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While the Treasury still has about $480 billion to spend, it's not clear how much of what is left will be used for direct investments into banks. Shortly after the Emergency Economic Stabilization Act was passed by Congress, the Treasury said $250 billion was going to be used to buy shares in banks. That would leave $450 billion to buy up troubled mortgage bonds. (Read "18 Tough Questions [and Answers] About the Bailout...
...purchase of mortgage assets is going to be the exception," says Thomas Brown, whose hedge fund, Second Curve Capital, specializes in financial firms. "If it does happen, it will be select purchases." Neel Kashkari, who is heading up TARP, has said that $250 billion will cover the demand for direct investments from banks. And Treasury officials say $40 billion of the money that has been spent was a onetime emergency investment into insurer AIG and should not be counted as part of the $250 billion they plan to invest in banks. Still, the AIG investment depletes the amount of money...
...state, city, and private grants will see significant cuts to the services they provide for the community, ranging from childcare to adult education, according to DHC officials. The Center for Families, a support program that runs educational activities and provides resources for families with young children, suffered the largest direct cut: the Massachusetts Family Network grant, which makes up most of the agency’s current funding, was cut by 21.7 percent, a reduction of over $30,000. Assistant City Manager for Human Services Ellen M. Semonoff predicted that funding prospects would only worsen after likely additional cuts...
...acknowledged that Syria had begun to stem the flow of insurgents into Iraq, while last spring, Damascus revealed that it had been holding indirect peace talks with Israel. President Assad, moreover, had said peace in the Middle East was possible within two years, if only the U.S. would sponsor direct talks, and hopes were high that the incoming Obama Administration would do just that...
...Oval Office, President-elect Obama is already facing strong pressure from both sides of the aisle to treat Iran's nuclear program as an urgent crisis and to escalate diplomatic pressure on Tehran to suspend its uranium-enrichment activities. On the campaign trail Obama both advocated direct talks with Iran and vowed that Tehran would not be allowed to attain a nuclear weapon. Iran is not close to constructing a nuclear weapon, according to U.S. intelligence assessments, but the standoff right now is over whether Iran should be allowed to enrich uranium on its own soil - a right it would...