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Where Does The Bailout Stand Now?

The stakes are high as Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke head to Capitol Hill Tuesday.

At the moment, many members of Congress are saying that Paulson is losing the rhetoric war, according to sources in Washington.

Today's testimony will go a long way in determining whether Paulson will be successful in winning support for his proposed $700-billion financial system bailout plan.

Paulson must convince Congress that the plan is not a Wall Street bailout, but a Main Street bailout, which is needed in order to ensure the health of the U.S. economy.

Behind the scenes, there is real progress being made on the details of Paulson's plan. Elements of the plan such as what to do on foreign-ownership options, on government options, and on government ownership of companies that are bailed out, are being refined.

Banks

  • Bank of America CEO Brian Moynihan.

    The New York Times explores the environment at Bank of America that led to Thompson's departure and what lies ahead.

  • Management shakeup: Catalyst for investment?

    Philippe Bodereau, MD & global head of financial research at Pimco, reveals whether earnings and new management roles have made him more bullish on European banks.

  • This is the top credit risk for Asian banks

    Eugene Tarzimanov, VP and senior credit officer at Moody's Investors Service, explains why the unwinding of asset bubbles is the biggest risk for Asian banks in the months ahead, followed by China's slowdown.