Henry Paulson

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Paulson: I'd Do It All Again

Treasury secretary defends his actions in Times sit-down

(Newser) - Does Henry Paulson have any regrets about his widely-panned handling of the financial crisis? “I could have seen the subprime problem coming earlier,” he allows, before quickly adding, “I’m not saying I would have done anything differently.” Critics see things differently, of course, so Paulson...

Feds Warming to $40B Homeowner Bailout

Plan would give banks an incentive to rework troubled mortgages

(Newser) - Homeowners struggling to pay their mortgages would get help from the federal government under a $40 billion plan FDIC Chair Sheila Bair is expected to unveil today, reports the Wall Street Journal. Bair’s initiative, which would offer banks financial incentives to rework troubled mortgages into more affordable ones, is...

Just Like Mattress-Stuffers, Banks Hoard Bailout Cash

Recovery a long way off

(Newser) - Wall Street may be cheering for the bailout, but Andrew Ross Sorkin knows what the banks are really doing with our $250 billion: “They have stuffed it under their mattresses like the rest of us,” he writes in the New York Times. Consumers will find it almost as...

Treasury Hopes Bailout Will Spur Bank Mergers

Paulson seeks to reshape banking with new capital

(Newser) - Treasury's $250 billion cash infusion into financial institutions is meant to increase liquidity and get banks to start lending to each other again, but it might have another effect: accelerating mergers. The New York Times reports that the government's unprecedented recapitalization is also meant to give bigger banks the...

Homeowners Need Bailout, Too: FDIC Chief

Regulator clashes with Paulson, Bernanke over relief for lenders

(Newser) - The FDIC chief is blasting the White House and Congress for focusing the $700 billion bailout on financial institutions and not giving homeowners facing foreclosure more help, reports the Wall Street Journal. Sheila Bair, a Bush appointee, says the government’s insistence that homeowners not profit from its help—while...

A $250B Offer They Couldn't Refuse
A $250B Offer They Couldn't Refuse
Oct 15, 2008 7:47 AM CDT

A $250B Offer They Couldn't Refuse

In brief meeting, Paulson gave banks a 'take it or take it' deal

(Newser) - When the CEOs of America's 9 largest banks arrived at the Treasury at 3pm Monday afternoon, they each received a draft one-page statement promising to sell shares to the government. By 6:30 they'd all signed them. The New York Times reconstructs the meeting, during which Henry Paulson wore down...

Where Is Wall Street's Leadership in This Mess?
Where Is Wall Street's Leadership in This Mess?
OPINION
Oct 14, 2008 12:53 PM CDT

Where Is Wall Street's Leadership in This Mess?

Finance could take steps to mend the crisis of confidence

(Newser) - It’s easy to criticize Hank Paulson, writes Steven Pearlstein for the Washington Post—for not predicting the depth and breadth of the crisis as subprime mortgages went sour a year ago, for letting Lehman Brothers fail, or for taking his lead from the UK this weekend. But Paulson and...

Bush, Paulson Outline Plan to Buy $250B Stake in Banks

(Newser) - President Bush this morning confirmed the government's $250 billion plan to buy shares in banks, in the latest move to calm the turmoil in the financial markets and stave off a deep recession. Speaking from the Rose Garden after an early-morning meeting with economic advisers, Bush said the move will...

Paulson to Banks: Do It for Your Country

$250B bailout needed to restore faith, keep capital at home

(Newser) - The $250 billion plan to guarantee new bank debt and unlimited bank deposits in certain accounts isn’t just an option, Treasury Secretary Paulson told the chiefs of nine banks yesterday; it’s for the good of the country. The plan, the country’s response to similar European banking actions,...

Here Comes the New Bailout Plan
Here Comes the New Bailout Plan
Oct 13, 2008 5:40 PM CDT

Here Comes the New Bailout Plan

Paulson will match Europe's effort by spending $250B on stock in 9 banks

(Newser) - The US version of Europe's new financial bailout plans is coming tomorrow, the Wall Street Journal reports. In the wake of a rollout by European nations today, and soaring stock markets worldwide, Washington will do what it dissed only weeks ago: snap up billions in bank equity stakes. The...

World Bank Vows to Stand Behind Poor

Aid to developing nations must be maintained, bank president warns

(Newser) - The head of the World Bank cautioned yesterday that the economic crisis could hit developing countries the hardest, and pledged the bank’s support in helping those nations protect their poor, reports AP. Bank president Robert Zoellick warned that aid to impoverished regions must continue to flow even as the...

Talking Heads Talk Economy
 Talking Heads Talk Economy 
TALK SHOW ROUNDUP
Oct 12, 2008 2:07 PM CDT

Talking Heads Talk Economy

Pocketbook issues seem likely to trump racism for voters

(Newser) - With little time remaining until Election Day, the Sunday talk shows focused on the ongoing economic turmoil and the racial issues roiling the presidential campaigns. Politico spins the dial:
  • On This Week, surrogates from both parties endorsed the Treasury’s capital-injection plan for banks. But guests split over an economic
...

US Will Buy Shares in American Banks

G7 agrees on 'aggressive action plan' after emergency finance meeting

(Newser) - Treasury chief Henry Paulson has announced plans to buy up shares in America's troubled banks, Reuters reports. The government will purchase equity in banks "as soon as possible," using some of the $700 billion approved by Congress to rescue the economy, Paulson said yesterday after a crisis meeting...

Paulson Can't Sack AIG Execs
 Paulson Can't Sack AIG Execs 
analysis
Oct 10, 2008 6:58 PM CDT

Paulson Can't Sack AIG Execs

(Newser) - Barack Obama is probably far from alone in wanting the heads of AIG execs who staged a $440,000 employee spa retreat just after the government's bailout of the company. The question is, does Treasury Secretary Henry Paulson have the authority to can the wayward execs? Nope, explains Juliet Lapidos...

G7 Vows to Get a Grip on Financial Crisis

(Newser) - The finance ministers of the world's economic leaders vowed to stem the financial bleeding in international markets today after stocks plummeted yet again, Reuters reports. Reacting to pleas from investors, the IMF, and several other countries, the G7 reps pledged "urgent and exceptional action" to free up credit...

US Must Save Global Economy &mdash;This Weekend
US Must Save Global Economy —This Weekend
OPINION
Oct 10, 2008 7:30 AM CDT

US Must Save Global Economy —This Weekend

US must join UK's plan or face disaster: Krugman

(Newser) - Since the collapse of Lehman Brothers the financial crisis has gone from severe to terrifying, but the response of the United States and Europe has been "woefully inadequate," writes New York Times columnist Paul Krugman. We are now at a tipping point, and if world policymakers don't...

Global Economy Needs Shelter From the Storm
Global Economy Needs Shelter From the Storm
Opinion
Oct 9, 2008 11:28 AM CDT

Global Economy Needs Shelter From the Storm

Think of it as a bankruptcy; with help, it can recover and thrive

(Newser) - The global economy is in such chaos that it needs the equivalent of bankruptcy protection, David Ignatius writes in the Washington Post. "Bankruptcy, if properly managed, is a workout process that provides a pathway back to solvency," he argues. "Companies often reemerge from bankruptcy healthier than before;...

Feds May Take Part Ownership of US Banks

(Newser) - The Treasury Department may take part ownership of many US banks in a bid to encourage lending and shore up confidence, the New York Times reports. Under the proposal, Treasury would give banks cash in exchange for ownership stakes. In theory, that would improve balance sheets and help banks lend...

Yes, It's Bad, But the Depression It Ain't

Economist sees differences and remains optimistic

(Newser) - The economic news out of Wall Street and Washington is scary and shocking, but there's no reason to use the "D" word anytime soon, Jay Hancock writes in the Baltimore Sun. He talks with economic historian and professor Louis Galambos, who remains guardedly optimistic about the "core of...

French Counterpart Calls Paulson Out on Lehman

Lagarde blames treasury sec's decision for increased global turmoil

(Newser) - Henry Paulson's decision to let Lehman Brothers collapse was "horrendous," his French counterpart said today. Christine Lagarde told a radio interviewer that "for the equilibrium of the world financial system, this was a genuine error." Lagarde added that her government would support financial institutions threatened with...

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