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Video Transcription - Page 1
"Everts Sees U.S. Toxic Asset Plan as 'Down Payment’"
Anchorwoman: Michelle Makori
Financial Reporter: Patricia Lui – FOREX desk
Guest Host: Todd G. Everts
Guest: Fred Schlomann
BLOOMBERG Asia Confidential. Asia Confidential with Bernie Lo goes beyond the headlines to give viewers the context behind the day's biggest news and issues affecting the Asia Pacific region. Bernard Lo hosts the hour, including an extended conversation with a high-profile guest who shares insights on the news of the day, and what it all means for investors. The show also features a daily focus on a country, region or issue on the minds of regional viewers. It also contains live viewer e-mail.
Todd G. Everts: From a short term basis I’m optimistic because this has possibly moved people that had been out of the market for many months back into the market. But you’ve got a bunch of issues. The first one is you’ve got 5 managers that need to be vetted. These managers may be different than the managers that were just referenced in your piece about the pay caps but these managers and their approach to this is going to come under a tremendous amount of scrutiny. If they disagree with what the banks or what the government say or the value we’re going to be at a standstill and we’re not going to solve this problem.
Host : Do you think this is a down payment and lots more to come? I have already half a dozen questions on this already.
Todd G. Everts: It’s definitely a down payment and it’s going to take so much time to get these assets properly booked and the real thing is, our being able to look inside the assets and know what’s really there. Every bank and based on where they are as a region within the US has different types of creditors that are paying and some are not paying and where are they in the foreclosure state.
Host: So in other words there’s a lot of deep digging by the bean counters to sort this out and time is not on our side more with Todd Everts in a sec.
(BREAK)
(Barton Biggs on S & P: Looking at a 30-50 percent rally.)
Host: 30 to 50 Todd Everts, what do you think? We hit bottom, this is it. We’ve got the wheat separated from the chaff or whatever doesn’t it worry you when people start talking in this huge numbers like this?
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