Word: backstops
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...been reached, there are some signs that agreement time might be upon us. On Sept. 6, in an interview with CNN, Nebraska Democrat Ben Nelson, a longtime opponent of a public-health-insurance option, said he could support a public plan as a "fail-safe" or "backstop" that would be created only if insurance companies did not reform their business practices over the coming years. Republican Senator Olympia Snowe, a key swing vote from Maine, has also spoken favorably about a triggered fail-safe. (See TIME's health and medicine covers...
...they try to reform the financial system to ensure that history does not repeat itself. At issue is not just the safeguards that traders are using to ensure that another crisis of confidence doesn't occur, but whether traders on Wall Street are taking advantage of the public backstop against systemic failure to create personal profits. "We want financial systems to be healthy," says Robert Gibbs, the White House press secretary. But, he adds, "the President continues to have concerns that compensation will be based on risky behavior instead of performance." (Read "Obama Urges Congress Not to Block the Bailout...
...Albright, the Crimson has a backstop with a rocket arm, capable of slowing down even the fastest of teams. The Long Beach, Calif. native has also been lauded for his game-calling skills...
Chrysler also eliminated 25% of its salaried- employee positions on the day before Thanksgiving, and plans to press ahead with demands for more cuts from the United Auto Workers. Cerberus has agreed to utilize the first $2 billion of proceeds from Chrysler Financial to backstop the loan allocated to Chrysler automotive...
...Even Ford, which said it would not need federal cash in 2009, said it needed a $9 billion line of credit on which it could draw if necessary. "For Ford, government loans would serve as a critical backstop or safeguard against worsening conditions, as we drive transformational change in our company," said Ford President and CEO Alan Mulally. (See the 50 worst cars of all time...