Aiming to stay a step ahead of counterfeiters, the government is planning a new design for the $100 bill that will be unveiled next month, the Treasury Department said Friday.

Wraps will come off the facelift for Ben Franklin at an April 21 ceremony in the ornate Cash Room at the department, the site of Ulysses Grant’s first inaugural ball in 1869. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke will do the honors.

The government says its decisions on redesigning currency are guided by assessments of counterfeiting threats, from digital technology or old-fashioned printing presses . . . read more

One more month…one more exceedingly painful U.S. employment report

We have now had seven consecutive terrible job reports since the American consumer was told “the sky was falling” last September 18 by Federal Reserve Chair Ben Bernanke and then-U.S. Treasury Secretary Paulson. It was on that day that this dynamic duo emotionally and very publicly asked the U.S. Congress for $700,000,000,000 to fix financial markets.

That request, and the up-and-down discussion within the U.S. Congress during the following week, simply scared the American consumer to death. The consumer stopped spending…companies of all sizes adopted a “shoot first, ask questions later” approach to layoffs…and the economy dropped quickly. The rest, as they say, is history.

One of the things I enjoy most about my job is the interaction I have with you — our clients. Whether the interaction is face-to-face, on the phone or through e-mail, I appreciate hearing from you.

Over the past few weeks, I have received a number of questions and comments regarding Zions Bancorporation’s participation in the U.S. Treasury’s TARP Capital Purchase Program. As we have reported, in mid-November 2008, Zions Bancorporation sold $1.4 billion of senior preferred stock and warrants to the U.S. Treasury as part of the CPP. Since many of the comments I have received center on misperceptions related to the CPP, I’d like to address the facts related to the program.

The Treasury’s CPP was designed to restore confidence in the financial system by strengthening the capital ratios of well-managed banks during this very uncertain economy so that those banks can make loans available to credit-worthy borrowers without being constrained by capital ratios. From its inception, the CPP has been available only to healthy banks.

As the nation’s credit crisis has continued to make headlines, the United States Department of Treasury has continued to develop new tools to engender confidence and strengthen liquidity in the financial system. A major new element of the government’s response is the Capital Purchase Plan, an element of the Emergency Economic Stabilization Act recently passed by Congress, by which up to $250 billion is being invested in healthy banks that form the backbone of our economy. This new capital is being provided in the form of senior preferred stock, with a coupon rate of 5 percent for the first five years, after which the rate increases to 9 percent. Warrants to purchase common stock at current prices, in an amount equal to 15 percent of the total investment, are also provided to the government. The structure of the program virtually ensures that these taxpayer funds will not constitute a “bailout,” but rather an investment that will be fully repaid by the many banks receiving this investment.