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Latest Henry Paulson Stories

2008-11-12 12:00:02

The federal government backed off a plan to buy toxic mortgages, U.S. Treasury Secretary Henry Paulson said Wednesday, favoring a program of investment. In looking for ways to address the U.S. economic crisis, Paulson said in early October that buying bad home loans was a likely answer. However, further review revealed buying the bad loans was "not most effective way to use (bailout) funds," he said Wednesday during a news conference. The administration of the $700 billion rescue...

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2008-11-11 14:35:00

On Monday, the Bush administration was accused of rushing to implement Internet gambling rules that have raised concerns among banks before leaving office in January. House Financial Committee Chairman Barney Frank, a Massachusetts Democrat, said in a letter to U.S. Treasury Secretary Henry Paulson: "I am deeply disappointed to hear that your agency is proceeding with what I consider to be unseemly haste in issuing regulations implementing the Unlawful Internet Gambling Enforcement Act."...

2008-10-28 15:00:23

PITTSBURGH, Oct. 28 /PRNewswire-USNewswire/ -- In a letter sent today to U.S. Treasury Secretary Henry M. Paulson, United Steelworkers (USW) President Leo W. Gerard raised questions about the prudence of Treasury investments of $125 billion of taxpayers' money into nine financial institutions, including the firm which Paulson recently headed, Goldman Sachs. (Logo: http://www.newscom.com/cgi-bin/prnh/20080131/DC12982LOGO) An analysis prepared by the Union, which was attached to the...

2008-10-20 15:00:13

U.S. Treasury Secretary Henry Paulson Jr. emphasized Monday the $250 billion bank equity purchase program would not cost taxpayers. "This is an investment, not an expenditure, and there is no reason to expect this program will cost taxpayers anything," Paulson said in a statement. Aside from the nine large banks originally signed up for the program, the Treasury has received interest "from a broad group of banks of all sizes," Paulson said. As such, he outlined streamlined procedures for...

2008-10-15 08:00:00

By Sue Kirchhoff and Barbara Hagenbaugh WASHINGTON -- The Treasury Department's extraordinary announcement Tuesday that it will buy as much as $250 billion in stock to shore up the nation's banking system is designed not to undermine free-market capitalism -- but to save it. But will it work? Government officials, including President Bush and Treasury Secretary Henry Paulson, expressed hope that the historic move will free up bank lending, quell a spreading financial panic and send a...

2008-10-13 06:00:12

By Edmund L. Andrews and Mark Landler As international leaders gathered here to grapple with the global financial crisis, the administration of President George W. Bush embarked on an overhaul of its own strategy for rescuing the foundering financial system. Two weeks after persuading the U.S. Congress to let it spend $700 billion to buy distressed securities tied to mortgages, the Bush administration has put that idea aside in favor of a new approach that would have the government...

2008-10-10 18:00:17

By KEN MIDKIFF After calls into U.S. representatives and senators opposing the bailout of Wall Street by a margin of 100-1 (according to CNN), Congress did the exact opposite of what its constituents had called for and gave a bundle of money to those who had caused the monetary woes. That is not to say some sort of assistance from Congress wasn't needed. Perhaps dealing with the root of the problem would have been time-consuming and maybe even more costly, but as can be observed by the...

2008-10-10 00:00:13

By Stephen Foley; Sean O'Grady CITIGROUP ABANDONED its government-backed takeover of rival US bank Wachovia last night, ceding control of the tottering institution to Wells Fargo, a smaller bank which made a private bid for the company late last week. The two suitors had been locked in talks aimed at carving up Wachovia between them, but Citigroup said they were too far apart to reach a deal. The government-sponsored Federal Deposit Insurance Corp had brokered a deal to sell Wachovia's...

2008-10-08 18:00:11

The $700 billion U.S. financial bailout plan won't save every financial institution, U.S. Treasury Secretary Henry Paulson said Wednesday. "One thing we must recognize - even with the new Treasury authorities, some financial institutions will fail," Paulson said during a news conference. "The (Emergency Economic Stabilization Act) doesn't exist to save every financial institution for its own sake." Among other things, the rescue plan passed and signed into law last week gives Paulson the...

2008-10-07 06:00:24

By Theresa Howard He's now the $700 billion man. On Tuesday Neel Kashkari, 35, an assistant secretary of the Treasury, was named interim head of the Office of Financial Stability by Treasury Secretary Henry Paulson. The office will run the $700 billion financial bailout program signed into law Friday. The former Goldman Sachs vice president came to Washington in 2006 to be a senior adviser to Paulson, the Goldman CEO who had been named Treasury secretary. But Kashkari's...


Word of the Day
bellycheer
  • Good cheer; viands.
  • To revel; to feast.
The word 'bellycheer' may come from 'belle cheer', "good cheer".
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