NEW YORK (AP) — How could a $24 billion loss possibly be good news? When it comes from Wachovia as an effort to primp itself for its acquisition by Wells Fargo.
Wachovia Corp.’s staggering loss for the third quarter resulted primarily because it wrote down the value of intangible assets by almost $19 billion and built [...]
TEL AVIV (MarketWatch) — U.S. policy makers, working through Saturday night into
Sunday, said they’d outlined a plan to rescue the financial system but needed to
put it on paper before saying that they had a final deal, The Wall Street Journal
reported Sunday.
Treasury Secretary Henry Paulson, House Speaker Nancy Pelosi, and Senate Majority
Leader Harry Reid stood with [...]
I am very worried about the bank bailout plan being passed by Congress. It posed the risk of lowering the value of the dollar, busting the national debt, and may not even work. At the same time there are alternatives.
Because of this $700 billion plus bailout bill over the next two years you can expect [...]
It’s been called ‘financial socialism’, ’socialism for the rich’, and ‘lemon socialism’. But whatever it’s called, the Bush administration ‘bailout’ for financial institutions is the greatest transfer of wealth from ordinary working people to the rich in world history.
The proposed program to buy a mountain of non-performing housing loans and other worthless assets from [...]
WASHINGTON (MarketWatch) — The U.S. government would get shares in financial firms from which it would purchase bad debts under a new program designed to rescue the financial sector, according to a draft bill circulating in the Senate. The bill also calls for curbing pay to executives of firms who participate in the program and [...]
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