Henry Paulson

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Stocks Creep Up at Open
 Stocks Creep Up at Open 
MARKETS
Sep 23, 2008 9:14 AM CDT

Stocks Creep Up at Open

All eyes watching Congress for bailout approval

(Newser) - Stocks moved slightly upward at the opening bell today, as investors anxiously watched Washington for bailout signals, the Wall Street Journal reports. The Dow rose 75 points at the open, with the Nasdaq and S&P both up more than 0.8%. The positive open follows a big drop yesterday...

Paulson's 'Amazing Power Grab'
 Paulson's 
 'Amazing 
 Power Grab' 
OPINION
Sep 23, 2008 8:19 AM CDT

Paulson's 'Amazing Power Grab'

Financial equivalent of the Patriot Act steams through Congress

(Newser) - Henry Paulson's Troubled Asset Relief Program is the “most amazing power grab in the history of the American economy,” writes Andrew Ross Sorkin in the New York Times, “the financial equivalent of the Patriot Act.” The initial draft of the bill circulating yesterday is not only...

Time to Punish Someone for Economic Disaster
Time to Punish Someone
for Economic Disaster
ANALYSIS
Sep 23, 2008 2:25 AM CDT

Time to Punish Someone for Economic Disaster

Bailout package should penalize those who brought down system, say experts

(Newser) - Economists mostly agree that the financial situation is so dire that a bailout is needed, but many are skeptical about the one proposed. One of the biggest problems is the lack of punitive measures against the reckless, fat-salaried financial bosses who created the mess in the first place, experts tell...

You 'Can't Afford Not to Own Gold'
You 'Can't Afford Not to Own Gold'
Analysis
Sep 22, 2008 8:35 PM CDT

You 'Can't Afford Not to Own Gold'

Cramer urges investors to store value in gold as it surges past $900 an ounce

(Newser) - Investors simply "must own gold" in financially shaky times like these, Jim Cramer said on his Mad Money TV show today—after gold spiked 16% in the last week and topped $900 an ounce. Cramer called gold a safe haven regardless of whether Treasury Secretary Henry Paulson's $700 billion...

SEC Chair Cox Fiddled as US Markets Burned
SEC Chair Cox Fiddled as US Markets Burned
ANALYSIS
Sep 22, 2008 3:22 PM CDT

SEC Chair Cox Fiddled as US Markets Burned

'Exceedingly cautious' approach had Paulson looking to kill agency

(Newser) - With US markets in upheaval, the head of the watchdog Securities and Exchange Commission was preoccupied with a new technology for corporate filing, Bloomberg reports. Christopher Cox’s inaction has provoked bipartisan criticism: McCain adviser Carly Fiorina said he has been “asleep at the switch,” while Democratic Sen....

Let's Not Rush Into a 'Financial War of Choice'
Let's Not Rush Into a 'Financial War of Choice'
OPINION
Sep 22, 2008 3:00 PM CDT

Let's Not Rush Into a 'Financial War of Choice'

Time to stop and consider Washington's insane plan

(Newser) - In an instant, the Treasury’s bailout plan has gone “from invisibility to inevitability,” but it’s a dangerous scheme marketed under false pretenses, writes Sebastian Mallaby in the Washington Post. Whatever the administration says, this isn’t like the 1989 savings-and-loan cleanup, which set up an entity...

Conservative Pundits Rail Against Bailout
Conservative Pundits Rail Against Bailout
OPINION
Sep 22, 2008 1:28 PM CDT

Conservative Pundits Rail Against Bailout

Even right wing doesn't like administration's rescue plan

(Newser) - The Bush administration’s $700 billion financial bailout plan seems destined to make it through Congress, but even conservative pundits are bashing the desperate move:
  • If a Democratic administration were proposing this plan, a Republican Congress would shoot it down, writes Newt Gingrich in the National Review. "Congress was
...

Paulson's New Powers Put More Focus on Successor
Paulson's New Powers Put More Focus on Successor
ANALYSIS
Sep 22, 2008 9:53 AM CDT

Paulson's New Powers Put More Focus on Successor

Obama could keep Treasury chief; weak-on-economy McCain seen to have few options

(Newser) - Henry Paulson’s handling of Wall Street’s financial crisis has consolidated so much power for the Treasury secretary that Barack Obama is considering keeping him on board if he wins the November election, the New York Times reports—and it’s heightened speculation about who might succeed him in...

Dems Set Their Own Terms for Bailout Plan

Congress wants oversight of treasury, homeowner assistance

(Newser) - As Hank Paulson did the Sunday talk shows, Democrats in the House and Senate set down their own terms for a plan to rescue the nation's financial institutions—one that would give Congress greater oversight over the treasury. Barney Frank, who chairs the House Financial Services Committee, put forward his...

Dems Bristle Over 'Blank Check' Bailout

Lawmakers vow not to rush bill like Sept. 11 legislation

(Newser) - Democratic lawmakers showed concern today over a proposed $700 billion bailout plan that Barack Obama called a "blank check," Politico reports. Sen. Patrick Leahy vowed not to repeat their post-Sept. 11 mistake—of rushing legislation that President Bush used to justify wiretapping—while others said voters may see...

Can Their $700B Rescue Plan Do the Trick?
Can Their $700B Rescue
Plan Do the Trick?
ANALYSIS
Sep 21, 2008 1:49 PM CDT

Can Their $700B Rescue Plan Do the Trick?

Experts say action is needed, but doubt if it will be enough

(Newser) - Forget white and blue: Uncle Sam is all red these days after swallowing hundreds of billions in bad mortgages and coughing up billions more to save strapped businesses. As the Feds strategize a solution to the mess, experts are unsure if the plan will work and how much it’ll...

Tweaked Bailout Bill Opens Aid to Foreign Banks

Revision is first change sparked by Treasury-Congress talks

(Newser) - The Treasury Department has amended its bailout bill to include foreign banks, Politico reports, abandoning an earlier requirement that banks be headquartered in the US to receive money. Now, the banks must have “significant operations in the US” or be approved by Henry Paulson—meaning Barclays, Credit Suisse, and...

Paulson: Plan Still Leaves Taxpayers at Risk

Rescue proposal also won't save every financial institution

(Newser) - Treasury Secretary Henry Paulson, knee-deep in negotiations to save the floundering US finance industry, had a grim warning for Americans today: “There are no guarantees, and the taxpayer is at risk,” Paulson told Fox News Sunday, adding, “The concern I have is for the American people...

Devil's in the Details of Wall St. Bailout

Plan expected to bring controversy

(Newser) - Now that President Bush has requested his $700 billion bailout plan from Congress, work is under way on the details. The administration kept its 3-page outline simple so it could adjust to problems on the fly, the Wall Street Journal reports. But that gives Congress the opportunity to load it...

Bernanke, Paulson Put Fear of God Into Pols

Of meeting with officials, lawmaker says: 'We have never heard language like this'

(Newser) - Lawmakers were astounded at the possible fallout of the crisis on Wall Street outlined last night by Fed chairman Ben Bernanke and Treasury Secretary Henry Paulson, the New York Times reports. “When you listened to him describe it you gulped,” New York Sen. Charles Schumer said of the...

Stocks Rally, End Week Mixed
 Stocks Rally, End Week Mixed 
MARKETS
Sep 19, 2008 3:44 PM CDT

Stocks Rally, End Week Mixed

Bailout plan reassures investors

(Newser) - Stocks continued to rally today, gaining enough on news of the government’s plan to form a debt relief agency for financial firms that the week's last two sessions saw the markets almost overcome the week’s earlier losses, MarketWatch reports. The Dow gained 368.75 to close at 11,...

Markets Give Morgan Stanley Breathing Room on Merger

Wachovia still a player as rising shares gives firms more time to think

(Newser) - Morgan Stanley presses on with merger negotiations, but the beginning of a recovery in financial markets today means the bank will have more time to weigh options, Reuters reports. Talks continue with Wachovia and China Investment Corp., among others, but the firm "feels that it can slow down the...

Paulson Outlines His 'Bold' Bailout
Paulson
Outlines His
'Bold' Bailout
Sep 19, 2008 10:10 AM CDT

Paulson Outlines His 'Bold' Bailout

He and Bush say it's urgent to act now to stabilize markets

(Newser) - Henry Paulson confirmed today that he is working on a "bold" plan to buy bad loans from banks, the Wall Street Journal reports. Such a plan would cost taxpayers “hundreds of billions of dollars,” Paulson said, but he believes it is necessary to stabilize the economy. “...

Who's Who: The Players Remaking Wall St.

(Newser) - The financial world has been rocked to its foundations in a few short days, with a handful of men making momentous decisions. The Wall Street Journal outlines the key players.
  • Henry Paulson. No Treasury chief has wielded such power. He decides whether big firms live or die via federal bailouts.
...

New AIG Chief Plans to Carve Leaner Corporation

Liddy will sell some assets to pay Feds

(Newser) - The new CEO of beleaguered giant American Insurance Group plans to trim the company, selling some assets to raise capital and pay back the government following its $85 billion bailout, reports the Wall Street Journal. "There will be a company at the end of this," vowed Edward Liddy,...

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