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This Monday, Henry Paulson will be on CNBC as Larry's guest. The former head of the Treasury is coming on CNBC to talk with Larry about his new book and his role in the bailouts and AIG.
Unpopular as he may be, Treasury man Tim Geithner did a fine job yesterday defending the government rescues of last fall — including AIG.
A defiant Treasury Secretary Geithner defended the government's bailout of AIG last year and denied playing any role in withholding information about deals that sent billions of taxpayer dollars to big banks
What-did-they-know-and-when-did-they-know-it will be the over-arching theme of the questions. According to the US Treasury Department, Geithner was recused from "working on issues involving specific companies," including AIG after he was nominated on Nov. 24th, 2008, for the US Treasury Secretary.
The U.S. Treasury Secretary denied any role in disclosures about the insurer's payments to banks and defended his decisions as New York Federal Reserve chief to pay full price to retire AIG credit default swaps.
Former U.S. Treasury Secretary Henry Paulson staunchly defended the decision to rescue troubled insurer American International Group in 2008 and said he and others involved acted properly.
The economy will continue to grow over the next few years, though unemployment will remain high and inflation tame, so there's "no urgent need" for the Federal Reverse to change its low-interest rate policy, Chicago Fed President Charles Evans told CNBC
“There's all this frustration about the bailout, the money, the Fed being asleep at the switch too long, so it's coming out as Bernanke bashing,” says one Washington observer.
Andrew Ross Sorkin says so. Cramer talks Wall Street meltdown with the author of “Too Big to Fail.”
'Over the last year, the federal government has injected over $200 billion into approximately 600 financial institutions, and guaranteed over $300 billion of their troubled assets. Given the rapidly rising US budget deficit, what was the justification for such large bailouts, and what should be the rationale for bailouts in future financial crises?,' writes Pozen.
A year after the roughest stretch for the U.S. economy since the Great Depression, these financial titans have either stepped out of the spotlight or come to the end of their careers.
In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.
One year after Lehman Brothers’ failure, former employees remain haunted and confounded by the event. “It wasn't Lehman's employees who failed; it was the leadership,” says one ex- senior manager.
As we approach the anniversary of some of the most cataclysmic failures in our economic history, we appear to be in perhaps no better position to manage the failure of an investment bank, a hedge fund or an insurance company than we were before.
Sovereign fund Korea Development Bank confirms it is talks with Lehman Brothers about acquiring a stake and Fitch cuts it ratings on preferred shares of Fannie Mae and Freddie Mac over concerns about their access to capital.
Since it’s the anniversary of “Very Bad Things Happening Quickly”, I thought I’d point out a few: Lehman, Fannie Mae, Freddie Mac, AIG, and Primary Reserve Fund. This is the time when the Federal Reserve and the US Treasury decided to break the glass and get out the axe for the financial fire that was engulfing the world.
With bad home mortgages on the back burner, the big threat to the economy is now believed to be troubled credit card, commercial real estate and commercial industrial debt.
Fed Chairman Ben Bernanke tells Congress he didn't pressure BofA into acquiring Merrill Lynch in a deal that cost taxpayers $20 billion.
Speaking near Albuquerque, New Mexico, at a town-hall meeting on Thursday, Pres. Obama said the federal debt load is unsustainable and warned of skyrocketing interest rates. He neglected to say that his massive spending-and-borrowing policies are directly causing this problem.
"This book will be my account of our challenges as first responders in dealing with a once- or twice-in-100 years global credit crisis, armed with imperfect information and limited powers," says Henry Paulson about the book he is planning to write for the Fall.