Tags: Evercore | Altman | Debt | Deal

Evercore’s Altman Says He Has Low Expectations for Debt Deal

Monday, 14 Nov 2011 09:48 AM

Roger Altman, founder and chairman of Evercore Partners Inc., said his “expectations are low” that the congressional supercommittee will reach a deal to cut the U.S. budget deficit by the Nov. 23 deadline.

“Every indication I see suggests that they should be low,” Altman, a former U.S. deputy Treasury secretary, said today in a interview with Betty Liu on Bloomberg Television’s “In the Loop.” “If there was progress being made, big progress, we would see evidence of it.”

The panel of six Democrats and six Republicans is trying to reach an agreement about tax increases and spending cuts to reduce the long-term deficit by $1.5 trillion. Altman said the committee is looking for “any way” to avoid failure to reach a deal, including delaying the deadline.

“They are concerned about the impact of that on a possible additional downgrade and impact on financial markets,” Altman, 65, said. “I don’t think the market impact will be very big because I think that the market expectations also are extremely low.”

Evercore said today it agreed to purchase a 45 percent stake in ABS Investment Management LLC, a hedge fund-of-funds manager, for $45 million. ABS has about $3.5 billion in assets under management with 24 employees in Connecticut, Zurich and Hong Kong, according to a statement from New York-based Evercore.


© Copyright 2017 Bloomberg News. All rights reserved.

   
1Like our page
2Share
StreetTalk
Roger Altman, founder and chairman of Evercore Partners Inc., said his expectations are low that the congressional supercommittee will reach a deal to cut the U.S. budget deficit by the Nov. 23 deadline. Every indication I see suggests that they should be low, Altman, a...
Evercore,Altman,Debt,Deal
217
2011-48-14
Monday, 14 Nov 2011 09:48 AM
Newsmax Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved