Word: plan
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...Reid and Republican minority leader Mitch McConnell both warned that talks may go through the weekend to reach a new agreement. One plan to ease final passage would be to allow two substitute bills, one Democratic and one Republican - cosmetic votes that would fail from the get-go but would give senators the chance to vote for certain provisions near and dear to their hearts that are not in the compromise package. Democrats, scrambling late Wednesday to find a way to get a bill passed, were also considering allowing votes on amendments. "We're trying to see if there...
...staged a mini revolt at a 90-min. luncheon with White House chief of staff Josh Bolten and Vice President Dick Cheney. The GOP leaders emerged from the lunch only to acknowledge that they were far from having the necessary votes. Not only are many strongly opposed to a plan they believe will only postpone the inevitable bankruptcy of GM and Chrysler, they feel that the President has a much easier alternative that would provide them political cover; allow the money instead to be taken from the Wall Street bailout funds without a vote, as Democrats had previously pushed...
...investment losses are sure to rankle lawmakers already unhappy with the way the Treasury has handled the first stage of the $700 billion financial-rescue plan. In a hearing on Wednesday, members of the House Financial Services Committee said the Treasury has not done enough to slow foreclosures, increase bank lending or protect taxpayers' money. Lawmakers questioned Assistant Treasury Secretary Neel Kashkari on why his agency had not yet hired an outside firm to help manage its investments. They also wanted to know whether the Treasury Department had set a limit on executive compensation at the firms in which Treasury...
...Proponents of Treasury's moves so far say the point of the government's rescue plan was not to make money but to save the banking system from collapse. What's more, the preferred shares entitle the government to a 5% dividend, which would be an annual payment of $8 billion on its current investment but could rise to nearly $15 billion. "In theory, if the government wanted to sell [today], it would not get 100 cents on the dollars it invested," says Jean-Francois Tremblay, who follows financial institutions at bond-rating agency Moody's. "But the government...
...Still, one of the arguments for the $700 bailout has long been that there was a strong possibility that the government's plan would be able to stabilize the banking system and make money for taxpayers at the same time. For now, that doesn't seem to be the case...