Henry Paulson

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Paulson, Bernanke Defend Bailout Before House

Money for Detroit isn't the 'purpose' of the bailout: Paulson

(Newser) - Treasury Secretary Henry Paulson told Congress today he opposes tapping a $700 billion taxpayer-funded bailout pool to help struggling US automakers. Paulson and Federal Reserve Chair Ben Bernanke were on Capitol Hill defending their management of the bailout program, just a week after the Bush administration abandoned the original strategy...

Paulson: We're Doing the Right Thing

Bush administration 'creatively working' on financial crisis

(Newser) - On the eve of his testimony before Congress, beleaguered Treasury Secretary Henry Paulson used last night's speech to defend the administration's response to the nation's "unprecedented" financial crisis. Paulson said without the $700 billion Wall Street bailout, things would be even worse, ABC News reports. "It's hard to...

Bailout's Execution Draws Bipartisan Ire on Hill

Treasury's point man takes heat from lawmakers

(Newser) - The Treasury Department's radical shift in the execution of the government bailout drew fire from both sides of the aisle in a Capitol Hill hearing today, the Washington Times reports. Neel Kashkari, point man for the $700 billion plan, felt the wrath of the House Oversight subcommittee's ranking Republican, Darrell...

FDIC Pushes Plan to Ease Mortgage Payments

Bush camp opposes using bailout funds

(Newser) - Officials at the FDIC are butting heads with the Bush administration over the bailout once again, yesterday outlining a plan to prevent 1.5 million foreclosures in the coming year by having banks sharply reduce monthly payments on mortgages, the Washington Post reports. The government would guarantee half the losses...

Bailout Flip-Flop Diminishes Paulson
 Bailout Flip-Flop 
 Diminishes Paulson 
ANALYSIS
Nov 13, 2008 7:54 PM CST

Bailout Flip-Flop Diminishes Paulson

(Newser) - Henry Paulson’s recent about-face on his plans for the $700 billion bailout do not bode well for his legacy, write Bloomberg's Rebecca Christie and Matthew Benjamin. Perhaps most damaging is not the change of mind, but what it says about his initial plans. “This is a flip-flop,”...

Bailout Oversight: 'It's a Mess'
Bailout Oversight:
'It's a Mess'
Nov 13, 2008 8:34 AM CST

Bailout Oversight: 'It's a Mess'

$700B plan operates without watchdog as lawmakers spat

(Newser) - More than one-third of the $700 billion bailout package has been committed, but the program is operating without any government oversight, reports the Washington Post. The provisions intended to monitor the disbursement for corruption and waste are being overlooked, and no one has been nominated to the newly created post...

Feds Block Online Gambling
 Feds Block Online Gambling 
Nov 13, 2008 2:08 AM CST

Feds Block Online Gambling

New rule stops banks, credit card companies from processing bets

(Newser) - The Treasury Department and Federal Reserve will effectively outlaw most forms of online gambling with new rules that bar banks and credit card companies from processing transactions related to internet betting. The banking and gaming industry and House Financial Services Chairman Barney Frank oppose the new rules, reports the Wall ...

Treasury Shifts Focus to Consumer Credit

Will alleviate consumer credit instead

(Newser) - The Treasury will spend its remaining bailout funds on consumer credit rescue programs, Henry Paulson announced today, scrapping his original plan of buying illiquid mortgage-related assets from financial institutions. The freeze on consumer credit, he said, is “creating a heavy burden on the American people and reducing the number...

Treasury May Require Matching Funds for Bailouts

Setting matching funds as a prerequisite for rescue cash puts investors back in the picture

(Newser) - Companies that take part in the second phase of the Treasury Department’s bailout plan could be required to raise private capital to match federal funds, reports the Wall Street Journal. The first phase of the Troubled Asset Relief Program, which has been buying up stakes in banks, has no...

Feds Under Pressure to Broaden Bailout

Treasury already needs to ask Congress for next $350B installment

(Newser) - With nearly half of the $700 billion bailout committed, a growing array of distressed companies is lobbying the government, the Wall Street Journal reports, increasing the likelihood the Treasury will ask Congress for the rest of the bailout cash soon. But varied interests among legislators and emerging unemployment risks could...

Paulson Slipped Banks Quiet $140B Tax Break

Reversal of 20-year-old tax law allows banks to shelter profits

(Newser) - While Congress and the nation were busy debating the $700 billion bailout package in late September, Treasury issued a five-sentence notice that could reap banks up to $140 billion in tax breaks, the Washington Post reports. The provision reverses an obscure policy written into law more than 20 years ago...

Dems Push Paulson to Fund Big 3 Automakers

Pelosi, Reid want $700B bailout to aid GM, Ford, and Chrysler

(Newser) - Congressional Democrats are urging Henry Paulson to pump funds into the sputtering Big Three automakers, Politico reports. In a letter to the treasury secretary, Nancy Pelosi and Harry Reid called for a broadening of the $700 billion bailout package to help GM, Ford, and Chrysler qualify for federal aid. A...

Feds Aim to Push Bailout Beyond Traditional Banks

Finance-related firms working with Treasury, which also has eye on Obama transition

(Newser) - After taking ownership stakes in banks totaling $250 billion, the Treasury is preparing to broaden rescue efforts to include companies outside the banking sector, the Washington Post reports. Hundreds of billions of the $700 billion bailout package could go to relieve some institutions that, though not chartered as banks, borrow...

US May Buy Equity in More Firms

After seeing some thawing in key credit markets, Treasury may expand program

(Newser) - Treasury is considering using some of the $700 billion at its disposal to buy stakes in a range of financial companies beyond banks, the Wall Street Journal reports. The idea comes after seeing measured success in thawing credit markets by taking equity stakes in several banks. Treasury may also abandon...

Even Healthy Banks Eye Bailout Bucks

Institutions fear market will judge them harshly for not tapping into $700B pot

(Newser) - Investor and public pressure could prompt up to 1800 more financial institutions, both publicly and privately held, to apply for a share of the $700 billion bailout fund, the Wall Street Journal reports. The cash-grab likely stems from fear that failing to do so would make an institution look like...

The Economic Crisis Taints Us All: Galbraith

Economist calls the meltdown a 'blot' on the profession

(Newser) - The economic bust has taken a hammer to the profession of economics, Reagan's monetary policy, and the careers of President Bush, Alan Greenspan, and Henry Paulson, James Galbraith tells the New York Times. In an interview with Deborah Solomon, the economist chides his colleagues for failing to call the meltdown,...

How Hank Paulson Blew $125B
 How Hank Paulson Blew $125B 
OPINION
Oct 31, 2008 9:15 AM CDT

How Hank Paulson Blew $125B

The banks have the cash, but why is everyone surprised they're not lending?

(Newser) - Not too long ago, critics from left and right were clamoring for Hank Paulson to abandon his plan buy up toxic mortgage-backed securities at auction to unlock credit markets. Instead, they argued, the government should give money directly to banks for them to lend. Too bad Paulson listened, writes Steven...

6 Governors Push Feds for Quicker Auto Industry Relief

Tight credit hurts car sales: Granholm

(Newser) - Michigan’s Jennifer Granholm and five other US governors urged federal officials today to act quickly in delivering financial aid to the auto industry, the Detroit Free Press reports. In a letter, the governors of Delaware, Kentucky, New York, Ohio and South Dakota stress that the credit crisis has hurt...

Bailout Hits Hiring Hurdles Over Fees, Vetting

Low fees for managers and lack of Treasury manpower put brakes on bailout

(Newser) - Though the $700 billion bailout deal won approval Oct. 3, the Treasury has yet to begin purchasing bad loans that are poisoning the credit pool, due to delays in hiring financial firms to oversee the program, the Wall Street Journal reports. Concern over the fees that will be paid to...

You Got Your Bailout, Where Are Our Loans?
You Got Your Bailout, Where Are Our Loans?
OPINION
Oct 25, 2008 12:54 PM CDT

You Got Your Bailout, Where Are Our Loans?

Treasury trying to consolidate banking industry, not fix credit

(Newser) - When the Treasury was pushing its $700 billion bailout, it assured us that once banks had cash, they’d start lending. “I don’t know about you,” writes Joe Nocera in the New York Times, “but I’m starting to feel as if we’ve been sold...

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