Government officials would not lend out billions of taxpayer dollars if they knew the loans could not be repaid, but when the loan is to a company like AIG, how could they ever really know?
I don’t think lawmakers and regulators would knowingly have us foot the bill for bad loans, but their actions demonstrate some severe holes in the […]
A multi-billion dollar cry for help from General Motors was denied by the Treasury Department. GM planned to use up to $10 billion to purchase its struggling counterpart, Chrysler.
The bad news got worse today when the automakers reported October U.S. sales. Dismal is an understatement.
GM saw a 45 percent decline while Chrysler’s sales went down 35 percent and Ford’s sales dropped 30 […]
Yesterday, I asked the question, “When will banks start lending?” Today, the White House issued it’s desired answer: NOW!
White House press secretary Dana Perino had this to say: “What we’re trying to do is get banks to do what they are supposed to do, which is support the system that we have in America. And […]
The Treasury’s Troubled Asset Relief Program was approved a few weeks back, but the spending is just getting under way. Now that the government is starting to invest when will the banks begin to lend?
There are many motivations behind (or should I say underneath) TARP, but unfreezing the credit markets is at the top of the priority list. PNC […]
Congress had a heavyweight line-up of testimony today as the House heard from Alan Greenspan and the Senate heard from Neel Kashkari, the bailout’s interim pay master (his official title is Interim Assistant Secretary for Financial Stability).
Greenspan’s prepared statement spoke of his feeling of ”shocked disbelief” regarding the country’s financial crisis. Interestingly enough, many people blame him for helping the economy get there.
Here are some interesting […]
Late last week, Wachovia agreed to merge with Wells Fargo in a $15 billion stock-swap.
Slight problem: Citigroup submitted a bid for Wachovia last Monday and is accusing Wachovia of violating an exclusivity agreement. Citi also accused Wells Fargo of “tortious interference.”
In the first round of court proceedings, a judge sided with Citi and blocked Wells […]
The highly anticipated bailout rescue plan was passed by the House of Representatives.
The new, sweetened deal includes some health care provisions, tax breaks for kids’ wooden arrow manufacturers, rum producers, and an increase to FDIC protection for bank accounts.
When the House was preparing to vote on the new bill, the Dow was up over 270 points. But, after news […]
Banks and lawmakers are pushing the SEC to relax standards placed on banks for mark-to-market accounting, which the banks say exaggerated the effects of the credit crunch.
As the name suggests, mark-to-market accounting is concerned with market value, meaning that the value of an asset on a firm’s books should be linked to its current market price NOT the price […]
Yesterday the Dow lost 777 points, the House of Representatives rejected the $700 billion bailout package and the S&P lost $700 billion of its value.
Sounds like “unlucky” number 7, right?
Yesterday’s sell-off was an overreaction and yesterday I mentioned this would be a good opportunity to buy some undervalued stocks. Well, the bargain-hunters just couldn’t resist, the Dow, Nasdaq […]
Quick update: The House of Representatives has rejected the $700 billion bailout package proposed by the Bush Administration.
According to MarketWatch the final tally was 205 yea, 228 nay.
Back to the drawing board…
Tough times are ahead, but the market will come back and although this time is chaotic, it could be a great time for bargain hunters.
Tags: bailout, […]
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Written by Tisa Silver [email] for b5media.
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