Word: bailouts
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...date the most expensive corporate bailout in American history, requiring $180 billion in government funds. But it may soon have competition. Last week mortgage giant Freddie Mac said it had lost $50 billion in 2008 alone. A look at the company's books suggests the government will have to spend at least triple that much to save the financial firm from collapse. If the housing market worsens, the tab could be even larger...
After the $180 billion AIG bailout initiated last summer, the $700 billion financial-system booster last fall and the $878 billion stimulus package this winter, convincing Americans that their money isn't being wasted is no easy task. Geithner has said the government may put up as much as $1 trillion in loans and guarantees to subsidize the sale of the toxic assets to private investors. Though the government could get back the money if the assets start trading again, many Americans see it going down a sinkhole. Says Democratic pollster Mark Mellman: "There's a narrative out there...
...looks like "All Fools Day" will come early on Wall Street this year. Several banks are going to try to raise the base salaries of key employees to dodge the Federal Government's mandate to cut big bonuses at firms which have received bailout money. If increasing base payouts did not so obviously flaunt the intent of the programs that Congress and the Administration are putting into place, the plan would be brilliant...
...oversight at the Securities and Exchange Commission [March 9]. Thousands of hardworking people lost their jobs and homes as a result of the incredible nonfeasance, misfeasance and probably malfeasance of Christopher Cox and friends. Those responsible, from government to local banks and mortgage brokers, need to pay for this bailout. If we don't get legal justice, we need to take it to the streets. I did not serve 20 years in the military for this. James C. Byrk, PLATTSMOUTH...
Equally upsetting to critics is the list of dozens of companies already benefiting from the AIG bailout. These firms, which insured their purchases of mortgage-backed and other securities with AIG, include investment giant Goldman Sachs ($12.9 billion), Merrill Lynch ($6.8 billion), Bank of America ($5.2 billion) and Citigroup ($2.3 billion). The same firms, directly or indirectly, also received earlier bailout cash under the Troubled Asset Relief Program (TARP). The group includes some of the most sophisticated investors in the world, prompting critics to question why the companies should not take responsibility for their own financial decisions, rather than accept...