Word: crediteers
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Wanted: someone who will claim credit for saving the U.S. economy. With little fanfare and all the enthusiasm of a hangover, congressional leaders from both parties on Sunday unveiled a detailed agreement on legislation to bail out Wall Street. But no presidential candidates were in sight, and few in Congress were doing much bragging about their handiwork...
...events by phone, keeping in touch with Treasury Secretary Henry Paulson and House minority leader John Boehner, and calling members on both sides of the aisle, urging them to support the deal. "I'm proud that we were able to get this done, and I'll give the credit to everybody else," McCain insisted on ABC's This Week on Sunday morning...
...Sunday it was hard to find anyone willing to take credit for the agreement. "This is the Administration's problem," House Speaker Nancy Pelosi told reporters. "They sent us their bill. We did the best we can to improve...
...Once the bill is signed into law, Paulson will have many options open to him on how to unclog the credit markets, which Senator Judd Gregg, the top negotiator on the bill for Senate Republicans, described as a massive car accident in the middle of the highway. The government must clear the accident away by buying the toxic debt so that normal traffic can flow freely. One avenue will be to do a reverse auction, where banks compete to sell the Treasury their bad paper, with the Treasury choosing the lowest offers. The Treasury may also directly negotiate with companies...
...late Sunday at the latest, it was obvious that Fortis had committed a catastrophic folly. Less than a year after the blockbuster deal, the Belgian, Dutch and Luxembourg governments agreed to inject $16 billion into an ailing Fortis, laid low by ongoing uncertainty in global credit markets. In return for the lifeline, each of the three Benelux governments took a 49% share in Fortis' banking units in their own countries. The part-nationalization of Belgium's biggest lender, which, with a worldwide staff of 85,000, is Europe's largest to be bailed out so far since the credit crisis...