Word: paulsons
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...registered Republican, he is now an independent, and his instincts are also more opaque. He tried and failed to arrange a private buyout for Lehman Brothers in September and led the $152.5 billion AIG bailout, which proved to be far more expensive than the current Treasury Secretary, Henry Paulson, had anticipated. But Geithner has withheld judgment in public on key issues, like an ambitious program to modify bad home loans that has run into opposition from White House conservatives. He owes his present job in part to his ability, while at Treasury in the Clinton Administration, to stand...
...state in the U.S. will never go as far as India's License Raj. But there is no reason to believe that this current crisis of capitalism won't end up the same way as all of the others - with a renewal of confidence in the free market. Henry Paulson and some other officials in the Administration and Congress are right to at least be wary of further extensions of the state in the economy, such as the proposed bailouts of the Big Three. Regulation and state control may seem attractive at a time of crisis, but eventually it creates...
...Much of what Geithner, Treasury Secretary Henry Paulson, Federal Reserve Chief Ben Bernanke and Bair have done so far has been to erect ad hoc pillars in the crisis: guaranteeing money-market funds after a run began on them in October; opening the Fed lending windows wide to keep credit from freezing completely; and intervening to wind down big players with a semblance of order, without which we could have seen a retail panic against a Merrill or Wachovia or AIG. As Treasury Secretary, Geithner will play a large role in erecting the last pillar - regulating risk and leverage...
...mess that followed Lehman Brothers, regulators have no interest in seeing another big financial player go belly up. And now the government has a vested interested in not letting that happen. In October the government, as part of the TARP program, invested $25 billion in Citigroup. Treasury Secretary Henry Paulson has said he will do everything to protect that and other taxpayer investments. Paulson agreed to invest more money in AIG to keep that insurance company alive. So there is reason to believe he would do it again with Citi...
...Another option could put more money into the firm from the TARP program. The problem with that plan is Citigroup may need more money than the Treasury could inject into the firm. Paulson only has $60 billion left of the initial $350 in TARP funds that he can spent without having to face a review from Congress. More importantly, the government does not want to end up owning Citigroup. Then taxpayers would be on the hook for all of the bank's debt. So the most the government could invest in Citigroup would be $20 billion, which is the amount...