Word: bailouts
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...past week has been an incredibly difficult time for Bear Stearns. This transaction represents the best outcome for all of our constituencies.' ALAN SCHWARTZ, president and ceo of Bear Stearns, which, as part of a federal bailout, was acquired by rival JPMorgan Chase for $236.2 million - a meager $2 per share...
With Bear shareholders virtually wiped out, half the firm's employees slated to lose their jobs and no golden parachutes offered to the top executives, it wasn't a bailout. But it did take a $30 billion loan from the Fed to seal the deal. This was a truly extraordinary use of the central bank's powers and an indication that the subprime-mortgage crisis that erupted last summer has evolved into something bigger and more ominous--possibly the greatest challenge to the American way of financial capitalism since the Depression...
...Social Security. Ball, who joined the program in 1939 (four years after its creation), rose to become its commissioner under Presidents Kennedy, Johnson and Nixon. He expanded benefits, led the development of Medicare and drafted a bill proposing universal health insurance. Ball was pivotal to the program's 1983 bailout and as recently as last year was drafting alternatives to President Bush's privatization plans, which he detested...
...dole out. If negotiations do not diffuse the tensions in the next two weeks, Congress seems poised to intervene. But in the event that there is a strike, it will involve severe repercussions for transit systems throughout the Northeast, and any resolution will almost certainly require a government bailout. Such a scenario would highlight two striking problems with the current state of Amtrak—namely, the inefficiency of its control over major commuter rail stations and its inability to become financially self-sufficient...
...banks and other financial-services companies starved for cash by the subprime-credit crises, where they obtain bailout money is less important than the fact that it's available at all. Just ask investors in Citigroup or UBS. The big Swiss bank had to take a $10 billion write-down--it had already taken a $4.4 billion hit--on the value of its "super-senior" subprime portfolio, those formerly top-rated bonds. To restore its capital base, UBS sold $8.9 billion in convertible notes to the Government of Singapore Investment Corp. (GIC) and an additional $1.8 billion...