Word: paulsons
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...Sept. 29 of this year, as investors and traders reacted to Congress's rejection of the bailout plan presented by Treasury Secretary Hank Paulson, the stock market sell-off was dramatic: the Dow fell nearly 7% that day, a one-day drop that has been matched only 17 times since the index's birth in 1896. From its peak last October, the Dow has fallen more than...
...Indeed, even without the $700 billion bailout, Paulson has already written some big checks - to cover the subsidized sale of Bear Stearns to JPMorgan, the nationalization of mortgage monsters Fannie Mae and Freddie Mac, the bailout of insurance giant AIG and the sales of Washington Mutual to JPMorgan and Wachovia to Citigroup. All of this will cost somewhere between $200 billion and $300 billion...
...rejected a $700 billion rescue package for banks across the Atlantic on Sept. 29. For all the difficulties the Bush Administration has encountered as it tries to push through that package, there's a crucial difference between the U.S. response and the European one: in Washington, Treasury Secretary Hank Paulson has been working closely with Fed Chairman Ben Bernanke to craft a systemic response to what has turned into a systemic crisis. In the 27-nation European Union, by comparison, there is no single bank regulator and no mechanisms by which to craft a comprehensive solution that crosses national borders...
After the bailout bill went down in defeat, most of the legislators who had voted against it sang this refrain: The voters made us do it. Indeed, before Monday's vote, angry constituents overwhelmingly panned the plan championed by Treasury Secretary Henry Paulson. The volume of e-mail crashed the House's website. After Wall Street tumbled 778 points, voters are still mad - and now even more confused. Representative Steve LaTourette, a Republican from Ohio, tells it this way: until Monday, the calls and e-mails to his office were 200-to-1 opposed to the bailout. But after...
Iowa Joyce Carle, 65, of Des Moines retired from the U.S. Postal Service after 25 years. But when the Paulson proposal came up, she immediately wrote a letter to the local paper to voice her opposition. "A $700 billion bailout I feel is going to my grandchildren. They're going to inherit that. I don't think it's going to solve the problem. It may fix it for a while. I don't trust the government to do what they say they're going to do." She says, "I'm no genius [but] it's basically a mortgage crisis...