Word: backstopped
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...pitchers also appreciate Soto's ability to separate a bad day at the plate from his business behind the plate. Most young catchers let flailing swings muddle their minds during the games, and a distracted backstop can ruin a pitcher's concentration. But Soto has always let it go. "That's my personality," Soto says. "In talking to my wife, I'll get pissed, and five minutes later, I'm cool. Even if I'm right." Give Soto's homeland some credit for his success. The Puerto Rico native has played five years of winter ball in the Caribbean, experience...
...also agreed to take part in the deal during negotiations, providing a $30 billion backstop to help JP Morgan complete the deal...
Treasury agreed to backstop the companies to the tune of $100 billion each, in exchange for an ownership stake that will be determined by just how much money taxpayers have to pony up. The companies are to be operated as going concerns by the Federal Housing Finance Agency (FHFA), their regulator. The FHFA has already told the CEOs to go (albeit with lush severance packages), but most other executives are being asked to stay. The companies' shares continue to trade, although their market value dropped more than 80% the day after the takeover was announced...
...opposed any kind of taxpayer bailout. Over the weekend, he talked to congressional leaders. And all along, he was consulting with Bernanke. On Sunday the 13th, Paulson made the dramatic announcement on the steps of the Treasury building that he was seeking an unlimited line of credit to backstop Fannie and Freddie, plus the authority to buy shares in the companies. Within two weeks, Congress delivered. The President signed the measure into law July...
...Treasury Takes Charge Paulson doesn't disagree, and the legislation to backstop Fannie Mae and Freddie Mac - the government-created, shareholder-owned corporations that buy the bulk of U.S. mortgages and repackage them as securities - can be seen as the first big step toward Treasury's taking the cleanup job out of the Fed's hands. Fannie and Freddie owe or guarantee immense quantities of debt ($5.2 trillion, or almost as much as the Federal Government owes investors) but hold only tiny capital reserves to insure against losses. With house prices down 18% nationally since mid-2006 and defaults rising...