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October 7, 2008 1:25:27 AM CDT

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Stories related to: Henry Paulson

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  • September 2008

    • Hank and Ben: Time to Play Offense

      New York Times  |  Sep 17, 08 7:15 AM CDT

      Hank and Ben: Time to Play Offense

      (Newser) - If you'd told economists 18 months ago what lay ahead in the financial industry, predictions for the American economy would be dire. The fact that things aren't totally awful—we still haven't entered into a recession—is testament to the good defense of Hank Paulson and Ben Bernanke. What they aren't doing, writes David Leonhardt in the New York Times , is fixing the underlying problems that led to Lehman's failure and AIG's bailout. More »

      Tags

      credit crisis  • bailout  • recession  • Henry Paulson  • Ben Bernanke  • Lehman Brothers  • Chrysler  • AIG

    • Paulson Played Cards Well in High-Stakes Showdown

      Washington Post  |  Sep 16, 08 12:27 PM CDT

      Paulson Played Cards Well in High-Stakes Showdown

      (Newser) - Cue the Kenny Rogers, suggests Steve Pearlstein in the Washington Post ; “Hank Paulson knows when to hold ‘em and when to fold ‘em.” Paulson was so determined not to commit federal dollars to bail out Lehman Bros. that when the banks said they couldn't step in without help, he called their bluff. It was the banks that blinked, he writes—not rescuing Lehman itself, but cushioning the blow to the economy. More »

      Tags

      bailout  • Henry Paulson  • Lehman Brothers  • subprime mortgage crisis  • banking industry  • The Fed

    • Paulson, Wall Street Execs Let Lehman Die

      Wall Street Journal  |  Sep 15, 08 4:39 PM CDT

      Paulson, Wall Street Execs Let Lehman Die

      (Newser) - As the dust settles on Wall Street, details of the final frantic negotiations on Lehman Brothers reveal that Henry Paulson’s opposition to a government bailout ultimately sealed the investment bank’s fate, the Journal reports. Paulson summoned an emergency meeting of 30 Wall Street executives Friday to definitively state that taxpayer rescue wasn’t coming, and urged them to work on saving Lehman. More »

      Tags

      credit crisis  • Wall Street  • Henry Paulson  • Lehman Brothers  • acquisitions  • finance  • debt

    • 10 Banks Form $70B Fund to Stave Off Crash

      Financial Times (UK)  |  Sep 15, 08 5:27 AM CDT

      10 Banks Form $70B Fund to Stave Off Crash

      (Newser) - Ten of the world's largest banks have formed a massive liquidity fund to mitigate the effects of the Lehman Brothers meltdown, reports the Financial Times . All the investment banks will be able to borrow up to a third of the $70 billion fund in order to reduce volatility and stay in business while Lehman is being wound down. They will also be able to borrow from the Fed under newly relaxed terms. More »

      Tags

      Federal Reserve  • Wall Street  • Henry Paulson  • Citigroup  • Lehman Brothers  • Merrill Lynch  • Goldman Sachs  • JPMorgan Chase  • Bank of America  • Morgan Stanley  • UBS  • Barclays  • liquidity  • investment banks  • Deutsche Bank  • Credit Suisse  • funds

    • Fed Holds Crisis Talks on Lehman With Top Bank Execs

      Wall Street Journal  |  Sep 13, 08 6:39 AM CDT

      Fed Holds Crisis Talks on Lehman With Top Bank Execs

      (Newser) - The New York Fed called an emergency meeting of Wall Street heavyweights last night to try to avert a collapse of Lehman Brothers, the Wall Street Journal reports. Top execs of all the big financial firms were urged by NY Fed Chief Timothy Geithner to work together to save the bank, the New York Times reports, arguing that if they failed, other banks would be in jeopardy. Treasury Secretary Henry Paulson and SEC Chairman Christopher Cox were also in attendance. More »

    • BofA Could Partner With China Fund on Lehman Bid

      Financial Times (UK)  |  Sep 12, 08 12:17 PM CDT

      BofA Could Partner With China Fund on Lehman Bid

      (Newser) - Bank of America could partner with financial investor JC Flowers and a Chinese sovereign wealth fund on a bid to rescue Lehman Brothers, the Financial Times reports. The hobbled investment bank had resisted selling itself, but is now eagerly seeking suitors before the last of its goodwill on Wall Street dries up. More »

    • Senator: Fire 'Socialist' Paulson

      Bloomberg  |  Sep 9, 08 5:45 PM CDT

      Senator: Fire 'Socialist' Paulson

      (Newser) - Treasury Secretary Henry Paulson saved Fannie Mae and Freddie Mac, but now he may have to worry about saving his own job: One Republican senator called his policies socialist and recommended that he and Fed chief Ben Bernanke resign, Bloomberg reports. “They have taken the free market out of the free market,” said Jim Bunning of Kentucky. More »

      Tags

      Federal Reserve  • Henry Paulson  • Ben Bernanke  • Fannie Mae  • Freddie Mac  • Department of the Treasury  • Jim Bunning

    • Fannie/Freddie Rescue Not Radical Enough

      Washington Post  |  Sep 9, 08 11:33 AM CDT

      Fannie/Freddie Rescue Not Radical Enough

      (Newser) - The Treasury’s rescue plan for Fannie Mae and Freddie Mac may be “superbly crafted,” Steven Rattner writes in the Washington Post , but it won’t solve the government-sponsored entities’ problems. Continuing as private-sector enterprises is a setup that “simply doesn’t work.” The GSEs had every incentive to abuse their government backing to profit private shareholders—and they did. More »

      Tags

      Henry Paulson  • Fannie Mae  • Freddie Mac  • Treasury Department  • Steve Rattner

    • In Times of Crisis, Paulson's the 'Decider'

      New York Times  |  Sep 9, 08 6:12 AM CDT

      In Times of Crisis, Paulson's the 'Decider'

      (Newser) - Last week, a small group met in the Oval Office to discuss the impending takeover of Fannie Mae and Freddie Mac. But while President Bush convened the meeting, there was no mistaking who was running the show: Hank Paulson, who had first floated public ownership and who oversaw every aspect of the bailout. The Fannie-Freddie conservatorship, which flies in the face of normal Bush policy, is only the latest demonstration of the treasury secretary's considerable clout. More »

      Tags

      George W. Bush  • Henry Paulson  • mortgage crisis  • Fannie Mae  • Freddie Mac  • Department of the Treasury  • Cabinet