Word: bankes
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Dates: during 2000-2009
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Looked at from a distance, it was clear the bullet-headed dealmaker Paulson was going to squeeze what he wanted out of Congress. Over the last six months, with the help of Tim Geithner at the New York Federal Reserve Bank and Ben Bernanke at the Federal Reserve, he has driven Bear Stearns into the arms of J. P. Morgan at a fire sale price; he has forced the board of Fannie Mae to enable a government takeover even though it meant devastation for shareholders; he has stared down Richard Fuld at Lehman Brothers, who thought he could bluff Paulson...
...McCain threatened to skip the presidential debate unless members of Congress approved a huge financial bailout, but they didn't, so he didn't. The debate went on; the candidates stayed on message; the pundits all agreed that it wasn't a "game-changer." You did miss the largest bank failure in American history, not to mention a $25 billion bailout of the auto industry, but that's chump change these days, right? You might not have heard that investment banks are now officially extinct, but basically the economy is on the same precipice it was on last week...
Before coming to Harvard, Forst served as the global head of Goldman's investment management division, joining the bank's elite management company in 2004. He became a Goldman partner in 1998, Paulson's first year leading the firm...
...including the failure of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, the largest government bailout to date, an $85-billion loan to the American Insurance Group, and most recently, the failure Washington Mutual and its subsequent takeover by federal officials in the largest bank failure in U.S. history...
...there is trouble in paradise. Industry stalwarts Bear Stearns and Lehman Brothers have vanished into the ether, while fellow bulge-bracket Merrill Lynch was engulfed by Bank of America. Even the top firms Goldman Sachs and Morgan Stanley have agreed to become bank holding companies, subjecting themselves to restrictive regulations in return for greater access to liquidity from...