Word: congresses
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...Michigan by a huge margin. The President-elect is committed to helping the Detroit Three, and House Speaker Nancy Pelosi is leading a rescue party that plans to get a bailout bill in front of President Bush before Thanksgiving. So far, the President has offered only to speed through Congress an already approved $25 billion loan to help Detroit create new fuel-efficient models. But GM needs an additional $10 billion simply to pay its bills next year and $15 billion more to close plants, compensate redundant workers and dump some of its lesser-performing brands...
...Treasury Department's efforts to stabilize the financial system may push a number of banks out of business. In the past few weeks, as many as 67 financial firms have received a portion of the $700 billion bailout approved by Congress. But absent from the list of companies approved for the government's Troubled Asset Relief Program (TARP) are a handful of midsize banks, which rank among the 50 largest in the nation by the Federal Reserve. And that has a number of analysts and investors who follow these companies worried. "It's a case of be careful what...
...Young suggests that greater transparency, including disclosing risk to investors, could rebuild shaken confidence in the industry. Indeed, given the populist backlash against complicated financial mechanisms, tighter regulation now seems inevitable. In the U.S., Congress has scheduled hearings to examine the role of hedge funds in the ongoing financial crisis. "It's going to be quite a slog to get really serious reforms," Young says. "But I'd argue it is in the industry's interest to promote greater transparency...
Paulson didn't seem to think that that was something he needed to get involved with. Same with fiscal stimulus legislation. Paulson shepherded the last stimulus bill through Congress in January. Not this one. "My focus is on the financial sector, on getting credit going, getting lending flowing," he said. "I can't imagine anything that would have a bigger stimulative impact." In other words, he really doesn't want to take on anything more at this point. Can you blame...
...that many Navy officials fear it can never be made right, despite its price tag's having risen from $644 million to $1.8 billion. "Some significant fraction of the welds in that ship were flawed and had to be redone," John Young, the Pentagon's top weapons buyer, told Congress in June. "I shouldn't be forced to pay on behalf of taxpayers any price for any level of deficient performance." Still, that's just what the Navy did, forking over an additional $100 million to make it seaworthy after the Navy had taken delivery of the vessel from...