Word: bankses
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Treasury secretary Henry Paulson did not foresee the consequences of the subprime lending crisis, so how can he be so sure what the consequences would be if there were no bailout? All he wants from the rescue package is to assist the owners of banks and brokerage firms. If this...
One of the firms that will be directly helped by the bailout is Goldman Sachs. Paulson, the man who is leading the bailout, is a former Goldman Sachs CEO, and mega-investor Warren Buffet, who called the bailout "the right thing" for Congress to do, had just bought a huge...
There are good reasons for that. The U.S. is by far the largest economy in the world, more than three times bigger than no. 2, Japan. And with annual imports of more than $2 trillion, it is the world's shop-till-you-drop economic engine. If that engine stutters...
On Oct. 7, E.U. finance ministers at least came to a rhetorical agreement to prop up "system-relevant" banks. But which are they, and how many billions does Europe have to deploy? We'll cross that bridge when we get there, the ministers mumbled; meanwhile, we'll wait for the...
When the 4,500 people who used to work for Lehman Brothers in London showed up at the investment bank's plush office on Canary Wharf on Sept. 15, only to be told that the firm was out of business and that they should look for another job, some of...