residential bonds also acquired as part of AIG...
...The auction is likely to be held next week and involve the remaining $6bn in face value of securities in the so-called Maiden Lane II portfolio, these people said....
International Edition