bailout

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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...

Bank of America Doubles Stake in Chinese Bank

Shells out $7B while slashing jobs, taking bailout funds

(Newser) - Bank of America will inject $7 billion into China Construction Bank Corp, Bloomberg reports, nearly doubling its stake in the bank even as it slashes jobs and accepts government bailout money. CCB is down 45% over the past six months, and BoA CEO Ken Lewis is getting a 32% premium...

Control Emerges as Key Issue in Detroit Rescue Bills

House version calls for tough steps to make US industry more viable

(Newser) - Competing versions of a rescue package for US automakers have hit the floors of the House and Senate, the Detroit Free Press reports. The bills, both of which face fierce opposition from Republicans, draw on the $700 billion bailout allotted to the finance sector and call for similar limits on...

Insurers Buy Troubled S&Ls in Ploy for Bailout Cash

Crisis has insurance titans desperate for capital

(Newser) - Four huge insurers are in the process of buying small, troubled S&Ls in order to qualify for a chunk of the Treasury’s bailout cash, Bloomberg reports. Genworth Financial, Lincoln National, Hartford Financial Services, and Aegon NV have set their sights on US banks cited for “unsafe and...

Detroit Bailout Is Key Opportunity for US Economy
Detroit Bailout Is Key Opportunity for US Economy
OPINION
Nov 17, 2008 12:58 PM CST

Detroit Bailout Is Key Opportunity for US Economy

Bankruptcy spells disaster; loan would speed green progress

(Newser) - Letting one—or more—of the Big Three automakers slip into bankruptcy could push the US economy into depression and would imperil millions of jobs tied to the industry, writes Jeffrey D. Sachs in the Washington Post. Instead, the government should bail out the industry, taking the lead in positioning...

Foreign Automakers Could Fill Detroit Vacuum

But gov't risks big job losses if Big Three fail

(Newser) - If Detroit’s “Big Three” do collapse, foreign-owned automakers would be able to pick up the slack, industry experts tell the New York Times. These foreign giants have a big enough US presence to swiftly take over the industry and its supplier network, but the transition would likely be...

Americans Question Detroit Bailout

Taxpayers say auto industry needs to modernize or die

(Newser) - Americans are deeply skeptical about bailing out Detroit automakers, Reuters reports. While many acknowledge that job losses will be heavy if the industry is allowed to go under, there’s a widespread belief that shoring up the manufacturers’ outdated business model would be unfair—and an enormous waste of money....

Congress Girds for Post-Election Rumbles

Will address new leaders, Detroit bailout, Stevens, Lieberman

(Newser) - A new Congress takes office Jan. 6 and a new Oval Office occupant two scant weeks later, but the old Congress has plenty on its plate when it reconvenes next week, reports Reuters. The session will focus mainly on the economy, especially the auto industry, but legislators also must appoint...

Newt: Palin's Not It in 2012
 Newt: Palin's 
 Not It in 2012 
TALK SHOW ROUNDUP
Nov 16, 2008 1:48 PM CST

Newt: Palin's Not It in 2012

Group of frontrunners will emerge, Former House Speaker predicts

(Newser) - Newt Gingrich predicts that Sarah Palin will not be the Republicans’ 2012 presidential nominee, the Hill reports. “I think that she is going to be a significant player,” the former speaker of the House told Face the Nation. “But she’s going to be one of 20...

Let's Divert Green $$$ to Aid Autos: White House

Perino slams Dem plan to use bailout money

(Newser) - The White House urged Congress today to prop up the Big Three automakers with $25 billion in federal funding—and nix environmental provisions attached to that money, the Wall Street Journal reports. Approved last year, the dollars were designated to help carmakers convert to more fuel-efficient vehicles. Now they can...

Let Detroit Go Bankrupt: Brooks, Krauthammer
Let Detroit Go Bankrupt:
Brooks, Krauthammer
OPINION
Nov 14, 2008 12:31 PM CST

Let Detroit Go Bankrupt: Brooks, Krauthammer

Auto bailout throws good money after bad, goes against US capitalism itself

(Newser) - American prosperity relies on creative destruction—the failure of nonviable companies and their replacement by defter rivals. The government endeavors to protect the worker in periods of transition, writes David Brooks in the New York Times, but not the firms themselves. That’s why the auto-industry bailout is a bad...

Bush Taps Asst. US Attorney to Oversee Bailout

If confirmed, Barofsky will take bailout responsibilities from Treasury's inspector general

(Newser) - The Bush White House today finally named a special inspector general to oversee the Treasury Department's $700 bailout, nominating a New York federal prosecutor named Neil Barofsky. The move comes a day after the Washington Post complained in a Page 1 story that 6 weeks into the bailout, no action...

Chrysler Execs to Get $30M in Retention Bonuses

Will auto bailout change that?

(Newser) - Even as nearly bankrupt Detroit automakers beg Congress for a bailout, Chrysler is preparing to pay its top executives $30 million in retention bonuses, the Detroit Free Press reports. Chrysler says the deals were necessary measures to keep top talent in place when they were conceived last year during Daimler's...

Freddie Posts Record $25.3B Loss; Taps $13B Infusion

(Newser) - Freddie Mac, the swamped mortgage giant seized by the government two months ago, asked for $13.8 billion from the Treasury today after a record quarterly loss plunged its net worth into the negative, Bloomberg reports. Sister company Fannie Mae, also under government control, said this week it might need...

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...

The Big Debate: Bailout or Bankruptcy?
 The Big Debate: 
 Bailout or Bankruptcy?
Analysis
Nov 13, 2008 8:24 AM CST

The Big Debate: Bailout or Bankruptcy?

Should the government pay for GM's surgery

(Newser) - The water is coming in fast at General Motors, and Washington is readying its bailing buckets. But simply giving GM money won’t keep America’s biggest automaker afloat. GM needs massive restructuring, and many believe bankruptcy court is the place to do it, says the New York Times, reviewing...

City of Detroit Seeks $10B Bailout

Council votes to seek funds to create jobs, stop foreclosures

(Newser) - Detroit's city council is calling for the federal government to bail out the city to the tune of $10 billion, reports the Detroit News. The funds would be used to create jobs, improve mass transit, and tackle the city's foreclosure crisis. Council members are also seeking meetings with federal officials,...

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...

Bailout? Detroit Needs a Brain
 Bailout? Detroit 
 Needs a Brain 
OPINION
Nov 12, 2008 10:28 AM CST

Bailout? Detroit Needs a Brain

US auto industry needs to re-learn how to innovate; Mich. lawmakers not immune, either

(Newser) - The appalling prospect of a $25 billion bailout for Detroit automakers—“ an industry that became brain dead”—has Thomas Friedman, writing in the New York Times, outraged. He blasts “a very un-innovative business culture, visionless management, and overly generous labor contracts” for the mess, and heaps blame...

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