Word: bailouts
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...officials argued, the state is too big to fail. "A fiscal meltdown by California ... would surely destabilize the U.S., if not worldwide financial markets," state treasurer Bill Lockyer wrote U.S. Treasury Secretary Timothy Geithner on May 13. Yet experts say such action by the Federal Government, while not a bailout, could possibly endanger the nation's AAA credit rating. Without short-term assistance, California could plunge deeper into chaos and become a drag on the nation's economic recovery. (The Page: "California Budget Deadlock Broken...
...Consumer Financial Protection Agency that would take over the drafting and enforcement of consumer financial rules from the banking regulators. This is a move proposed two years ago by Harvard Law School professor Elizabeth Warren, who is now chairman of the panel overseeing the Treasury Department's bank bailout. "It is impossible to buy a toaster that has a one-in-five chance of bursting into flames and burning down your house," Warren wrote in the journal Democracy in 2007. "But it is possible to refinance an existing home with a mortgage that has the same one-in-five chance...
...case to the facts surrounding the relationship between Starr and AIG. Rakoff says he will not allow jurors to hear testimony about the accounting scandal that led to Greenberg's AIG exit or anything related to the insurance company's recent financial troubles, which resulted in a huge government bailout. Excluding the circumstances of Greenberg's exit may make it hard for AIG to prove that he ended Starr's AIG compensation plan because he was angry he had lost...
...BILLION Estimated total public price tag for the auto-industry bailout...
...sale of Hummer, which GM valued at $500 million, should allow it to preserve more than 3,000 American jobs. Tengzhong says it plans to maintain Hummer's existing senior management team and will enter into long-term assembly and supply agreements with GM. (Read "China's Auto Bailout Takes a Different Route...