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Many people know that the Federal Reserve sets interest rates in order to loan money to other banks so they can keep cash flowing throughout the U.S. financial system. Mostly, this works great for everyone involved. But, sometimes, banks and thrifts need a little extra cash, mostly so they can meet the reserve requirement (the minimum amount of deposits banks need to be considered in good financial shape).
To meet the reserve, the Fed has what's known as the discount window, which allows banks to borrow money for a short period of time at a higher interest rate (called the discount rate) than the official Federal Funds rate.
It's called a window because it used to be an actual teller window, where banks would go to borrow from the federal government. Now, it's used more as a lender of last resort. In fact, banks prefer to borrow from one another than directly from the discount window, since the interest owed can be cheaper and going to the discount window tends to imply that the bank is in a spot of trouble.
The Fed, too, doesn't like banks borrowing this way, which is why the discount rate is always higher than the target rate. It also requires banks to collateralize the loans, meaning they have to turn over liquid assets, such as loans or CDs, to the Fed in order to get the money. As with any loan, the banks get the underlying collateral back when they pay off the balance.
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Monday, July 07, 2008
LSI Corporation to Host Webcast on Second Quarter 2008 Results
Comtex
MILPITAS, Calif., July 7, 2008 /PRNewswire-FirstCall via COMTEX/ ----LSI Corporation (NYSE: LSI) today announced it will host a webcast on Wednesday, July 23, 2008, to discuss its financial results for the second quarter of 2008, ended June 29, 2008. The company invites investors and others to listen to the earnings conference call live over the Internet at 2:00 p.m. PDT.
What: LSI Corporation Second Quarter 2008 Earnings Announcement When: Wednesday, July 23, 2008, 2:00 p.m. PDT Where: http://www.lsi.com/webcast How: Log on to the web at the address above, and click on the audio link.
Following the conference call, the webcast will be available for replay on the LSI website at http://www.lsi.com/webcast.
About LSI Corporation
LSI Corporation (NYSE: LSI) is a leading provider of innovative silicon, systems and software technologies that enable products, which seamlessly bring people, information and digital content together. The company offers a broad portfolio of capabilities and services including custom and standard product ICs, adapters, systems and software that are trusted by the world's best known brands to power leading solutions in the Storage and Networking markets. More information is available at http://www.lsi.com.
Editor's Notes:
1. All LSI news releases (financial, acquisitions, manufacturing, products, technology, etc.) are issued exclusively by PR Newswire and are immediately thereafter posted on the company's external website, http://www.lsi.com.
2. LSI and the LSI logo design are trademarks or registered trademarks of LSI Corporation or its subsidiaries.
3. All other brand or product names may be trademarks or registered trademarks of their respective companies.
SOURCE LSI Corporation
http://www.lsi.com
Copyright (C) 2008 PR Newswire. All rights reserved ********************************************************************** As of Thursday, 07-03-2008 23:59, the latest Comtex SmarTrend� Alert, an automated pattern recognition system, indicated a DOWNTREND on 07-01-2008 for LSI @ $6.01. For more information on SmarTrend, contact your market data provider or go to www.mysmartrend.com SmarTrend is a registered trademark of Comtex News Network, Inc. Copyright � 2004-2008 Comtex News Network, Inc. All rights reserved.
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