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Latest Henry Paulson Stories

2008-09-17 06:00:02

By Sue Kirchhoff, Kathy Chu, Barbara Hagenbaugh and Edward Iwata The Federal Reserve said Tuesday night it will lend up to $85 billion to American International Group, effectively putting the government in control of the flailing insurance giant, saying the move was necessary to protect the financial system and the economy. The action averts a bankruptcy filing by AIG, which has been struggling to raise capital after crippling losses on insurance policies sold to investors in...

2008-09-16 09:00:20

British bank Barclays said Monday it was talking with Lehman Brothers about buying some of the firm's core business assets. Lehman Brothers filed for Chapter 11 bankruptcy protection Monday in a historic day on Wall Street that included Merrill Lynch accepting a rescue offer from Bank of America. U.S. Secretary of the Treasury Henry Paulson Jr., set up talks between Barclays and Lehman Brothers over the weekend but Barclays backed away after learning the U.S. government wasn't interested...

2008-09-15 09:00:18

By Martin Crutsinger Associated Press WASHINGTON -- The Federal Reserve announced late Sunday several steps to cope with the worst credit crisis in decades, including broadening the types of assets that investment banks can put up to get emergency loans from the Fed. The action came as U.S. and foreign commercial banks were hashing out a plan to inoculate the global financial system against the possible failure of Lehman Brothers. Federal Reserve Chairman Ben Bernanke announced the...

2008-09-14 18:00:06

Federal Reserve officials and leaders of major U.S. financial institutions held emergency meetings Sunday to try to find a way to rescue Lehman Brothers. The talks took on a certain urgency since government officials wanted a deal to rescue the investment bank before the financial markets open Monday, The New York Times reported. The talks, held at the Federal Reserve Bank of New York, were led by Timothy Geithner, president of the New York Fed, and U.S. Treasury Secretary Henry Paulson...

2008-09-13 12:00:05

By Craig Torres and Rebecca Christie Bloomberg News Treasury Secretary Henry Paulson is adamantly opposed to using government funds to aid Lehman Brothers Holdings Inc., and Federal Reserve officials are inclined to agree. A person familiar with Paulson's thinking said Wall Street has been aware of Lehman's troubles for a long time and had time to prepare for any crisis at the company. The access Lehman has to loans from the central bank will allow an orderly process, the person said....

2008-09-08 15:00:03

By DAMIEN HENDERSON THE United States government embarked on the biggest bail-out in its history yesterday when it confirmed the takeover of mortgage giants Fannie Mae and Freddie Mac in a bid to stem further economic fallout from the ongoing housing crisis. The government will take on debts worth around GBP2800bn - nearly half the outstanding mortgages in the US - after warnings that the companies' collapse would spark further instability at home and abroad. Treasury Secretary Henry...

2008-09-08 12:00:04

The US government announced today that it was taking control of mortgage giants Fannie Mae and Freddie Mac in an effort to avert potential major financial turmoil. Bush officials announced today that the executives of both institutions had been replaced. Herb Allison, a former vice chairman of Merrill Lynch, was selected to head Fannie Mae, and David Moffett, a former vice chairman of US Bancorp, was picked to head Freddie Mac. Treasury Secretary Henry Paulson said the actions were...

2008-09-08 12:00:03

The Bush administration ripped up years of laissez-faire economic policies last night and launched a government takeover of two of the most powerful mortgage companies in the US. The move is designed to forestall a collapse in house prices that could plunge America into a new Great Depression and trigger chaos on the world's financial markets. The seizure of the two lenders, Fannie Mae and Freddie Mac, puts a federal guarantee behind an extraordinary $5trn of outstanding mortgage debt, and...

2008-09-08 09:00:04

By ALAN ZIBEL By Alan Zibel and Martin Crutsinger The Associated Press WASHINGTON The Bush administration seized control Sunday of troubled mortgage giants Fannie Mae and Freddie Mac, aiming to stabilize the housing market turmoil that is threatening financial markets and the overall economy. Treasury Secretary Henry Paulson is betting that providing fresh capital to the two firms will eventually lead to lower mortgage rates, spur homebuying demand and slow the plunge in home...

2008-09-07 21:00:03

The New York Times WASHINGTON Fannie Mae and Freddie Mac agreed on Saturday afternoon to the Bush administration's plan to rescue them, people briefed on the plan said. Under the plan, they said, the Treasury Department will buy billions of dollars in new mortgage securities issued by the companies and inject an unknown amount of capital into them in quarterly installments The government plans to announce today that it will take control of the mortgage finance giants, remove the top...


Word of the Day
baudekin
  • A rich embroidered or brocaded silk fabric woven originally with a warp of gold thread.
'Baudekin' seems to be an alternative form of 'baldachin,' from the Italian 'Baldacco,' Baghdad, the city where the material was made.
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