Raymond James applies for TARP funds

Nov 21, 2008 @ 3:36 pm

By Dan Jamieson

Raymond James applies for TARP funds

Dan Jamieson

Raymond James Financial Inc. of St. Petersburg, Fla., has applied to participate in Treasury’s Troubled Assets Relief Program.

If the firm is accepted and decides to participate in the program, the funds would be used “as a replacement for our previous and current unsecured credit lines and as a means of obtaining additional capital,” Thomas James, chief executive of Raymond James, said in a statement yesterday.

In an interview today, Raymond James president Chet Helck said the firm has not decided whether to participate, but wanted to meet a deadline for applying for TARP funds.

“We don't have a bad assets problem, it's just that the normal working capital lines are really squirrelly now,” he said.

Banks in general are reluctant to lend, Mr. Helck said, especially to securities firms that are subject to volatile moves in the value of their inventory.

He said that reluctance on the part of banks should dissipate once the extreme volatility in the stock and bond markets abates.

Originally set up to buy troubled assets, the TARP program is now focused on providing equity infusions into financial firms.

0
Comments

What do you think?

View comments

Recommended for you

Featured video

Events

How are financial services reacting to 'Times Up?'

There is much left to be done to reach full equality, say Estee Jimerson of Envestnt, but things are improving.

Latest news & opinion

Morningstar evolving well beyond its origins analyzing mutual funds

Led by CEO Kunal Kapoor, firm is moving way past ratings — and financial advisers are paying close attention.

Focus Financial IPO could be a sell signal for RIAs

The $100 million stock offering will fine-tune RIA valuations.

Ex-Edward Jones broker sues former firm, alleging racial bias

Complaint alleges the firm's policies limit African-Americans' 'income and advancement opportunities'

Piwowar defends SEC's best-interest rule

SEC commissioner says the Department of Labor rule set up an 'unworkable, impossible set of standards for people to comply with.'

RIA in a Box acquired by private equity firm Aquiline Capital

New owners plan more growth for the software service provider.

X

Hi! Glad you're here and we hope you like all the great work we do here at InvestmentNews. But what we do is expensive and is funded in part by our sponsors. So won't you show our sponsors a little love by whitelisting investmentnews.com? It'll help us continue to serve you.

Yes, show me how to whitelist investmentnews.com

Ad blocker detected. Please whitelist us or give premium a try.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print