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Have you ever heard of the FDIC's Term Liquidity Guarantee Program (TLGP)? Most people haven't. Its been kept under the radar and it has turned out to be a real bonanza to banks issuing corporate debt.

How does it work? The program was started last November by the FDIC and guarantees the issuance of bank debt securities at much lower interest rates. In the second quarter alone eight of the largest issuers of corporate debt cut interest rated by $24 billion under the TLGP.

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Banks float government-guaranteed corporate debt securities and reap huge profits originally appeared on BloggingStocks on Mon, 27 Jul 2009 13:00:00 EST. Please see our terms for use of feeds.

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