bailout

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Detroit Needs Green Deal or No Deal
 Detroit Needs 
 Green Deal 
 or No Deal 
OPINION
Nov 12, 2008 9:01 AM CST

Detroit Needs Green Deal or No Deal

If we bail out the auto companies, let's do it on our terms

(Newser) - If we’re going to bail out the auto industry, writes Joseph Romm in Salon, let’s do it right. Detroit’s Big Three have spent years fighting tooth and nail against the very innovations that could save them: higher fuel efficiency and hybrid-electric cars. Detroit has “been suicidally...

Lobbyists Gobbling Up $700B Bailout
Lobbyists Gobbling Up $700B Bailout
Nov 12, 2008 7:51 AM CST

Lobbyists Gobbling Up $700B Bailout

There's not much left as everyone fights for piece of shrinking pie

(Newser) - That $700 billion allocated in this fall's federal bailout sounded like a lot of money—but after a feeding frenzy led by Washington lobbyists, there's not much cash left over, reports the New York Times. Of the first tranche of $350 billion, only $60 billion remains uncommitted, and everyone from...

Pelosi Urges Lame-Duck Session to Push Auto Bailout

(Newser) - Nancy Pelosi plans to convene a lame-duck House session to vote on an expanded rescue of the auto industry, the Wall Street Journal reports. “I am confident Congress can consider emergency assistance legislation next week,” the House Speaker said. Both GM and Ford have said they are cash...

US Pushes Banks for More Lending, Less Spending

Officials drafting guidelines to encourage banks to loan their bailout cash

(Newser) - Officials from several US banking regulators are finalizing guidelines for financial firms that will encourage them to lend more and curb executive pay, the Washington Post reports. The Treasury is taking $250 billion in equity stakes in various financial firms, but critics complain the firms are passing the taxpayer money...

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...

Fed Won't Say Where $2T in Loans Went

Money is in addition to $700B Wall St. bailout; collateral unclear, too

(Newser) - The Federal Reserve has lent more than $2 trillion to financial institutions under programs without congressional oversight—and will not disclose to whom or under what terms, Bloomberg reports. The loans are separate from the $700 billion congressionally approved bailout package. Investors and citizens are concerned that the collateral given...

Detroit Bailout Highlights an Industry That's Moved On

'Big Three' sink while other carmakers swim

(Newser) - The government seems poised to bail out the auto industry, but there are two auto industries, writes Joseph White in the Wall Street Journal. There’s the unionized, drowning Big Three, stuck with ancient product strategies and huge retiree health obligations, and the non-unionized, mostly healthy foreign-owned manufacturers. This second...

Feds Up AIG Aid to $150B; Insurer Posts $24.5B Loss

US scraps insurer's original $123 billion package as company's struggles continue

(Newser) - The $123 billion the US pledged to foundering insurance giant AIG will grow to at least $150 billion, reports the Wall Street Journal, as the company continues to hemorrhage money. AIG, which today reported a loss of $24.5 billion in its most recent quarter, will get more cash and...

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...

Wall Street Sets Up Shop in DC
Wall Street
Sets Up
Shop in DC
Nov 8, 2008 11:59 AM CST

Wall Street Sets Up Shop in DC

Firms descend on Washington to work on the bailout

(Newser) - With Washington the focal point of the financial crisis, consulting, real estate, and legal firms are moving from New York to DC, the Washington Post reports. Financial firms see vast opportunities to advise DC companies on the bailout bill and fight for Treasury contracts. Why relocate? “Our business is...

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...

Firms Wary of Treasury's Stalled Toxic-Asset Bailout

As Treasury shifts gears from assets to equity stakes, firms shy away

(Newser) - A survey of more than 400 financial institutions found a large percentage are reluctant to participate in the $700 billion bailout program because of confusion, the Wall Street Journal reports. As Treasury hastily shifted gears from the original plan to buy toxic debt to taking equity positions in banks, more...

Auto Bosses to Press Pelosi for Another $25B

Latest reports sound alarm on industry crisis

(Newser) - The CEOs of Detroit's troubled Big Three automakers and the head of the UAW are set to meet today with House Speaker Nancy Pelosi to ask for another $25 billion in government loans, the Detroit Free Press reports. Detroit had its worst sales month in 25 years in October, and...

Schwarzman Weighs In on Market Reforms
Schwarzman Weighs In on Market Reforms
OPINION
Nov 4, 2008 10:46 AM CST

Schwarzman Weighs In on Market Reforms

Private-equity billionaire says regs should be global, streamlined

(Newser) - With the world in “the worst financial crisis in recent memory,” private-equity billionaire Stephen Schwarzman advocates seizing the opportunity to prevent a repeat. In an op-ed piece in the Wall Street Journal, the Blackstone CEO, who pocketed $677 million from the firm’s IPO last year, calls for...

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...

Geek Squad's Models Missed Risks—and AIG Paid Price

Insurance giant's dependence on computer predictions made situation far worse

(Newser) - “All I can say is beware of geeks bearing formulas,” Warren Buffett once said. AIG didn’t heed his advice. The huge insurer bet tens of billions on credit-default swaps, guided by imperfect risk-assessment models created by a moonlighting finance professor, the Wall Street Journal reports. AIG knew...

Bankrupt AIG Might Have Been Better Than Bailout

Experts say letting insurer file bankruptcy would have been a better, cheaper, plan

(Newser) - The government’s $143 billion bailout of AIG is looking more and more like an expensive example of good money following bad, as financial experts are concluding that bankruptcy would have been better for both the insurance giant and taxpayers, reports the Washington Post. AIG has burned through more than...

Banks Owe Execs Billions— in Previous Years' Pay

Under bailout rules, banks can honor past obligations to execs with federal cash

(Newser) - The financial titans receiving huge portions of federal bailout cash are sitting on some massive IOUs, but they aren’t to taxpayers or shareholders—the banks owe billions to their own executives for previous years' pay and pensions. Under the rules of the bailout, they can be paid with taxpayer...

Rescue Plan Rankles Prudent Homeowners

Those who can pay mortgages feel cheated as neighbors get aid

(Newser) - As the feds move ahead with a plan to help homeowners on the brink of foreclosure, others are questioning the scheme's fairness and wondering if it's ripe for abuse, the New York Times reports. “I am beginning to think I would have rocks in my head if I keep...

Wall Street Execs Ponder Slashing Their Own Pay

Bailed-out finance firms may cut compensation to silence critics

(Newser) - Top Wall Street execs are considering heading off public outrage by cutting their own pay, insiders tell the Wall Street Journal. The big financial firms pay out billions in bonuses to their execs every year. They now fear a public relations disaster is looming as critics charge that the $125...

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