Word: bailout
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...would probably have been able to strike settlements that, at least at the time, could have saved the giant troubled insurer, and taxpayers, billions of dollars. Instead, after a few days of harried discussions, the Federal Reserve Bank of New York - which was orchestrating the government's bailout of AIG - instructed the insurer to pay its counterparties, which included Goldman Sachs and a number of European banks, in full. The BlackRock report is one of many documents recently unearthed by a congressional investigation into the controversial bailout of AIG, which could still cost taxpayers as much as $180 billion...
...bailout has become one of the most enduring controversies from the financial crisis. On Wednesday, a congressional hearing again probed the moves and possible mistakes the government made when it rescued the insurer. At the center of the hearing, which was held by the House Committee on Oversight and Government Reform, were the payments that AIG made to banks that bought credit-default-swap (CDS) bond insurance from the firm. Members of the panel grilled Treasury Secretary Timothy Geithner, head of the Federal Reserve Bank of New York in late 2008, as to why he allowed...
...will prove to be the least costly for taxpayers. He said he had no role in hiding facts about what AIG had paid its counterparties or who those counterparties were. Former Treasury Secretary Henry Paulson, who also testified at the hearing, said he was broadly supportive of the AIG bailout but had no knowledge of any payments that AIG made to particular banks. (See the worst business deals...
...blew it during the crisis. This is nutty. It's easy to nitpick the AIG bailout or any of the Fed's other unpalatable decisions during the panic, but they have worked out better than anyone had any right to expect, preventing a catastrophe for a relatively paltry price. Bernanke has been pilloried for conjuring up trillions of dollars out of thin air and lending to unconventional borrowers who had never dreamed of getting their hands on Fed cash, but more than 80% of his emergency loans have been paid back, and the Fed is returning record profits to taxpayers...
...Japanese rivals in the SUV business. But then U.S. automakers, essentially, got lazy. Their war with the auto unions didn't help. Nor did the rise of the likes of Toyota. By the autumn of 2008, the Big Three CEOs had rushed to Washington to beg for a bailout. Detroit's arrogant insularity had left it with crushing debt, slipping standards and lots full of cars nobody wanted. The Big Three's days may be numbered. Ingrassia foresees a future in which five or six smaller companies split their share of the U.S. market, with 10% or 20% for each...