Word: bankes
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Treasury Secretary Tim Geithner has a problem. On the one hand, he has to act to save the banks if he's going to start credit flowing and get the U.S. economy back on track. On the other hand, doing so makes him and his bosses look bad. Americans are against bailing out the banks by more than 2 to 1 in some polls. Worse, the banks themselves are deeply mistrustful of anything government might force on them. The head of Wells Fargo told Bloomberg on Monday that a key part of Geithner's plan, the so-called stress test...
...when Geithner rolls out more details of his plan later this week - this time on the tricky question of getting toxic assets off the banks' books - it will be a dangerous moment for him. Not only will the health of the banks and the economy depend on whether his new program is well received but Geithner's reputation will be on the line as well. Panned after he put out a vague framework on Feb. 10, the new Treasury Secretary has only so many chances to instill confidence. With the new bank plan, he's getting a second chance...
...Geithner provides answers to these questions in his rollout later this week, he may start to turn the corner on public skepticism toward him, the bank plan and the government's recovery efforts. He might even spark a stock-market rally. But the banking industry's hopes are more modest: "As long as he comes out with details on the public-private investment fund, then it's not a miss," says Talbott. If he doesn't, he'll have an even bigger mess on his hands. Alabama Senator Richard Shelby - the ranking Republican on the Senate Banking Committee - Senator John...
...Stocks. Cash in your worthless Wall Street stocks for a Caribbean vacation. Elite Island Resorts will accept your devalued portfolio as payment for stays this year at any of their seven seaside properties. The resort will take up to $5,000 worth of any of the 400 stocks - including bank, retail and tech stocks - listed on its website and give you credit based on the stock's worth as of Oct. 31, 2008. The deal lasts through...
Arab and Israeli press reports say Olmert has reluctantly agreed to Hamas' list of prisoners but that he wants 90 convicted terrorists to be deported to Syria, Lebanon or elsewhere and another 30 Palestinians to be released in Gaza, not to their homes in the West Bank. Hamas supposedly refuses to make these concessions...