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Unpublished Paper
A Two-Sided Auction for Legacy Loans
  • Peter Cramton, University of Maryland

On Monday, 23 March 2009, Treasury Secretary Geithner presented the Public-Private Investment Program as a key instrument to resolve the financial crisis ( The Treasury’s description still leaves many issues unanswered. We flesh out the auction design for legacy loans. A two-sided auction is required. Both banks and private investors must compete in a transparent and competitive process.

  • auction design,
  • financial crisis
Publication Date
March, 2009
Citation Information
Peter Cramton. "A Two-Sided Auction for Legacy Loans" (2009)
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