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9-11
Meta Index September 11 2001
CLONING
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Top
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GOVERNMENT News:
20081006
 John
McCain - Poor
-  Families
-  Seniors
- Federal
-  Health
-  Politics
-  Arizona
- 2008
Election
"McCain
Plans Federal Health Cuts: Medicare, Medicaid Spending
Would Be Reduced to Offset Proposed Tax Credit." ... "[Republican Presidential
Candidate] John McCain would pay for his health plan with major reductions
to Medicare and Medicaid, a top aide said, in a move that independent analysts
estimate could result in cuts of $1.3 trillion over 10 years to the government
programs." ... "The Republican presidential nominee has said little about
the proposed cuts, but they are needed to keep his health-care plan "budget
neutral," as he has promised. The McCain campaign hasn't given a specific
figure for the cuts, but didn't dispute the analysts' estimate." ... "In
the months since Sen. McCain introduced his health plan, statements made
by his campaign have implied that the new tax credits he is proposing to
help Americans buy health insurance would be paid for with other tax increases."
... "But Douglas Holtz-Eakin, Sen. McCain's senior policy adviser, said
Sunday that the campaign has always planned to fund the tax credits, in
part, with savings from Medicare and Medicaid. Those government health-care
programs serve seniors, poor families and the disabled." ... "In April,
when [Arizona Senator] Sen. McCain gave a major speech about his health
plan, Mr. Holtz-Eakin, the senior policy adviser, said the tax provisions
alone were budget neutral -- meaning that health benefits would have to
be subject to both income and payroll taxes." -By
Laura Meckler -WSJ.com
20080929
 Giuliani
-  Paulson
-  Corporate
- Government
-  Law
- Politics
-  History
"The
Rich Are Staging a Coup This Morning ...a message from Michael Moore."
... "The biggest robbery in the history of this country is taking place
as you read this. Though no guns are being used, 300 million hostages are
being taken. Make no mistake about it: After stealing a half trillion dollars
to line the pockets of their war-profiteering backers for the past five
years, after lining the pockets of their fellow oilmen to the tune of over
a hundred billion dollars in just the last two years, [Republican President]
Bush and his cronies -- who must soon vacate the White House -- are looting
the U.S. [United States] Treasury of every dollar they can grab. They are
swiping as much of the silverware as they can on their way out the door."
... "No matter what they say, no matter how many scare words they use,
they are up to their old tricks of creating fear and confusion in order
to make and keep themselves and the upper one percent filthy rich. Just
read the first four paragraphs of the lead
story in last Monday's New York Times and you can see what the
real deal is:"
""Even as policy makers worked on details of a $700 billion bailout of
the financial industry, Wall Street began looking for ways to profit from
it."
""Financial firms were lobbying to have all manner of troubled investments
covered, not just those related to mortgages."
""At the same time, investment firms were jockeying to oversee all the
assets that Treasury plans to take off the books of financial institutions,
a role that could earn them hundreds of millions of dollars a year in fees."
""Nobody wants to be left out of Treasury's proposal to buy up bad assets
of financial institutions.""
"Unbelievable.
Wall Street and its backers created this mess and now they are going to
clean up like bandits. Even [Republican] Rudy Giuliani is lobbying for
his firm to be hired
(and paid) to "consult" in the bailout." ... "The problem is, nobody
truly knows what this "collapse" is all about. Even [Republican President
Bush's] Treasury Secretary [Henry] Paulson admitted he doesn't know the
exact amount that is needed (he just picked the $700 billion number out
of his head!). The head of the congressional budget office said he can't
figure it out nor can he explain it to anyone. " -By
Michael
Moore
20080925
Financial
- Crisis
- Politics
- Government
"Bailout
Could Deepen Crisis, CBO Chief Says: Asset Sales
May Lead to Write-Downs, Insolvencies, Orszag Tells Congress." ... "The
director of the Congressional Budget Office said yesterday that the proposed
Wall Street bailout could actually worsen the current financial crisis."
... "During testimony before the House Budget Committee, Peter R. Orszag
-- Congress's top bookkeeper --said the bailout could expose the way companies
are stowing toxic assets on their books, leading to greater problems."
... ""Ironically, the intervention could even trigger additional failures
of large institutions, because some institutions may be carrying troubled
assets on their books at inflated values," Orszag said in his testimony.
"Establishing clearer prices might reveal those institutions to be insolvent.""
... "In an interview later yesterday, Orszag explained using the following
example: Suppose a company has Asset X, whose value is recorded on the
books as $100. Because of the current economic decline, Asset X's real
value has dropped to $50. If the company takes part in the government bailout
and sells Asset X for $50, the company has to report a $50 loss on its
books. On a scale of millions of dollars, such write-downs could ruin a
company." ... "Such companies "look solvent today only because it's kind
of hidden," Orszag said. "They actually are insolvent" already, he said."
(1, 2)
-By
Frank Ahrens -WashingtonPost
20080924
John
McCain - Financial
- Disaster
- Politics
- Government
-  Massachusetts
- Arizona
- 2008
Election
"Democrats
claim Wall St. bailout breakthrough." ... "Democratic
[Massachusetts Representative] Rep. Barney Frank said on Wednesday Democrats
had reached an agreement to stem one of the worst U.S. financial disasters
in decades, and that there would be enough votes to pass the measure and
send it to [Republican] President George W. Bush to sign into law." ...
"Frank took a dig at [2008 Election] Republican presidential nominee John
McCain, who interrupted his campaign to return to Washington on Thursday
to help work on a Wall Street bailout." ... ""All of sudden, now that we
are on the verge of making a deal, John McCain here drops himself in to
help us make a deal, Frank said." ... "He expressed fear that McCain, a
U.S. [United States] senator from Arizona who has spent much of the year
away from the Capitol campaigning, could end up slowing down work on the
bill." ... "The Massachusetts Democrat noted that a meeting on Capitol
Hill on Thursday will be interrupted for a "photo op" at the White House
with congressional Democrats and Republicans as well as Bush." ... ""We're
trying to rescue the economy, not the McCain campaign," Frank said." ...
"Democrats blamed the crisis largely on the failure of Bush to adequately
regulate the financial industry." (1, 2,
3)
-By Richard Cowan and Thomas Ferraro with contributions
by Doina Chiacu -Reuters
John
McCain -  Rick
Davis - Corporate
- Politics
- Federal
-  Housing
-  Va
- Law
- 2008
Election
"Unsevered
Ties? Regulatory filings indicate that [2008 Election
Republican Presidential Candidate John] McCain campaign chief Rick Davis
remains an officer with his lobbying firm." ... "Rick Davis, John McCain's
campaign manager, has remained the treasurer and a corporate director of
his lobbying firm this year, despite repeated statements by campaign officials
that he had ended his relationship with the firm in 2006, according to
corporate records." ... "The McCain campaign this week criticized news
stories disclosing that, since 2006, Davis's firm has been paid a $15,000-a-month
consulting fee from Freddie Mac, the troubled [housing] mortgage giant
recently put under federal conservatorship. The stories, published Tuesday
by
NEWSWEEK, The New York Times and Roll Call, reported that the consulting
fees continued until last month even though, according to two sources familiar
with the arrangement, neither Davis nor anybody else at his firm did any
substantial work for the payments." ... "Filings made by "Davis Manafort
Partners" with the Virginia Corporation Commission as recently as April
1, 2008, show that Davis was still listed as one of only two corporate
officers and directors of the firm, according to records on the
commission’s Web site [PDF] reviewed by NEWSWEEK. That filing records
Davis as the "treas/clerk" of the firm; his business partner, Paul Manafort
is listed as the president and chief executive officer." ... "Another filing
by “Davis Manafort, Inc.” [PDF] (with the same Alexandria, Va. [Virginia]
address, and recorded on Oct. 17, 2007) also lists Davis as an officer
and director of the firm, reporting his position as "T/Clerk," a reference
to his formal title as corporate treasurer and clerk." ... "Both filings
are annual reports of basic corporate information that are required by
Virginia state law." -By Michael Isikoff
-Newsweek
 Sarah
Palin - John
McCain - Financial
- Crisis
- Politics
- Government
- Law
-  Alaska
- 2008
Election
"Palin:
US could face another Great Depression." ... "[2008
Election] Republican vice presidential candidate Sarah Palin said Wednesday
that the United States could be headed for another Great Depression if
Congress doesn't act on the financial crisis." ... "Asked whether there's
a risk of another Great Depression if Congress doesn't approve a $700 billion
bailout package, Palin said, "Unfortunately, that is the road that America
may find itself on."" ... "Couric pressed Palin on examples of how McCain,
a 26-year congressional veteran, had led the charge for more oversight."
... "The Alaska governor cited [2008 Election Republican Presidential Candidate
John] McCain's warnings about Fannie Mae and Freddie Mac two years ago
as well as image as a maverick. Questioned again for examples, and reminded
that McCain had been chairman of the Commerce Committee, Palin said, "I'll
try to find you some and I'll bring them to you."" ... "McCain has insisted
Palin is ready to take over as president, but he made no mention of including
her in the meetings he wants in Washington to deal with the financial crisis."
-By Sara Kugler -AP
via -Yahoo
20080923
John
McCain - Rick
Davis - Corporate
- Politics
- Federal
- Housing
-  Wisconsin
- 2008
Election
"McCain
Transition Head Lobbied for Freddie Mac Before Takeover."
... "The lobbying firm of the man Republicans say [2008 Election Republican
Presidential Candidate] John McCain has chosen to begin planning a presidential
transition earned more than a quarter of a million dollars this year representing
Freddie
Mac, one of the companies McCain blames for the nation's financial
crisis." ... "Timmons & Co., whose founder and chairman emeritus is
William Timmons Sr., was registered to lobby for Freddie Mac from 2000
through this month, when the federal government took over both Freddie
Mac and Fannie
Mae." ... "Newly available congressional records show Timmons's
firm received $260,000 this year before its lobbying activities were barred
under terms of the government rescue of the failed [housing] mortgage giant.
Timmons, 77, is listed as a lobbyist for Freddie Mac on the company's midyear
financial-disclosure form." ... "McCain has labeled Freddie Mac and Fannie
Mae as prime culprits in creating the financial storm that has roiled Wall
Street and Washington." ... "``At the center of the problem were the lobbyists,
politicians, and bureaucrats who succeeded in persuading Congress and the
administration to ignore the festering problems at Fannie Mae and Freddie
Mac,'' he said last week in Green Bay, Wisconsin." ... "``Using money and
influence, they prevented reforms that would have curbed their power and
limited their ability to damage our economy,'' he said. ``And now, as ever,
the American taxpayers are left to pay the price for Washington's failure.''"
... "The McCain camp was also dealing with reports about the lobbying work
of campaign manager Rick Davis." ... "The New York Times reported yesterday
that Davis was paid almost $2 million in fees over five years by a group
primarily funded by Freddie Mac and Fannie Mae that was intended to help
stave off more stringent federal regulation of the housing companies. "
-By Jonathan D. Salant and Timothy J. Burger
-Bloomberg
Henry
Paulson
- Financial
- Crisis
- Politics
- Legislation
"Bad
News For The Bailout: The [Republican President Bush
Treasury Secretary Henry] Paulson Plan." ... "At a Senate Banking Committee
hearing Tuesday, lawmakers on both sides of the aisle complained of being
rushed to pass legislation or else risk financial meltdown." ... "In fact,
some of the most basic details, including the $700 billion figure Treasury
would use to buy up bad debt, are fuzzy." ... ""It's not based on any particular
data point," a Treasury spokeswoman told Forbes.com Tuesday. "We just wanted
to choose a really large number."" -By Brian Wingfield
and Josh Zumbrun with contributions by Liz Moyer
-Forbes
 Dick
Cheney - Henry
Paulson
- Corporate
- Government
- Lawmakers
- Politics
"White
House Dispatches Team to Push Economic Bill." ...
"The White House today is drumming up extraordinary pressure on Congress
to approve its plan to enact a $700 billion mortgage bailout fund, suggesting
the markets cannot wait much longer and dispatching Vice President Cheney
and other top officials up Pennsylvania Avenue to jawbone lawmakers." ...
"Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke,
who collaborated in drawing up the proposal, are testifying this morning
on Capitol Hill in an effort to defend their handiwork." ... "[Republican
President Bush's Deputy Press Secretary Tony] Fratto insisted that the
plan was not slapped together and had been drawn up as a contingency over
previous months and weeks by administration officials. He acknowledged
lawmakers were getting only days to peruse it, but he said this should
be enough." -By Keith Koffler
-RollCall.com
Henry
Paulson
- Corporate
- Government
- Legislative
- Politics
"Good
ideas and lies." ... "So, this morning [Republican
President Bush's Treasury Secretary] Hank Paulson told
a whopper:"
[Hank
Paulson:] "We gave you a simple, three-page legislative outline and I thought
it would have been presumptuous for us on that outline to come up with
an oversight mechanism. That’s the role of Congress, that’s something we’re
going to work on together. So if any of you felt that I didn’t believe
that we needed oversight: I believe we need oversight. We need oversight."
"What
the proposal actually
did, of course, was explicitly rule out any oversight, plus grant immunity
from future review:"
"Sec.
8. Review."
"Decisions
by the Secretary pursuant to the authority of this Act are non-reviewable
and committed to agency discretion, and may not be reviewed by any court
of law or any administrative agency."
"I’m
not playing gotcha here. This is telling: if Paulson can’t be honest about
what he himself sent to Congress — if he not only made an incredible power
grab, but is now engaged in black-is-white claims that he didn’t — there
is no reason to trust him on anything related to his bailout plan." -By
Paul
Krugman/Blog
-NYTimes
20080921
John
McCain - Corporate
- Government
- Disaster
- Politics
- US_Debt
- Healthcare
- Social
Security - Rights
-  Book
- 2008
Election
"Naomi
Klein: Financial crisis part of Bush 'shock doctrine'."
... "The bailout of Wall Street’s largest players by the federal government
is another example of the [Republican President] Bush administration pursuing
a corporate agenda at the expense of average Americans, a prominent author
argued on Friday." ... "In a Friday night interview on HBO's Real Time
with Bill Maher, Naomi Klein said President Bush’s $700
billion proposal to rescue the financial sector stems from a profiteering
streak that has dominated the last eight years." ... ""The disaster is
far from over," Klein said. "The disaster was on Wall Street and they have
moved the disaster to Main Street."" ... "Referring to the bailout, Klein
said the "bomb has yet to detonate" and that the real crisis will strike
when tax payers are overwhelmed when faced with the debt from the bailouts."
... "According to Klein, the bomb will detonate if
Sen. John McCain becomes president and "rationalizes" that it is necessary
to privatize government programs like social security and healthcare because
neither the government nor Americans can afford them." ... ""The real disaster
has yet to come; the real disaster is the debt that is going to explode
on American tax payers," Klein said." ... "Klein’s book, "The Shock Doctrine:
The Rise of Disaster Capitalism," outlines how crises, real or perceived,
have been used by governments, especially the United States under George
W. Bush, to strong-arm
a disoriented citizenry into accepting changes to its rights, and its
government, that it wouldn't otherwise accept." -By
David Edwards and Andrew McLemore -RawStory.com
 WATCH:
Naomi Klein on Republican Bush's "Shock Doctrine"
Henry
Paulson
- Government
- Politics
-  US
-  Foreign
"Foreign
Banks Can Unload Bad Debt Too: Paulson." ... "[Republican
President Bush's] Treasury Secretary Henry Paulson said Sunday that foreign
banks will be able to unload bad financial assets under a $700 billion
U.S. proposal aimed at restoring order during a devastating financial crisis."
... ""Yes, and they should. Because ... if a financial institution has
business operations in the United States, hires people in the United States,
if they are clogged with illiquid assets, they have the same impact on
the American people as any other institution," Paulson said on ABC TV."
-CNBC
20080919
Henry
Paulson
- Corporate
- Government
- Illegal
-  Accounting
- Politics
- History
- US
- Global
"Can
you trust a Wall Street veteran with a Wall Street bailout?"
... "Making the rounds on the Sunday morning talk shows, [Republican President
Bush's] Treasury Secretary Henry Paulson repeatedly said today's financial
problems were long in the making. He should know. He was part of the Gold
Rush that has brought the global financial system to the brink of collapse."
... "Paulson presided over one of the most profitable runs on Wall Street
as chairman and chief executive officer of investment banking titan Goldman
Sachs & Co. from 1999 until [Republican] President Bush nominated him
on May 30, 2006 to take over the Treasury Department." ... "But with Paulson
now seeking virtually unfettered authority to administer the largest bailout
of the financial industry in U.S. [United States] history, many are wondering
whether Paulson also doesn't come with enormous potential conflicts of
interest." ... "Paulson has surrounded himself with former Goldman executives
as he tries to navigate the domino-like collapse of several parts of the
global financial market. And others have gone off to lead companies that
could be among those that receive a bailout." ... "The administration's
draft law also would preclude court review of steps Paulson might take,
something Joshua Rosner, managing director of economic researcher Graham
Fisher & Co. in New York, said could be used to mask previous illegal
activity." ... "The Treasury proposal sent to Congress also offers no process
to hire asset managers in an open and competitive process. That's particularly
questionable given that Wall Street players are now hiring Wall Street
players, Rosner said." ... ""This seems to invite a risk of collusion between
sellers and buyers to the detriment of the taxpayer," he wrote." ... "At
a minimum, there's irony in Paulson being in charge of so large a bailout."
... "In the last annual report at Goldman that Paulson signed off on in
November 2005, a year in which he received $38 million in compensation,
investors were clearly told that the federal government wouldn't be there
to save them from bad investments." ... "In 2002, Paulson received $12.1
million in compensation, including a $6.3 million bonus — an improvement
over the previous three years when Wall Street accounting scandals unsettled
investment banks, including a $1.5 billion settlement Goldman and other
banks paid for issuing overly bullish research reports that promoted deals
the banks themselves were involved in." ... "Published reports said Paulson
received $30 million in compensation and salary in 2003." -By
Kevin
G. Hall -McClatchyDC.com
Henry
Paulson
- Government
- Money
- Politics
- Law
- American
International Group -  Calif
"Bush
Asking For $700 Billion Bailout." ... "Struggling
to stave off financial catastrophe, the [Republican President] Bush administration
on Friday laid out a radical bailout plan with a jawdropping price tag
_ a takeover of a half-trillion dollars or more in worthless mortgages
and other bad debt held by tottering institutions." ... "Congressional
officials said they expected a request for legal authority to buy up the
bad loans, at a cost in excess of $500 billion to the government." ...
"The federal government already has pledged more than $600 billion [Reuters
reports: $900 billion] in the past year to bail out, or help bail out,
some of the biggest names in American finance. That includes the rescue
of investment bank Bear Stearns in March, the takeover of mortgage giants
Fannie Mae and Freddie Mac earlier this month and the takeover of the world's
largest insurance company, American International Group, just this week."
... "In a session with House Democrats, they described a plan where the
government would in essence set up reverse auctions, putting up money for
a class of distressed assets _ such as loans that are delinquent but not
in default _ and financial institutions would compete for how little they
would accept for the investments, said [California Democratic Representative]
Rep. Brad Sherman, D-Calif. [Democratic-California], who participated in
the call." ... ""You give them good cash; they give you the worst of the
worst," Sherman said of the plan, which he complained that Bush and his
economic advisers were trying to panic lawmakers into rubber-stamping."
... "[Republican President Bush's Treasury Secretary Henry] Paulson rejected
Democrats' calls to include tighter regulations, corporate reforms or limits
on executive compensation as part of the measure, Sherman said. "He's doing
his best to paint a picture of the sky falling, and then he says, because
the sky's falling, you have to do it my way."" -By
Tom Raum and Jeannine Aversa with contributions by Julie Hirschfeld Davis,
Martin Crutsinger, Andrew Taylor, Marcy Gordon, David Espo, Jim Abrams,
and Joe Bel Bruno -AP
via -HuffingtonPost.com
John
McCain - Banking
- Health
- Politics
- Government
- Law
- 2008
Election
"McCain
on banking and health." ... "Here’s what [2008 Election
Republican Presidential Candidate and John] McCain has to say about the
wonders of market-based health reform:"
"[McCain:]
"Opening up the health insurance market to more vigorous nationwide competition,
as we have done over the last decade in banking, would provide more choices
of innovative products less burdened by the worst excesses of state-based
regulation.""
"So
McCain, who now poses as the scourge of Wall Street, was praising financial
deregulation like 10 seconds ago — and promising that if we marketize health
care, it will perform as well as the financial industry!"
-By
Paul
Krugman/Blog
-NYTimes
20080917
Finance
- American
International Group
"S&P
says pressure building on U.S. "AAA" rating." ...
"Pressure is building on the pristine "AAA" rating of the United States
after a federal bailout of American International Group Inc, the chairman
of Standard & Poor's sovereign ratings committee said on Wednesday."
... "The $85 billion bailout of AIG on Tuesday by the U.S. Federal Reserve
"has weakened the fiscal profile of the United States," S&P's John
Chambers told Reuters in an interview." (1, 2,
3)
-By Walden Siew with contributions by Jan Paschal
and Chizu Nomiyama -Reuters
American
International Group - Government
-Politics
- Housing
"Tab
for Government Rescues Rises to $900 Billion." ...
"The U.S. [United States] Federal Reserve stepped in to rescue insurance
giant American International Group from bankruptcy with an $85 billion
loan on Tuesday, the latest in a series of bailouts and loans for the financial
and housing sectors." ... "The action brings the total tab for government
rescues and special loan facilities this year to more than $900 billion."
-Reuters via -CNBC
20080916
Money
- Politics
-  Jobs
- Federal
- History
"Democrats
are better for the economy than Republicans." ...
"The figures below are all from the annual Economic
Report of the President, and the analysis is primitive. Nevertheless,
what these numbers show almost beyond doubt is that Democrats are better
at virtually every economic task that is important to Republicans." ...
"This exercise implicitly assumes that lower taxes are always good and
higher government spending is always bad. " ... "The only point is that
if you find the Republican mantra of lower taxes and smaller government
appealing, and if you care only about how fast the economy is growing,
not how that growth is shared, you should vote Democratic." ... "On average,
in years when the president is a Democrat, the economy grows faster; inflation
is lower; fewer people can't find a job; the federal government spends
a smaller share of GDP, whether or not you include defense spending; and
the deficit is lower (or—sweet [Democratic President] Clinton-years memory—the
surplus is higher)." -By Michael Kinsley
-Slate
Money
- Politics
- Calif
"Federal
bank insurance fund dwindling." ... "Banks are not
the only ones struggling in the growing financial crisis. The fund established
to insure their deposits is also feeling the pinch, and the taxpayer may
be the lender of last resort." ... "The Federal Deposit Insurance Corp.,
whose insurance fund has slipped below the minimum target level set by
Congress, could be forced to tap tax dollars through a Treasury Department
loan if Washington Mutual Inc., the nation's largest thrift, or another
struggling rival fails, economists and industry analysts said Tuesday."
... "Eleven federally insured banks and thrifts have failed this year,
including Pasadena, Calif. [California]-based IndyMac Bank, by far the
largest shut down by regulators." ... "The [FDIC] fund, which is marking
its 75th anniversary this year with a "Face Your Finances" campaign, is
at $45.2 billion — the lowest level since 2003." ... "The failure of IndyMac
Bank in July cost $8.9 billion." ... "There were 117 banks and thrifts
considered to be in trouble in the second quarter, the highest level since
2003, according to FDIC data released last month." -By
Marcy Gordon with contributions by Christopher S. Rugaber
-AP via -Yahoo
Sarah
Palin -  Don
Young - Money
- Politics
- Federal
-  Transportation
-  Construction
-  Animals
-  Environment
- Alaska
- 2008
Election
"Palin
supports $600 million 'other' bridge project." ...
"[Alaska Republican Governor] Gov. Sarah Palin may eventually have said
"no thanks" to a federally funded Bridge to Nowhere [after supporting it
even after Congress had stopped it]." ... "But a bridge to her hometown
of Wasilla [Alaska], that's a different story." ... "A $600 million bridge
and highway project to link Alaska's largest city to Palin's town of 7,000
residents is moving full speed ahead, despite concerns the bridge could
worsen some commuting and threaten a population of beluga whales." ...
"Local officials already have spent $42 million on plans to route traffic
across the Knik Arm inlet, a narrow finger of water extending roughly 25
miles northeast of Anchorage toward Wasilla. The proposal exists thanks
to an earmark request by Republican [Alaska Representative] Rep. Don Young,
whose son-in-law has a small stake in property near the bridge's proposed
western span." ... ""This is basically an incredibly expensive project
that doesn't help commuters, doesn't help create jobs and may drive whales
to extinction," said Justin Massey, an attorney advising environmentalists
opposed to the proposal. "It is also a project that serves the area where
the governor is from, which is near and dear to her heart."" ... "Palin
still supports the second bridge, officially named Don Young's Way in honor
of the congressman." -By Garance Burke
-AP via -Yahoo
Sarah
Palin -  Criminal
- Money
- Politics
-  Women
- Children
- Law
- Federal
- Alaska
- 2008
Election
"Source:
Sex Assault Program Cited in Monegan Firing Targeted Child Abusers."
... "So [2008 Election Republican Presidential Candidate and Alaska Governor]
Sarah Palin's latest explanation
for why she fired Walt Monegan is that he had gone over her head in seeking
federal money for an initiative to combat sexual assault crimes, before
she had approved the program." ... "But it now appears that the program
in question is one that most elected officials would be wary of admitting
they hadn't strongly backed. According to Peggy Brown, who heads the Alaska
Network on Domestic Violence and Sexual Assault, Monegan wanted to use
the federal money to hire retired troopers and law enforcement officials,
and assign them to investigate the most egregious cases of sexual assault
-- including those against children." ... "In other words, if Palin's new
story is true, she fired Monegan for being too aggressive in going
after child molesters." ... "ABC News reported
yesterday that, although Alaska leads the nation in reported rapes
per capita, Palin hasn't made the issue a priority as governor." ... "Monegan,
however, appeared eager to change that. "He seemed to get the issue and
really took it seriously," Brown told TPMmuckraker." ... "According to
the Palin camp, too seriously." -By Zachary Roth
-TPMMuckracker
.TalkingPointsMemo
Noteworthy
- Emergency
- Money
- Politics
- Legal
- History
- AIG
"U.S.
to Take Over AIG in $85 Billion Bailout; Central Banks Inject Cash as Credit
Dries Up: Emergency Loan Effectively Gives Government
Control of Insurer; Historic Move Would Cap 10 Days That Reshaped U.S.
[Unijted States] Finance." ... "[Under Republican President Bush] The U.S.
government seized control of American International Group Inc. -- one of
the world's biggest insurers -- in an $85 billion deal that signaled the
intensity of its concerns about the danger a collapse could pose to the
financial system." ... "The step marks a dramatic turnabout for the federal
government, which had been strongly resisting overtures from AIG for an
emergency loan or some intervention that would prevent the insurer from
falling into bankruptcy. Just last weekend, the government essentially
pulled the plug on Lehman Brothers Holdings Inc., allowing the big investment
bank to go under instead of giving it financial support. This time, the
government decided AIG truly was too big to fail." ... "Under terms hammered
out Tuesday night, the Fed will lend up to $85 billion to AIG, and the
U.S. government will effectively get a 79.9% equity stake in the insurer
in the form of warrants called equity participation notes. The two-year
loan will carry an interest rate of Libor plus 8.5 percentage points. (Libor,
the London interbank offered rate, is a common short-term lending benchmark.)"
... "The loan is secured by AIG's assets, including its profitable insurance
businesses, giving the Fed some protection even if markets continue to
sink. And if AIG rebounds, taxpayers could reap a big profit through the
government's equity stake." ... "It puts the government in control of a
private insurer -- a historic development, particularly considering that
AIG isn't directly regulated by the federal government. The Fed took the
highly unusual step using legal authority granted in the Federal Reserve
Act, which allows it to lend to nonbanks under "unusual and exigent" circumstances,
something it invoked when Bear Stearns Cos. was rescued in March." ...
"The U.S. on Sept. 6 took over mortgage-lending giants Fannie Mae and Freddie
Mac as they teetered near collapse." ... "In bailing out AIG, the Federal
Reserve appeared to be motivated in part by worries that Wall Street's
financial crisis could begin to spill over into seemingly safe investments
held by small investors, such as money-market funds that invest in AIG
debt." ... "Indeed, on Tuesday the $62 billion Primary Fund from the Reserve,
a New York money-market firm, said it "broke the buck" -- that is, its
net asset value fell below the $1-a-share level that funds like this must
maintain. Breaking the buck is an extremely rare occurrence. The fund was
pinched by investments in bonds issued by now collapsing Lehman Brothers."
... "Money-market funds are supposed to be among the safest investments
available. No fund in the $3.6 trillion money-market industry has lost
money since 1994, when Orange County, Calif., went bankrupt. A number of
money-market funds own securities issued by AIG. The firm is also a big
insurer of some money-market instruments." -By Matthew
Karnitschnig, Deborah Solomon, Liam Pleven and Jon E. Hilsenrath with contributions
by Diya Gullapalli, Serena Ng, Damian Paletta and Ashby Jones-WSJ.com
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