Word: chairman
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...billion—to resist helping out his former business buddies. Not surprisingly, Goldman Sachs has much to gain under the plan. If none of these reasons send out warning bells to Americans, the proposed freedom from review for Paulson’s $700 billion should. As former chairman of the Harvard economics department Oliver Hart stated, “We’re meant to trust the Treasury to enact this plan in a reasonable manner, but they want a carte blanche, and this is worrying.” It is worrying, and suspicious. In wording reminiscent...
...heard it can recite by heart the story of the two of them meeting Emperor Hirohito of Japan.) But there was more to Oz than the inky-fingered trade. In 1976, after holding a variety of titles at the top of the masthead, he left journalism, becoming the founding chairman of the Citizens Committee for New York City, a pioneering nonprofit that encouraged voluntary efforts, and then became the city's first deputy mayor for economic development. He later served as dean of Columbia University's graduate school of journalism...
...supporters of the plan - which had been crafted by Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke - argued that as painful as it would be to commit such an unprecedented amount of taxpayer money to cleaning up Wall Street's mess, the price of not doing it would be even greater, because the crisis would spread to hurt ordinary businesses and their workers. Supporters of the plan argued that the only way to keep the financial system operating was to have the government buy the junk assets in order to take them off the balance sheets...
...least a dozen of their members switched their votes because they were offended by the partisanship of a speech she gave on the House floor. Democrats scoffed at that excuse. "Think of this: Somebody hurt my feelings, so I am going to punish the country," said House Banking Committee chairman Barney Frank, a Massachusetts Democrat who had been one of the chief negotiators of the plan...
...asking Congress 11 days ago for the authority to spend up to $700 billion to buy troubled assets, Paulson and Fed Chairman Ben Bernanke were hoping to share some of the responsibility and the blame - and get the freedom to boost companies that weren't already on the brink of failure. Instead, they're back to being crisis managers for the moment - and maybe for the duration of the crisis...