Word: banking
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Looked at from a distance, it was clear the bullet-headed dealmaker Paulson was going to squeeze what he wanted out of Congress. Over the last six months, with the help of Tim Geithner at the New York Federal Reserve Bank and Ben Bernanke at the Federal Reserve, he has driven Bear Stearns into the arms of J. P. Morgan at a fire sale price; he has forced the board of Fannie Mae to enable a government takeover even though it meant devastation for shareholders; he has stared down Richard Fuld at Lehman Brothers, who thought he could bluff Paulson...
...including the failure of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, the largest government bailout to date, an $85-billion loan to the American Insurance Group, and most recently, the failure Washington Mutual and its subsequent takeover by federal officials in the largest bank failure in U.S. history. Amid concern that the crisis could prompt a severe recession if left unchecked, Congress is preparing to pass an unprecedented $700 billion bailout plan intended to bolster confidence in faltering U.S. financial institutions. As the crisis continues, Rogers said, alumni are still trying to assess...
...both houses of Congress. The plan follows a slew of financial shocks in recent weeks, including the bankruptcy of Lehman Brothers, the government takeover of mortgage giants Fannie Mae and Freddie Mac, and most recently, the failure of Washington Mutual and its subsequent seizure by federal regulators, the largest bank failure in American history. While the initial response to Paulson’s plan was favorable, and key lawmakers had signaled their support, it has taken flack from academic economists and the media in recent days. And despite support from Democrats in Congress, who have reached an agreement with Paulson...
Seniors beginning their job searches amid doom-ridden news of bank failures and Wall Street woes found a broader palette of jobs on display at the Office of Career Services’s Career Forum on Friday, an event that saw 1,500 students brave the pouring rain to meet with upwards of 140 employers. The participation of 38 consulting firms and 37 finance companies represented a strong presence at the event, though notably absent were major banks including Citigroup and Goldman Sachs, which have attended the career fair in the past. OCS’s interim director, Robin...
...McCain threatened to skip the presidential debate unless members of Congress approved a huge financial bailout, but they didn't, so he didn't. The debate went on; the candidates stayed on message; the pundits all agreed that it wasn't a "game-changer." You did miss the largest bank failure in American history, not to mention a $25 billion bailout of the auto industry, but that's chump change these days, right? You might not have heard that investment banks are now officially extinct, but basically the economy is on the same precipice it was on last week...