Skip to: Content
Skip to: Site Navigation
Skip to: Search

May 16, 2008 5:56:46 AM CDT

Learn about Newser Points »

Back to the grid

Paulson Wants Closer Tabs on Investment Banks  

Posted Mar 26, 08 2:25 PM CDT in Business    Most Covered

(newser) – Treasury Secretary Henry Paulson said today that investment banks owe the government more information about their financial condition if they are occasionally allowed to borrow money from the Federal Reserve, the New York Times reports. Paulson seemed to call for tighter regulations before calling the recent bailout of Bear Stearns "precedent only for unusual periods of turmoil."

Paulson wasn't specific in addressing regulatory differences in the treatment of commercial banks—which are able to borrow from the Fed under the "discount window—and investment firms, only recently given that option. He also alluded to greater cooperation among federal agencies in keeping tabs on investment banks' transactions—and in keeping those transactions transparent.

Source New York Times

open commentscomments (0)

Editor Recommended

Reactions to Paulson's remarks
Bloomberg | Mar 26, 08

MarketWatch says Paulson is fighting against the tide
MarketWatch | Mar 26, 08

Meanwhile, protesters storm Bear HQ
Reuters | Mar 26, 08

Related News

  • Recession Fears Overblown: Economists

    May 14, 08 9:50 AM CDT
    Recession Fears Overblown: Economists A growing number of economists are saying, cautiously, that the US might have pulled back from the brink of recession, the Wall Street Journal reports. The experts credit swift action by the Federal Reserve to lower interest rates and save Bear Stearns in March, and even the ongoing distribution of fiscal-stimulus checks, as catalysts for the detour. More »

  • Treasury Boss: Worst Is Over

    May 7, 08 2:45 AM CDT
    Treasury Boss: Worst Is Over The US is emerging from the credit woes triggered by the turmoil over subprime mortgages—despite the continuing wave of foreclosures across the nation, according to Treasury Secretary Henry Paulson. Paulson, in the most positive comments yet from the White House on the nation's economic troubles, in part credited the federal bailout of Bear Stearns, reports the Wall Street Journal. More »

  • Bear Bailout Called 'Worst Mistake in a Generation'

    Apr 29, 08 8:18 AM CDT
    Bear Bailout Called 'Worst Mistake in a Generation' A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused officials of ignoring other options, such as demanding more from buyer JP Morgan, seeking other suitors or removing certain assets from Bear's portfolio. More »

  • Fed, Execs Defend Bear Bailout

    Apr 3, 08 12:10 PM CDT
    Fed, Execs Defend Bear Bailout Bear Stearns was just hours from collapse, and letting it go down would have been disastrous, executives and regulators argued on Capital Hill today while defending the controversial bailout, the New York Times reports. Without the takeover, “we would all be facing a far more dire set of challenges,” said JPMorgan CEO James Dimon, citing the possibility of a mass run on other investment banks. More »

  • Congress to Grill Bernanke on Bear Stearns

    Apr 2, 08 8:40 AM CDT
    Congress to Grill Bernanke on Bear Stearns Federal Reserve Chairman Ben Bernanke steps onto a tightrope today for two days of Congressional testimony focusing on the central bank’s starring role in the Bear Stearns bailout. Bernanke likely will be taken to task for not stepping in earlier, and more forcefully, to avert economic chaos, reports the New York Times. More »

Paulson Wants Closer Tabs on Investment Banks
Treasury Secretary Henry Paulson pauses while making remarks at the second annual Capital Markets Summit, Wednesday, March 26, 2008, in Washington.   (AP Photo/Lawrence Jackson)
Paulson Wants Closer Tabs on Investment Banks
Treasury Secretary Henry Paulson makes remarks at the second annual Capital Markets Summit, Wednesday, March 26, 2008, in Washington, where he called for more transparency from investment banks.   (AP Photo/Lawrence Jackson)
prev   next
play

Threads (1 of 4)

Tags

Federal Reserve  • Bear Stearns  • Henry Paulson  • Treasury Department  • investment banks


Loading...

Loading...

Related Threads: Henry Paulson, Subprime Collapse, Credit Market Chaos, Bear Stearns

Next story from this section »

Today's Most Popular

Loading...

Other Business Stories

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »