Treasury's Final Piece of the Puzzle + Your Capitol Hill & Wall Street Events Cheat Sheet

Last week we were correct to say that the focus would be on the many Capitol Hill hearings related to the financial recovery. We were also spot on when we told you to keep your eye out for news on the Treasury's final piece of the recovery puzzle: the public-private bank partnership. Et voila, by the end of last week you had bits and pieces of news on the program, over the weekend it got front page treatment, and today the Treasury Department is unveiling it.

For our MBA readers here's why you care: You can find Treasury's press release here which will give you the white paper, and the term sheets to the two components of the "Public-Private Investment Program" which are programs targeting loans and securities. We note that the press release includes a mention of avoiding the "Japanese experience" which is certainly an acknowledgement that the concern is just how long the recovery will take.

For our MBA-Wannabes here's why you care: The Washington Post's Neil Irwin has a good synopsis of the program, which you need to understand because the Treasury is banking on this plan to get banks lending again, and most notably shorten the length of the recession.

As you can imagine this week will be dominated by dissecting the Treasury's new program. In particular Pres. Obama has a prime-time news conference on Tuesday. However, Treasury Secy. Geithner and Federal Reserve Chmn. Bernanke will be back on Capitol Hill, this time for another round of AIG hearings which will gather headlines. But that's not all, Secy. Geithner is also giving a talk to the Wall Street Journal. Shall we say full court sales press? The result should be extended coverage of the new program and the recovery, and we suspect by the end of the week our MBA-Wannabes will be talking like our MBAs.

Here's your cheat sheet... We do caution that you check back to WhyYouCare.com for updates on scheduling.

Here's why you care about this week's trends in earnings, reports and hearings:
Reports: Home Prices (3/24), Homes Sales (3/25), and Unemployment (3/26).

Such a big week that you could almost miss it?: CNN, AP and NPR heads at the National Press Club talk the future of journalism in a tough financial reality.

MONDAY 3/23
Earnings: Focus Media, Providence Service Corp., Sonic, Tiffany & Co., Walgreen.

Economic Report: Existing Home Sales (for Feb.)

Pres. Obama: Along with VP Biden, Treasury Secy. Geithner, FDIC Chmn. Bair and Federal Reserve Chmn. Bernanke has economic briefing followed renewable energy statement.

Briefing: Treasury Secy. Geithner, "pen & pad" on the administration financial recovery plan.

Briefing: Rep. Mike Pence (R-IN) House Republican Conference Chmn. Has "pen & pad" reporting briefing.

Conference: Wall Street Journal's "Future of Finance Initiative" conference. Speaker: Treasury Secy. Geithner.

Hearing: House Financial Services Cmte. on "Seeking Solutions: Finding Credit for Small and Mid-Size Businesses in Massachusetts."

Conference: Kalb Report at the National Press Club: The future of journalism, hosted by Marvin Kalb with guests - AP President Tom Curley, NPR President Vivian Schiller, CNN President Jon Klein and Knight Foundation President Alberto Ibarguen.


TUESDAY 3/24
Earnings: Carnival, Commercial Metals, Williams-Sonoma.

Economic Report: FHFA Home Prices (for Feb.).

Pres. Obama: 8p ET - Prime-Time News Conference.

Hearings:

Senate Banking, Housing and Urban Affairs Cmte. on banking regulation.

Senate Judiciary Cmte's Administrative Oversight Subcmte. on "Abusive Credit Card Practices and Bankruptcy."

House Financial Services Cmte. on the government's intervention in AIG: Witnesses: Treasury Secy. Geithner and Federal Reserve Chmn. Bernanke.

House Energy and Commerce Cmte's Commerce, Trade and Consumer Protection Subcmte. on "Consumer Credit and Debt: The Role of the Federal Trade Commission in Protecting the Public."

Conference: National Press Club hosts Fmr. Congressional Budget Office Director Alice Rivlin on "The Economy and the financial meltdown--what happened and what can we do now?"

Conference: Wall Street Journal's "Future of Finance Initiative" conference. Speakers: Sen. Evan Bayh (D-IN) and Rep. Carolyn Maloney (D-NY).


WEDNESDAY 3/25
Earnings: Paychex, Red Hat, SAIC.

Economic Reports: Mortgage Applications data, New Home Sales (for Feb.).

Hearings:

House Oversight and Government Reform Cmte's Government Management, Organization and Procurement Subcmte. on "Roles and Responsibilities of Inspectors General in Financial Markets Regulatory Agencies."

House Financial Services Cmte. drafts legislation prohibiting companies receiving government financial recovery funds from paying bonuses until the government is paid back.


THURSDAY 3/26
Earnings: Accenture, Aladin Knowledge Systems, Best Buy, ConAgra, Conns, Dr. Pepper Snapple, Fred's, Movado Group, Texas Industries,

Economic Reports: Initial (Unemployment) Claims (for 3/21), Fourth Quarter GDP.

Hearings:

Senate Banking, Housing and Urban Affairs Cmte. on the regulation of securities markets.

House Financial Services Cmte. on "Addressing the Need for Comprehensive Regulatory Reform." Witness: Treasury Secy. Geithner.



FRIDAY 3/27
Earnings: KB Home.

Economic Report: Personal Income/Personal Spending (for Feb.).


SATURDAY 3/28
Hearing: House Financial Services Cmte's Housing and Community Opportunity Subcmte. field hearing on foreclosures in Los Angeles.