Word: aig
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...does happen, it will be select purchases." Neel Kashkari, who is heading up TARP, has said that $250 billion will cover the demand for direct investments from banks. And Treasury officials say $40 billion of the money that has been spent was a onetime emergency investment into insurer AIG and should not be counted as part of the $250 billion they plan to invest in banks. Still, the AIG investment depletes the amount of money left for buying troubled bank assets. (See activists protest the bailout...
...receive as much as an $18 billion investment. What's more, a number of members of Congress are pushing for TARP funds to be used to aid troubled automakers. President-elect Barack Obama has said that he favors lending federal financial assistance to Chrysler, Ford and GM. And, like AIG, a number of large insurance companies may soon ask for a piece of the remaining bailout fund as well...
Over the past two months, Paulson's public image has taken quite a beating. The former Goldman Sachs CEO entered September as the can-do dealmaker who seemed to have finally gotten the yearlong mortgage crisis under control. Now, after the expensive rescues of Fannie Mae, Freddie Mac and AIG, the failure of Lehman Brothers, and the painfully dramatic struggle to get a $700 billion financial bailout bill through Congress, he is a much-diminished figure. He has zigzagged and he has waffled and he has backtracked. His decisions and his motives have been harshly questioned on Capitol Hill...
...Still, it could have been worse. After eight ugly years of AIG, WMDs, Abu Ghraib, Enron, Blackwater, freedom fries, yellowcake, record deficits, Fannie and Freddie and Brownie, Mark Foley and Duke Cunningham and Tom DeLay, the Republican Party should qualify for a bailout. Retiring GOP Congressman Tom Davis memorably declared that if Republicans were a dog food, they'd be pulled off the shelves. Their usually well-funded candidates were badly outspent this cycle, but they've survived to fight for more kibble in the future. (See the screwups of Campaign...
...pundits are already warning that Obama could overreach, that Democratic congressional leaders are still unpopular, that this is still a center-right country. But it wasn't tonight. Obama will have the luxury of taking office at a time when the GOP is the AIG of electoral politics, when his predecessor has set the lowest bar since James Buchanan, when a supposedly conservative Administration just started nationalizing the banking system, when the public is desperate for change. What is it about tonight's results that suggests Obama should be afraid of progressive action on the cusp of a depression...