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

Perspectives from a NextGen adviser

Male advisers still outnumber female advisers 4 to 1. Allei Holway of AXA talks about why becoming an adviser appealed to her and why more millennials are a good fit for this industry.

Latest news & opinion

Retirement planning for women

Longer lifespans and lower savings require creative income strategies.

Sean Spicer resigns as press secretary after Anthony Scaramucci is appointed communications director

Scaramucci is known as an ardent foe of the DOL fiduciary rule, having said during the campaign that Trump would repeal it .

Redoing the math on a 4% retirement withdrawal rate

Given the current interest-rate environment and other factors, advisers disagree about whether the number is too conservative or not conservative enough.

House panel passes bill to replace DOL fiduciary rule with one requiring disclosure of conflicts

Measure likely to continue in partisan advance in House, but could stall in Senate.

X

Subscribe and Save 60%

Premium Access
Print + Digital

Learn more
Subscribe to Print