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Latest Henry Paulson Stories

2008-09-20 15:00:07

From wire reports WASHINGTON Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a bailout plan involving a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow Jones industrial average rose 368 points after surging 410 points the day before on rumors the federal action was afoot. President Bush...

2008-09-20 12:00:08

By Tom Raum and Jeannine Aversa Associated Press WASHINGTON -- Struggling to stave off financial catastrophe, the Bush administration on Friday laid out a radical bailout plan with a jaw-dropping price tag -- a takeover of a half-trillion dollars or more in worthless mortgages and other bad debt held by tottering institutions. Relieved investors sent stocks soaring on Wall Street and around the globe. The Dow-Jones industrial average rose 368 points after surging 410 points the day before...

2008-09-19 18:00:07

Following are remarks on the economy made Friday by U.S. President George Bush in Washington. Good morning. I thank the treasury secretary, Hank Paulson, Federal Reserve Chairman Ben Bernanke and SEC Chairman Chris Cox for joining me today. This is a pivotal moment for America's economy. Problems that originated in the credit markets and first showed up in the area of subprime mortgages have spread throughout our financial system. This has led to an erosion of confidence that has...

2008-09-19 15:00:07

The federal government must take "further, decisive action" to fix the cause of the U.S. financial system's crisis, the U.S. Treasury chief said Friday. Treasury Secretary Henry Paulson said the government set up a temporary guarantee program for U.S. money market mutual funds. "The underlying weaknesses in our financial system today is illiquid mortgage assets that have lost value as the housing correction has proceeded," Paulson said. These bad mortgages are "choking off the flow of...

2008-09-19 15:00:06

U.S. President George Bush outlined Friday a number of far-reaching and costly steps aimed at staunching a growing financial crisis. "We must act now to protect our nation's economic health from serious risk," Bush said. Bush said there would be "ample opportunity" to discuss the nexus of the crisis on Wall Street. "Now is the time to solve it," he said. Among the actions Bush outlined the Treasury Department's offering government insurance for money market mutual funds. "For every...

2008-09-19 09:00:14

By Patrick Rizzo, Jeannine Aversa and Martin Crutsinger Associated Press WASHINGTON -- The stock market finally found reason to rally Thursday, and Congress promised quick action as the Bush administration prepared a plan to rescue banks from the bad debt at the heart of the worst crisis on Wall Street since the Great Depression. Details of the plan were still being worked out, but Treasury Secretary Henry Paulson emerged from a nighttime meeting on Capitol Hill to say he hoped to have a...

2008-09-17 18:00:00

By Ellen Simon NEW YORK - The Federal Reserve forged an extraordinary $85 billion rescue Tuesday night of insurance giant American International Group Inc., offering a respite from two days of chaos in the American financial system. The move came hours after the Fed resisted a cut in interest rates to buoy Wall Street, which staged a slight rebound anyway from Monday's biggest point drop in the Dow Jones industrials since the 2001 terrorist attacks. Investors had feared that a failure...

2008-09-17 16:51:07

The U.S. economy presents a "very mixed picture right now," but is strong enough to overcome the latest crisis, a White House spokeswoman said Wednesday. "From what I understand from the experts," Press Secretary Dana Perino said, "our economy has the strength to deal with these shots." Bush's economic advisers did not guarantee that the multibillion dollar loan to insurance giant AIG would be the last bailout, she said. When asked why the federal government would assist "any company"...

2008-09-17 12:00:07

WASHINGTON [AP] -- In a bid to save financial markets and economy from further turmoil, the U.S. government agreed Tuesday to provide an $85 billion emergency loan to rescue the huge insurer AIG. The Federal Reserve said in a statement it determined that a disorderly failure of AIG could hurt the already delicate financial markets and the economy. It also could "lead to substantially higher borrowing costs, reduced household wealth and materially weaker economic performance," the Fed said....

2008-09-17 09:00:07

By Ellen Simon Associated Press NEW YORK -- The Federal Reserve forged an extraordinary $85 billion rescue Tuesday night of insurance giant American International Group Inc., offering a respite from two days of chaos in the American financial system. The move came hours after the Fed resisted a cut in interest rates to buoy Wall Street, which staged a slight rebound anyway from Monday's biggest point drop in the Dow Jones industrials since the 2001 terrorist attacks. Investors had...


Word of the Day
pungle
  • To take pains; labor assiduously with little progress.
This word comes from the Spanish 'pongale,' put it.
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