Word: conservatorships
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...those cases it's not clear who will take the hit - shareholders, bondholders or the government. In the cases of AIG, Freddie Mac and Fannie Mae, however, there is no question where the money will come from. Freddie and Fannie were taken over by the government and put into conservatorship last fall. AIG is currently 80% owned by the government. The losses at those companies are now taxpayer losses. (See 25 people to blame for the financial crisis...
There's a third option, between a no-strings bailout and Chapter 11--what some call conservatorship. It's bankruptcy-by-another-name, in which the government loans money to the automakers in return for equity stakes and concessions from creditors and workers. It's been done before--the 1979 Chrysler bailout followed such lines--but getting it right could be hard. "You're not very good at reworking companies," University of Maryland business professor Peter Morici told members of the Senate Banking Committee. "That's why we have bankruptcy courts...
...boldest attempt yet by the U.S. government, which placed Fannie and Freddie in conservatorship in September, to address the foreclosure crisis. At the same time, some consumer advocates, as well as the chairman of the FDIC, are already complaining that the plan doesn't go far enough. (Read "Four Steps to Ending the Foreclosure Crisis...
...York Fed asked Goldman Sachs and JPMorgan Chase & Co. to try to arrange a $70 billion private loan for AIG, but that didn't go anywhere. Treasury officials mulled a government conservatorship as with Fannie Mae and Freddie Mac, but it might have required an act of Congress to make that happen. So the Fed devised a deal in which AIG agrees to repay the loan with asset sales and give the government (and thus taxpayers) a 79.9% equity stake in the company...
...time when the state of Texas has been criticized for not putting enough resources into child protective services. In 2006, following several headline-grabbing stories of deaths of children in abusive environments, the legislature approved additional funds for investigative caseworkers, but critics say it has not been enough. Additional conservatorship caseworkers are needed, according to Rebecca Lightsey, director of Texas Appleseed, a nonprofit social justice organization. The nationwide average is 25 children per caseworker, the Texas ratio is 43 to every one caseworker, Lightsey says, and more foster care is needed. To that end, TDFPS...