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Paulson Announces New Plans to Buy Equity Stakes in Banks and Revive Credit Markets
The U.S. government yesterday (Tuesday) announced plans to invest $250 billion, more than a third of the $700 billion congressional bailout allotment, into nine of America’s largest banks in an effort to bolster confidence in the financial system. Similar to steps taken by European governments earlier this week, the government will guarantee new debt and take equity stakes in the participating banks.
"Government owning a stake in any private U.S. company is objectionable to most Americans – me included," U.S. Treasury Secretary Henry Paulson said announcing his decision to effectively nationalize the nation’s banking sector. “Yet, the alternative of leaving…
15Oct2008 | Money Morning | Comments Off | ContinuedWhile Lawmakers Reach Credit Crisis Compromise, Money Morning Bailout Plan Expert Displays Doubt
Congressional negotiators late yesterday (Thursday) reached a tentative agreement on a credit-crisis compromise that gives the Bush administration about a third of the $700 billion it has requested up front, but made sure half that outlay was subject to a congressional veto, published reports state.
Details remained sketchy late yesterday. However, this much is known. Under the plan – known as the “Troubled Assets Rescue Plan,†or TARP – U.S. Treasury Secretary Henry M. “Hank†Paulson Jr. would get an immediate $250 billion to begin bailout operations, and could obtain an additional $100 billion if needed. The final installment of $350…
26Sep2008 | Money Morning | Comments Off | ContinuedGovernment Grapples With Details of $700 Billion Bailout
President George Bush yesterday (Monday) urged congressional legislators to put aside differences and work together for a speedy passage of a bill that would pledge $700 billion in taxpayer money to fight the current financial crisis – the largest bailout in U.S. history.
“[T]here will be differences over some details, and we will have to work through them. That is an understandable part of the policy making process,” President Bush said in a statement released yesterday. “[T]he whole world is watching to see if we can act quickly to shore up our markets and prevent damage to our capital markets, businesses,…
23Sep2008 | Managing Money | 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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