Word: bailouts
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...what becomes of the trusts should Washington say no to a bailout? Assets already paid into the VEBA trust would probably be safe if GM filed for bankruptcy, says Diamond. But chances of getting the deferred $1.7 billion back in a bankruptcy court are virtually nil. It's also unlikely that the assets in the trust will last 80 years, since bankrupt automakers would be unlikely to make all the future trust contributions. "My guess is the trust would last 20 years," says Diamond. "It's a very difficult situation. Autoworkers were sold a pile of goods by the union...
...Bailout relief may soon reach the average consumer: the U.S. Treasury and the Federal Reserve have unveiled plans to spend up to $800 billion in an effort to revive lending for housing, cars, students and small businesses...
...nominee for the past 20 years, Geithner's politics are more moderate. Once a registered Republican, he is now an independent, and his instincts are also more opaque. He tried and failed to arrange a private buyout for Lehman Brothers in September and led the $152.5 billion AIG bailout, which proved to be far more expensive than the current Treasury Secretary, Henry Paulson, had anticipated. But Geithner has withheld judgment in public on key issues, like an ambitious program to modify bad home loans that has run into opposition from White House conservatives. He owes his present job in part...
...hear over and over about the federal bailout of the financial industry. But what tends not to be said is that it is our tax dollars--yours and mine--that will be doing the work. A friend of mine mentioned a novel proposal: the executives of these financial companies who are getting federal dollars should not make any more than the $400,000 that we pay the President of the United States. After all, the President works for the American citizen, and now the American citizen is bailing out the high-flying executives of these financial-service companies that squandered...
...reaction to the plan was swift - and far from the general applause Britain's leaders received for their bank-bailout plans just six weeks ago. "A general decrease in value-added tax is perhaps the answer for some countries, but for Germany and France it is not," said German Chancellor Angela Merkel, following a meeting with French President Nicolas Sarkozy on a common European response to the economic downturn. Asked Sarkozy: "Should we use up our available room for maneuver on reducing prices when prices are already falling...