SubscribeAll Posts Tagged With: "Henry Paulson"
By Ignoring the Treasury Secretary’s Advice, Did WaMu Make the Worst Possible Deal for Itself?
U.S. Treasury Secretary Henry M. “Hank” Paulson Jr. warned former Washington Mutual Inc. (OTC: WAMUQ) Chief Executive Officer Kerry Killinger to sell the thrift to JPMorgan Chase & Co. (JPM) two months before WaMu failed, both The Seattle Times and Bloomberg News reported.
According to the published reports, Paulson telephoned Killinger and told him that “you should have sold to JPMorgan Chase in the spring, and you should do so now. Things could get a lot more difficult for you.”
The Times report quoted a WaMu executive who was familiar with the incident, but didn’t disclose the source’s name.
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Marc Faber says $250 billion dollar bailout is meaningless
CNBC:
U.S. Treasury Secretary Henry Paulson’s sweeping measures to bailout the financial system will probably fail, Marc Faber, editor & publisher of the Gloom, Boom and Doom Report, tells CNBC’s Asia Squawk Box.
"What I object to in all the bailout plans in the Western world is (that) they do not address the fundamental problem. And the fundamental problem is overleveraging,” Faber comments
Faber believes the U.S. budget deficit is going to stay at or above $1 trillion level because the government needs to print money in order to meet all the obligations they’ve made to rescue the financial…
The $700 Billion Bailout Package Has Nearly Arrived
And No One Outside Wall Street Executive Suites Likes It
For years now, many enlightened financial observers have been warning that the national debt was a ticking time bomb. Guess what? The time bomb has exploded.
But the so-called geniuses on Wall Street didn’t see it coming, did they? Apparently they were far too impressed by their own financial theories, “innovations” and models, not to mention extremely lucrative salaries and bonuses.
And the response of the global markets (and the DJIA itself) to the Great Bailout Fiasco of 2008 has been anything but enthusiastic. Even before the failed vote in Congress just now,…
1Oct2008 | Oxbury Research | 1 comment | ContinuedWracked by Problems, the U.S. Economy Keeps Digging Its Way Out
Where to start? Market volatility is sure to continue for the indefinite future as investors, economists, analysts and politicos debate the merits of the federal government’s ongoing move – and try to make heads or tails out of the new financial landscape.
Mega-financials that offer everything (deposits, lending, brokerage services, deal underwriting, wealth management, mergers & acquisitions deals) appear to be the wave of the future (is beleaguered Citigroup Inc. (C) suddenly ahead of its time?).
Comparisons to past crises are emerging: The Great Depression, the savings & loan crisis, the junk bond collapse, Japan’s stock-and-real-estate implosion, and even Tulip Mania).
Many investors…
22Sep2008 | Money Morning | Comments Off | ContinuedAs Treasury’s Paulson Prescribes Bailout for Fannie Mae and Freddie Mac, Guru Jim Rogers Predicts an “Unmitigated Disaster”
Standing on the steps of the U.S. Treasury building across the street from the White House, Treasury Secretary Henry Paulson asked Congress for the power to prop up Fannie Mae (FNM) and Freddie Mac (FRE), the two failing mortgage giants involved with nearly half of the $12 trillion U.S. mortgage market.
“The president has asked me to work with Congress to act on this plan immediately,” Paulson said Sunday. “Fannie Mae and Freddie Mac play a central role in our housing finance system and must continue to do so in their current form as shareholder-owned companies. Their support for the housing market is particularly…
15Jul2008 | Money Morning | Comments Off | Continued
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