On his FundLaw news group, Stradley Ronon's John Baker has prepared an excellent summary of the actions the Department of the Treasury, the Federal Reserve Board, and the FDIC have taken in recent days to support the financial markets. His summary includes plain language descriptions of the FDIC's Temporary Liquidity Guarantee Program and it's deposit guarantee, as well as the Treasury's TARP Capital Purchase Program to purchase senior preferred stock and warrants of depository and holding companies. Baker's summary also includes links to IRS and Treasury resources on:
- The deductibility of compensation paid to certain executives by employers who sell troubled assets under EESA, IRS Notice 2008-94
- Treasury's executive compensation rules under EESA, http://treas.gov/press/releases/hp1208.htm
- Treasury's invitation to comment on the establishment of a guaranty program for troubled assets, http://treas.gov/press/releases/hp1212.htm
- Additional details provided by the Federal Reserve Board regarding the Commercial Paper Funding Facility, http://www.federalreserve.gov/newsevents/press/monetary/20081014b.htm
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