House Votes to Curb Wall Street Bonuses

Big finance could face populist pitchforks

(NEWSER) - Bailed-out Wall Street execs handing themselves hefty bonuses this month should prepare for outrage not only from Dems inside the Beltway but from tea partiers, who hold their first convention in Nashville next month. The rage that has been focused on big government and health care reform could easily swing toward Wall Street, Gerald Seib writes in the Wall Street Journal . More»

(NEWSER) - Stocks were up modestly today as investors balanced continued uncertainty over a Detroit bailout and a longtime Wall Street hand’s arrest with cautious optimism that the market may finally have stabilized, the Wall Street Journal reports. Money manager Bernard Madoff was accused today of a $50 billion swindle, but insiders say the scandal has yet to affect the markets. The Dow was up 63.80 points, closing at 8629.05. Nasdaq rose 32.84, to 1,540.72. And the S&P gained 6.14, ending at 879.73. More»

Yes, there will be pain, but saving irresponsible companies bad for US future

(NEWSER) - Given the failure of the Wall Street bailout, to think doing the same for Detroit would help the auto industry and America in the long run is fantasy, Kevin O’Brien writes in the Cleveland Plain Dealer. The only thing that will help is to feel the pain. “No more bailouts,” O’Brien writes. “Not for private industries. Not for states. Not for cities. Not for school districts.” More»

Demands and attitude have soured a once promising relationship between the administration and lawamakers

(NEWSER) - Treasury Secretary Henry Paulson may have gotten what he wanted from Congress on the Wall Street bailout, but his performance in selling the deal left lawmakers with a sour taste, the Wall Street Journal reports. Many think his original proposal, which would have granted him virtually unlimited powers, and his conduct in the hot seat, were presumptuous. But no matter: “For a few months, he will be more powerful than the president,” said Sen. Richard Shelby, a bailout critic. More»

A bad sell, partisan wrangling, and an urge to be reelected led to bill's downfall: Pershing

(NEWSER) - House members were only given a chance to salvage the world economy—why do it? There are several reasons why 95 Democrats and 133 Republicans turned down Henry Paulson's $700 billion bailout plan, Ben Pershing writes in the Washington Post. The simplest? “A lot of members just didn't like the bill." Here are Pershing's top five reasons why it failed: More»