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Paulson's Gift / Pietro Veronesi, Luigi Zingales.
- Format:
- Book
- Author/Creator:
- Veronesi, Pietro.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w15458.
- NBER working paper series no. w15458
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 2009.
- Summary:
- We calculate the costs and benefits of the largest ever U.S. Government intervention in the financial sector announced the 2008 Columbus-day weekend. We estimate that this intervention increased the value of banks' financial claims by $131 billion at a taxpayers' cost of $25 -$47 billions with a net benefit between $84bn and $107bn. By looking at the limited cross section we infer that this net benefit arises from a reduction in the probability of bankruptcy, which we estimate would destroy 22% of the enterprise value. The big winners of the plan were the three former investment banks and Citigroup, while the loser was JP Morgan.
- Notes:
- Print version record
- October 2009.
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