Mark Landler & Edmund L. Andrews | NY Times
It will be one of the world’s largest asset management firms with an impressive
$700 billion war chest. Nothing short of the global economy depends on its
success. And the Treasury Department has barely a month to get it up and
running.
The bailout
bill that President Bush quickly signed into law on Friday must do what
financial experts have been unable to do for the last year — put a dollar value
on mortgage-related assets that no one wants, move them off the books of ailing
banks and unlock the frozen credit markets.
In signing the measure, Mr. Bush warned Americans not to expect instant
results. “This will be done as expeditiously as possible, but it cannot be
accomplished overnight. We’ll take the time necessary to design an effective
program that achieves its objectives — and does not waste taxpayer dollars.”
Even after working feverishly over the last two weeks, the Treasury will not
b...
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(Reuters)The U.S. Treasury Department said Monday its temporary guarantee program for money market mutual funds was now in effect for at least three months.... more
From the bailout bill: Section 101. Purchases of Troubled Assets. Authorizes the Secretary to establish a Troubled Asset Relief Program (TARP) to purchase troubled assets from financial institutions. Establishes an Office of Financial Stability within the Treasury Department to implement...... more
NEW YORK (CNNMoney.com) – Negotiators from Capitol Hill and the Bush administration - after working well past midnight - are set to resume talks Saturday over a proposed $700 billion bailout of the financial system.
The talks, which broke at 1:40 a.m., involve staffers from Congress, the Treasury Department and the White House, a senior administration […]
Read More ... more
8:54: Okay, someone please please dial in because the hold music sounds so damn familiar but I can’t figure out what it is and it is killing me.
9:00: I’m still on hold
9:02: Yes, Stairway to Heaven ! And still holding
9:04 Michael Peace (?) takes the mic "this is very positive...we’ve worked hard with congress...it’ll be good...Neil from the treasury will go over how the warrants works and exec comp" ... more
Here is the whole thing:
http://online.wsj.com/public/resourc...ll20080928.pdf
Here’s a summary from the WSJ:
I. Stabilizing the Economy
The Emergency Economic Stabilization Act of 2008 (EESA) provides up to $700 billion to the Secretary of the Treasury to buy mortgages and other assets that are clogging the balance sheets of financial institutions and making it difficult for working families, small businesses, and other companies to access credit, which is vital t... more
So al-Qa’ida is "almost defeated", is it? Major gains against al-Qa’ida. Essentially defeated. "On balance, we are doing pretty well," the CIA’s boss, Michael Hayden, tells The Washington Post. "Near strategic defeat of al-Qa’ida in Iraq. Near strategic defeat for al-Qa’ida in Saudi Arabia. Significant setbacks for al-Qa’ida globally – and here I’m going to use the word ’ideologically’ – as a lot of the Islamic world pushes... more
The frontrunner to become Israel’s next prime minister, Tzipi Livni, was a Paris agent for Mossad, Israel’s overseas intelligence agency, in the early 1980s when it ran a series of missions to kill Palestinian terrorists in European capitals, according to former colleagues. They say Livni, now foreign minister, was on active service when Mamoun Meraish, a senior official in the Palestine Liberation Organisation, was shot dead by a Mossad hit squad in Athens on August 21, 19... more
President Felipe Calderón announced that Ford will build its new fuel-efficient Fiesta "global car" in suburban Mexico City and upgrade two plants here as part of a $3 billion investment, the largest in Mexican history by a foreign manufacturer. The decision is a major setback for the United Auto Workers union, which has pushed Ford and other manufacturers to invest in U.S. plants. But it was a coup for the Mexican economy after years of losing manufacturing jobs to China and other A... more
A Bush administration plan to issue new orders realigning the chain of command over U.S. spy services has triggered turf-related skirmishes across the intelligence community. The changes could erode the CIA’s standing as the nation’s lead spy service abroad by requiring agency station chiefs in certain countries to cede authority to officials from other U.S. spy agencies, officials said. The revisions would also give the nation’s intelligence chief greater power over in... more
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