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...institutions it proposes to bail out; the idea has not been publicly discussed by either the Congress of the Bush Administration. But it ought not be considered ideologically beyond the pale, since the U.S. government did get equity stakes when it bailed out mortgage giants Fannie Mae and Freddie Mac, as it did last week for AIG, the world's largest insurance company...
...saying that MySpace will also happily sell you songs and albums its new service doesn't cover; the site has partnered with Amazon, which handles the transactions and sends you unlocked MP3s. Indeed, when you set up MyMusic, you can add an Amazon applet and install a music downloader (Mac and Windows are supported, I'm told) that will drop the purchased music wherever you want, including into iTunes, so you can transfer the songs to your iPod. (Songs range from 79 cents to 99 cents each...
...difficult-to-sell securities in an effort to cleanse the country’s ailing financial system. The unprecedented government intervention in the market follows a series of financial shocks in recent weeks, including the largest bankruptcy in history, the government takeover of mortgage giants Fannie Mae and Freddie Mac, and the largest government bailout to date—an $85 billion loan to the American Insurance Group, Inc., a global insurance company whose near-collapse some feared would send the financial system into a tailspin. The headline-grabbing failures follow a year-long financial decline, caused by unexpectedly high...
...Paulson knows this as well as anyone. He and his team had been working on his proposal for more than six months, in the event that more piecemeal approaches like the bailout of Bear Stearns or the takeover of Fannie Mae and Freddie Mac didn't stop the bleeding. When things looked like they were headed for a crisis at the beginning of last week, he had a team up literally all night working with the Federal Reserve to frame a deliberately vague proposal that could make it through Congress. The key issue was to get something that could pass...
...dollars of mortgages and mortgage-backed securities that would turn the Feds into the liquidator of last resort for business deals gone bad. Those powers, should Congress grant them, would come on top of authority Paulson was quietly granted earlier this summer to resolve the Fannie Mae and Freddie Mac messes. And the federal fire sale may not be limited to problem portfolios at home; there are reports that some of those entities subject to Treasury's purchase-and-resale powers may be foreign...