bailout

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More AIG Splurges: $86K Hunting Trip, Lobbyists

$86K trip to England comes after feds' $85B handout, $38B loan

(Newser) - The $440,000 spa weekend isn't the only outrageous splurge AIG seems to have indulged in after being bailed out by taxpayers last month. Now come news of an $86,000 hunting trip in England, turned up by New York Attorney General Andrew Cuomo. And the faltering insurance giant is...

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

(Newser) - The FDIC chief is blasting the White House and Congress for focusing the $700 billion bailout on financial institutions and not giving homeowners facing foreclosure more help, reports the Wall Street Journal. Sheila Bair, a Bush appointee, says the government’s insistence that homeowners not profit from its help—while...

Swiss Offer UBS $60B Bailout
 Swiss Offer UBS $60B Bailout 
Oct 16, 2008 6:46 AM CDT

Swiss Offer UBS $60B Bailout

Troubled banking giant will get capital injection, offload bad debts

(Newser) - Switzerland became the latest nation to shore up struggling banks, reports the Telegraph, as it bailed out UBS to the tune of $60 billion today. The Swiss central bank will offer UBS a capital injection of $6 billion in exchange for 9% of the company, and it will allow UBS ...

NY Probes AIG's Golden Parachutes, Spending

Attorney general charges insurer with 'unwarranted and outrageous expenditures'

(Newser) - New York's attorney general today called on AIG's directors to recover millions in “outrageous expenditures,” including golden parachutes to executives even as it neared the collapse that brought an $85 billion federal intervention, the Wall Street Journal reports. Andrew Cuomo is investigating whether the insurer broke state law...

Federal Cash Is Not Welcome at Small Banks

But US will pressure some to accept it anyway

(Newser) - The government’s plan to buy $250 billion worth of bank investments was greeted with cheers on Wall Street and in Congress, but with jeers by many bankers, the Washington Post reports. “We don't need a bailout,” said one indignant small-bank chief, “and if other banks had...

States Warn Feds They May Ask for Cash, Too

Deficits and tight credit may force states to beg for Treasury dollars

(Newser) - The credit crisis is threatening states with budget shortfalls, and they could be the next group seeking a federal bailout, the Christian Science Monitor reports. California, looking at a $7 billion deficit, has informed the Treasury that it could come calling. States take loans to cover lean times, in the...

Poll: Americans Want More Regulation

70% say lack of oversight caused economic woes

(Newser) - What caused the financial and housing crises? Three-quarters of Americans think a lack of federal regulation played at least some role in current economic woes, and 90% characterize the economy as doing badly, according to a Los Angeles Times/Bloomberg poll. When asked about the most crucial financial focus for the...

Bank Rescue Won't Lift Home Prices, Stop Foreclosures

Continued downward spiral drives consumer spending down, killing net worth

(Newser) - Economists are increasingly concerned that the government rescue plan is missing the root cause of the foundering US economy: still-falling home prices, reports the Wall Street Journal. And, while the bailout of banks and financial institutions could ease the pain of the slump, unless help is extended to the housing...

Academics Laud Bank Plan
 Academics Laud Bank Plan 
OPINION
Oct 14, 2008 4:26 PM CDT

Academics Laud Bank Plan

Econ professors say capital infusion best option

(Newser) - The Treasury gets gold stars for finally recapitalizing collapsing banks, with the Wall Street Journal reporting on reactions from economics professors:
  • Barry Eichengreen, UC Berkeley: "I would give it an A- for quality but lower the final grade to a C for lateness."
  • Kenneth Rogoff, Harvard: "Thank
...

Rally Fizzles to Mild Losses
 Rally Fizzles to Mild Losses 
MARKETS
Oct 14, 2008 3:20 PM CDT

Rally Fizzles to Mild Losses

Traders worry non-financial stocks may still feel recession's bite

(Newser) - Stocks closed lower today after an earlier rally died down as worries about consumer-discretionary and tech stocks overcame investors’ faith in global actions to quell the credit crisis, the Wall Street Journal reports. The Dow, up nearly 400 early, ended off 76.62, to 9,310.99. The Nasdaq, especially...

Where Is Wall Street's Leadership in This Mess?
Where Is Wall Street's Leadership in This Mess?
OPINION
Oct 14, 2008 12:53 PM CDT

Where Is Wall Street's Leadership in This Mess?

Finance could take steps to mend the crisis of confidence

(Newser) - It’s easy to criticize Hank Paulson, writes Steven Pearlstein for the Washington Post—for not predicting the depth and breadth of the crisis as subprime mortgages went sour a year ago, for letting Lehman Brothers fail, or for taking his lead from the UK this weekend. But Paulson and...

GM Calls for Help
 GM Calls for Help 
Oct 14, 2008 12:07 PM CDT

GM Calls for Help

Firm reiterates urge for government assistance

(Newser) - General Motors is not thinking of filing for bankruptcy, Reuters reports. Instead, an exec said, "There is a strong need for coordinated federal action" to weather the economic crisis as US auto sales slide. Filing for bankruptcy "would not benefit our customers, our dealers, or our employees,"...

Stocks Jump 350+ at Open
 Stocks Jump 350+ at Open 
MARKETS
Oct 14, 2008 8:53 AM CDT

Stocks Jump 350+ at Open

Dow up nicely again

(Newser) - Stocks were up once again today at the open, as investors cheered the government’s latest rescue moves. The Dow rose 363, while the Nasdaq and S&P rose 2.2% and 3.7% respectively, the Wall Street Journal reports. American stocks were again following on the heels of recoveries...

Bush, Paulson Outline Plan to Buy $250B Stake in Banks

(Newser) - President Bush this morning confirmed the government's $250 billion plan to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession. Speaking from the Rose Garden after an early-morning meeting with economic advisers, Bush said the move will...

Bernanke: Stage Set for Recovery

Fear not, investors, Fed chairman insists

(Newser) - Americans face a historic financial crisis, but they needn’t worry because policy makers have responded in time, writes Ben Bernanke in today’s Wall Street Journal. “History teaches us that government engagement in times of severe financial crisis often arrives very late,” Bernanke says. “Fortunately, that...

Paulson to Banks: Do It for Your Country

$250B bailout needed to restore faith, keep capital at home

(Newser) - The $250 billion plan to guarantee new bank debt and unlimited bank deposits in certain accounts isn’t just an option, Treasury Secretary Paulson told the chiefs of nine banks yesterday; it’s for the good of the country. The plan, the country’s response to similar European banking actions,...

Here Comes the New Bailout Plan
Here Comes the New Bailout Plan
Oct 13, 2008 5:40 PM CDT

Here Comes the New Bailout Plan

Paulson will match Europe's effort by spending $250B on stock in 9 banks

(Newser) - The US version of Europe's new financial bailout plans is coming tomorrow, the Wall Street Journal reports. In the wake of a rollout by European nations today, and soaring stock markets worldwide, Washington will do what it dissed only weeks ago: snap up billions in bank equity stakes. The...

UK Props Up Major Banks; Fed Offers Cash

Moves to shore up financial system have global markets rising

(Newser) - Governments across the globe are acting with “an enormous amount of congruence” and speed as they pour billions of dollars into rescue plans hoping to keep a sinking banking system afloat, reports the Wall Street Journal. The British government today provided $60 billion to prop up 3 banks, and...

Bush Already Rejiggering $700B Bailout

Initial reluctance to buy stock may have hurt rescue

(Newser) - The White House is abruptly overhauling plans for the $700 billion bailout package it pushed through Congress just two week ago—raising fears that valuable time was lost on a plan not carefully considered, reports the New York Times. Instead of using funds to buy up troubled securities as initially...

How-To Films for Tough Times
 How-To Films for Tough Times 
Oct 12, 2008 5:17 AM CDT

How-To Films for Tough Times

20 cinematic escapes when you're feeling the Great Depression

(Newser) - Nothing lifts a Great Depression like a visit to the talkies. Gawker recommends 20 films to watch on your iPhone while standing in tomorrow's bread lines—assuming you haven't already sold your iPhone.
  • It's a Wonderful Life: How to survive a bank run, and have a Merry Christmas.
  • Grapes of
...

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