Word: paulson
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Dates: during 2000-2009
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...Paulson's current plan exacts no such a price from the financial 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...
...that tore through the economy and wiped out billions in capital. The downturn accelerated in recent months as lenders spooked by steep losses and high-profile bank failures have tightened their purse strings. Worried that recent high-profile failures could spread and freeze financial markets, Treasury Secretary Henry M. Paulson Jr. announced the plan now under consideration to bolster confidence in U.S. financial institutions. “PIMCO is ready to work for no fee in helping to manage a program that would assist in stabilizing the U.S. economy,” El-Erian said in an interview with...
...proposed $700 billion bailout of the nation's beleaguered financial markets has become a taffy pull between the Bush Administration and lawmakers from both parties. Many on Capitol Hill believe Treasury Secretary Henry Paulson is seeking too much unregulated cash and power in his effort to stabilize the economy by buying up toxic mortgage-backed securities. He's also asking Congress to lift the ceiling on the national debt to a record $11.3 trillion from the current $10.6 trillion, which could weaken the U.S. dollar, raise interest rates and act as an additional drag on the economy. All that money...
...Maybe. The bailout is being undertaken by the U.S. Treasury, which means it can't be hidden away or done "off the books" in an effort to minimize its apparent scope. The Treasury will consult with experts to figure out "mechanisms for buying assets and from whom to buy," Paulson said Tuesday. "We do not know exactly what the best design is." But it's leaning toward conducting "reverse auctions" in which the Treasury would, for example, buy $1 billion in bad mortgages from whichever institution would take the least amount of money for them. On the other hand...
...Henry Paulson is a very confident guy. Sitting in his office Wednesday morning before heading up for a second day of grilling in front of skeptical members of Congress, the Treasury Secretary seemed certain he'd get the massive new powers and huge sums of money he's asking for, despite the feverish horsetrading and recriminations still unfolding on the Hill. "I believe we're going to get a bill that works and a clean bill," he told TIME. "It certainly won't be exactly what we asked for, it never is, but it's got to be sufficient...