Word: bailouts
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...largest financial firms will have to raise tens of billions of extra dollars on the one side and Congressmen who say that they will not provide more TARP money on the other. With insurance companies now begging for dollars as well, there is not going to be enough bailout money to go around. Bank of America (BAC), which one analyst said would have to raise $36.6 billion, has dropped from $7.77 to $6.91 in five trading days. No one could figure out where that money would come from...
...agenda, if he has one. Those last two qualities have made him an especially useful figure in Washington, where he's consulted and quoted by Democrats and Republicans alike. "What he says, people listen to," says GOP Senator Bob Corker, who cited Zandi's testimony on the second auto bailout as particularly helpful. Zandi worked as an economic adviser to John McCain during his presidential campaign. His book Financial Shock, published in July 2008, could be seen tucked under the arm of Massachusetts Democrat Barney Frank during the height of the banking meltdown last fall. "He really has the ability...
Recently dubbed by critics the "single obstacle" to overcoming Hungary's economic problems, Prime Minister Ferenc Gyurcsany, 47, resigned from his position on March 21, just three weeks after requesting bailout funds from the European Union...
...York City Giving In and Giving Back Some of the AIG executives under fire for taking fat bonuses have agreed to return the money. The insurance giant, which has received $180 billion in bailout funds, was obligated to pay out $165 million in bonuses as part of employees' contracts--prompting outrage from the public and in Congress. In all, more than $50 million in bonus money has been returned...
...General Motors, America will remember CEO Rick Wagoner for his injudicious use of executive privilege. Wagoner and his colleagues at Ford and Chrysler gained notoriety for flying in three separate private jets to Washington, in order to ask Congress for a multi-billion dollar bailout. Four months later, Wagoner has resigned as a condition of this bailout and been replaced by Fritz Henderson, GM’s current president and chief operating officer...