Henry Paulson – News Stories About Henry Paulson - Page 5

Bailout Czar Kashkari Joins World's Big Money Elite

Oct 7, 2008 1:01 PM CDT

Bailout Czar Kashkari Joins World's Big Money Elite

After brisk rise through Treasury, 35-year-old has purse to rival largest sovereign funds

(Newser) - A behind-the-scenes player at the Treasury Department just weeks ago, 35-year-old Neel Kashkari’s financial heft as the agency’s bailout czar puts him on par with the heads of sovereign wealth funds, Politico reports. The self-described “free-market Republican” enjoyed a meteoric rise through the department, where he was...

The Crisis Dwarfs $700B

Oct 7, 2008 10:18 AM CDT

The Crisis Dwarfs $700B

A US-centric band aid can't quell global markets as confidence plunges

(Newser) - As the financial crisis continues to grow, the $700 billion bailout passed by Congress last week may be too little too late, the Washington Post reports. The plan may not begin relieving banks of toxic assets for another month, and, meanwhile, the crisis has gone global, making $700 billion seem...

Candidates Diverge on Picking the Next Paulson

Oct 7, 2008 5:34 AM CDT

Candidates Diverge on Picking the Next Paulson

McCain looks to big names; Obama seeks to sooth markets

(Newser) - The post of Treasury secretary may be the most important appointment the next president has to make and John McCain and Barack Obama seem to be using different criteria, Bloomberg reports. McCain has mentioned big names like billionaire investor Warren Buffett and former eBay CEO Meg Whitman, while insiders say...

Bailout Won't
Bail Out Bernanke

OPINION

Oct 6, 2008 2:42 PM CDT

Bailout Won't Bail Out Bernanke

Nation needs explanation of how it will help

(Newser) - The economic bailout plan does nothing to address the "collapse in confidence" hammering the financial system, Christopher Carroll writes for the Financial Times. Using the example of the "Bank of Rome" in August, 79 AD, the Johns Hopkins economist argues that the plan makes as much sense...

Paulson Picks Goldman Alum to Oversee Bailout Fund

Oct 6, 2008 9:59 AM CDT

Paulson Picks Goldman Alum to Oversee Bailout Fund

35-year-old to keep seat warm until Jan.

(Newser) - Treasury Secretary Henry Paulson will name former Goldman Sachs banker Neel Kashkari to oversee the $700 billion bailout fund approved last week, reports the Wall Street Journal. The appointment is an interim one for Kashkari, 35, currently an assistant Treasury secretary; a new administration would almost certainly appoint its own...

Paulson Lost Some Cred

ANALYSIS

Oct 4, 2008 5:01 PM CDT

Paulson Lost Some Cred

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(Newser) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his...

For Paulson, Toughest Part Lies Ahead

Oct 4, 2008 8:34 AM CDT

For Paulson, Toughest Part Lies Ahead

Treasury has just weeks to create asset-buying behemoth

(Newser) - The real work for the Treasury Department begins now that the bailout bill has passed, the New York Times writes. Secretary Henry Paulson has less than a month to get a massive asset management firm up and running, and to start pricing the toxic securities that have flummoxed experts. The...

California, Out of Cash,
Begs for $7B From Treasury

Oct 3, 2008 8:28 AM CDT

California, Out of Cash, Begs for $7B From Treasury

Cash-starved Calif, credit markets, may need bailout of its own

(Newser) - California is almost out of cash, Gov. Arnold Schwarzenegger warned the Treasury Department yesterday, and may need an emergency loan of up to $7 billion from the federal government, the Los Angeles Times reports. California is the largest of several states locked out of the bond market by the credit...

Senate Passes
Sweetened Bailout Bill

Oct 1, 2008 8:25 PM CDT

Senate Passes Sweetened Bailout Bill

(Newser) - The Senate overwhelmingly passed a historic $700-billion bill tonight to salvage the US economy, MSNBC reports. Senators backed the measure 74-25, hailing changes to the House measure that would aid the middle class and small businesses. Senate leaders said they hoped their bill would persuade House members to get on...

Better Than a Bailout:
Boost FDIC Coverage to $1M

OPINION

Oct 1, 2008 10:17 AM CDT

Better Than a Bailout: Boost FDIC Coverage to $1M

Higher deposit insurance would bring money in, help thaw credit markets

(Newser) - Congress should stop fighting over the Paulson bailout, writes BusinessWeek economist Michael Mandel, and approve an expansion of FDIC deposit insurance to $1 million. It should also triple deposit insurance reserves to $145 billion. It would solve the immediate problem, calming the hysteria in the market, and attract funds to...

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

Sep 30, 2008 11:42 AM CDT

Fed, Treasury Fall Back on Existing 'Inadequate' Tools

With no federal deal, agencies limited to ad hoc solutions

(Newser) - With yesterday’s failure of the $700 billion bailout, the Fed and Treasury are reconsidering their options, the New York Times reports. Fearful of cutting interest rates, they're back to rescuing struggling institutions on a case by case basis, and printing money—offering $150 billion in emergency loans to banks...

Papers Frothing Over 'No' Vote

OPINION

Sep 30, 2008 10:33 AM CDT

Papers Frothing Over 'No' Vote

Editorials mostly disparage Congress, Administration

(Newser) - As Monday’s “no” vote resounded down Wall Street, editorial writers across the country fired up their typewriters. Here’s what the country’s top papers are saying:

Congress earned its 10% approval rating yesterday, the Wall Street Journal says, particularly Nancy Pelosi —“Tom Delay without

...

Bailout Vote Shows
Bush's Power Waning

analysis

Sep 30, 2008 6:56 AM CDT

Bailout Vote Shows Bush's Power Waning

Huge defeat contrasts with days of willing Congress

(Newser) - The bailout bill’s failure to pass the House—due in large part to defectors from his own party—demonstrates President Bush’s flagging influence in Washington, observes the Washington Post. Bush’s “biggest legislative defeat” as president, it highlighted his tendency to rely on alarmist rhetoric—repeated dire...

Paulson's Power Would Be
Unprecedented

analysis

Sep 29, 2008 10:41 AM CDT

Paulson's Power Would Be Unprecedented

Some checks from Congress, but Treasury will hold the keys

(Newser) - Though its passage remains uncertain, the bailout bill would make Henry Paulson the most powerful mortgage financier in history, Peter Gosselin writes in the Los Angeles Times. Paulson got nearly everything he asked for; restrictions supposedly reining him in are little more than window dressing. Additions like the Democrats’ housing-relief...

Here Come the Peasants With Pitchforks

ANALYSIS

Sep 29, 2008 10:19 AM CDT

Here Come the Peasants With Pitchforks

Meltdown, bailout provoke populist fury against Wall St., DC

(Newser) - The financial meltdown may have brought simmering economic resentments to a boil and prompted a populist backlash, writes Nina Easton in Fortune. Public opinion indicators—polls, calls to Congress—show widespread fury at the bailout. Long-building anger over growing economic inequality may have combined with disgust at the current crisis...

Deal Reached on Bailout

Sep 28, 2008 5:08 AM CDT

Deal Reached on Bailout

Bill would address exec salaries, hold equity stake for taxpayers

(Newser) - Congress and the Bush administration have agreed on a preliminary plan for the $700 billion bailout bill, Washington leaders said after emerging from talks after midnight this morning. Though details need ironing out, “I think we're there,” announced Treasury Secretary Henry Paulson. Work was to continue with a...

Market to Congress: Time's Up

OPINION

Sep 27, 2008 11:50 AM CDT

Market to Congress: Time's Up

New plans simply can't be negotiated in time

(Newser) - Henry Paulson’s bailout plan isn’t perfect, writes Joe Nocera in the New York Times, but we have to enact it anyway because time has run out. “With every passing day, Congress is fiddling while Rome is burning,” says Nocera, just last week a bailout opponent. Lawmakers...

Execs Were Paid $3B to Lay Credit Crisis Foundation

ANALYSIS

Sep 26, 2008 5:45 PM CDT

Execs Were Paid $3B to Lay Credit Crisis Foundation

Wall Street chieftains were well rewarded for risks they took in 2003-07

(Newser) - More than $3 billion was paid to the chief executives of the five biggest financial firms on Wall Street in the run-up to the credit crisis, Bloomberg reports. While supervising bad mortgage-related credit bets that eventually brought the financial system to its knees, Merrill Lynch’s Stanley O’Neal took...

Goldman Sachs
Is DC's Top
Sugar Daddy

ANALYSIS

Sep 26, 2008 2:20 PM CDT

Goldman Sachs Is DC's Top Sugar Daddy

$43M since '89 on lobbying, donations greases bailout wheels

(Newser) - Goldman Sachs has given Washington plenty of reasons to help it out—43 million reasons, to be precise. Goldman bankers have been the nation’s biggest campaign contributors this year, and have poured more than $43 million into lobbying and campaign war chests since 1989, ABC News reports. “They...

Swallow the Anger and Pass
a Bailout: Pearlstein

OPINION

Sep 26, 2008 12:18 PM CDT

Swallow the Anger and Pass a Bailout: Pearlstein

Time to act, act fast, and be prepared to act again in the future

(Newser) - It's time to suck it up and pass a Wall Street bailout, Steven Pearlstein writes in a blunt piece in the Washington Post. "You're angry. I'm angry," he writes, about having to rescue a bunch of irresponsible high-fliers who put the financial system at risk. But the reality...