Word: tuesday
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...clear. The plan leaves out tens of billions of dollars in bonds that were never AAA-rated and were hard to sell even in good times. The plan triggered a strongly positive stock-market reaction on Monday, when the Dow Jones industrials soared nearly 500 points. On Tuesday the market slipped 1.5%, as doubts about a speedy bank recovery began to take shape...
...flowing again. Unlike his first stab at a rollout, this scheme was well received by the stock market, sending the Dow Jones industrial average up nearly 500 points, the fourth best day of trading since 1933 (though many economists still had doubts about it). At least half the questions Tuesday were forward-looking, centered on the particulars of the public/private partnership plan to get toxic assets off the books of banks...
...Turn the negative into a positive Overall approval ratings show that Obama has not personally suffered in the AIG uproar, though Geithner, Congress and Wall Street most certainly have. On Tuesday Geithner tried to parlay his boss's position of strength into a larger mandate to prevent another AIG Bonusgate from happening again. Suddenly, members found themselves contemplating giving more power to the guy whom many wanted fired last week. "It is clear that we're going to need to ask, and we will ask, for broader authority to deal with future AIGs," Geithner warned the committee. "Our responsibility...
...deal with, but I did not have - I should have had, but I did not have - detailed knowledge of these particular legally contracted retention bonuses for [AIG] until I was briefed by my staff on March 10," Geithner told a House Financial Services Committee hearing on the AIG bonuses Tuesday. "That's my responsibility." (See the top 10 unfortunate political one-liners...
...bigger picture It's key to remind folks, as New York Times columnist David Brooks put it, to focus their attention on the ravenous "tiger ... lunging at your neck" - i.e., the tanking world economy - instead of the "dust bunnies under the bed," the AIG bonuses. Geithner employed this tactic Tuesday: "AIG highlights very broad failures of our financial system," Geithner told the House panel Tuesday. "Our regulatory system was not equipped to prevent the buildup of dangerous levels of risks. Compensation practice rewarded short-term profits over long-term financial stability, overwhelming the checks and balances in the system...