Word: feds
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...municipalities, pension funds and other public and private bodies through guaranteed investment contracts and other products that protect participants in 401(k) plans. "We have no choice but to stabilize [it] or else risk enormous impact, not just in the financial system but on the whole U.S. economy," said Fed Chairman Ben Bernanke...
...Last September, with global stock markets collapsing and credit markets frozen, Geithner, then head of the New York Fed, and Bernanke believed AIG was too close to collapse to do anything other than stop the bleeding. Failure by AIG to pay might have threatened its counterparties - for instance, Citigroup and, in turn, Citi's counterparties. A bond or a derivative is, after all, a promise to pay someone, and if there is no confidence in its fulfillment, the financial system ceases to function. It is not a fear that has gone away simply because AIG has been stabilized...
...York Fed even went so far as to warn Treasury staffers that the bonuses were a hot-button issue. In the past, the memo says, the "retention," or bonus, issue has drawn the attention of both Capitol Hill staffers and the media. The New York Federal Reserve forwarded further details of the plan to Treasury on March 5 and even more specifics in a March 9 memo, which Treasury officials had previously said was their first detailed warning of the bonus trouble...
...many western journalists saw scant sign of the Golden Shield, as the Internet was kept largely unfettered during the games. Restrictions have tightened again, however, especially since December, when democracy supporters used the Internet to circulate the "Charter 08" petition challenging the government. That crackdown, in part, has fed the grass-mud horse craze and similar online double entendres designed to flout the government's role as Big Brother. As one Chinese blogger told the Times, even with the most modern technology trying to hold them back, people will find a way to express themselves. "It is like a water...
...year that ended with AIG posting a $61.7 billion fourth-quarter loss, the largest quarterly loss in corporate history. (If it is any consolation, senior managers in the financial-products division will make about 43% less in 2008 than they did a year earlier, according to the company.) As Fed Chairman Ben Bernanke put it, "It makes me angry. I slammed the phone down more than a few times discussing AIG. I understand why the American people are so angry. It's absolutely unfair...