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    20080924
    HISTORY News.
    SARAH PALIN News.Sarah PalinJOHN MCCAIN News.John McCainMONEY News. FINANCIAL News. COMMERCE News.FinancialCRISIS News.CrisisPOLITICS News. POLITICIAN News.PoliticsGOVERNMENT News.GovernmentLAW News.LawALASKA News.Alaska2008 ELECTION News2008 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
    20080919
    NOTEWORTHY News.
    HENRY PAULSON News. Treasury Secretary Henry Paulson News.Henry PaulsonFINANCIAL INDUSTRY News. TREASURY DEPARTMENT News. MONEY News. FINANCIAL MARKET News. ECONOMIC News. COMPANIES News.CorporateGOVERNMENT News.GovernmentILLEGAL News. LAW News.IllegalACCOUNTING News.AccountingPOLITICS News. POLITICIAN News.PoliticsHISTORY News.HistoryUS AMERICAN NewsUSGLOBAL News.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
    20080916
    ACCOUNTING News.
    MONEY News. ECONOMIC News.MoneyPOLITICS News. POLITICIAN News.PoliticsJOB News.JobsFEDERAL GOVERNMENT News.FederalHISTORY News.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
    GOVERNMENT News. FEDERAL GOVERNMENT News.
    NOTEWORTHY News.NoteworthyEMERGENCY News.EmergencyMONEY News. FINANCIAL News. INVESTMENT News.MoneyPOLITICS News. POLITICIAN News.PoliticsLEGAL News.LegalHISTORY News.HistoryAIG News: AMERICAN INTERNATIONAL GROUP News.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
    20080915
    BANKING News. SECURITIES News. ECONOMIC News. MONEY News.
    FEDERAL GOVERNMENT News.FederalLAW News.LawPOLITICS News. POLITICIAN News.PoliticsHISTORY News.History
    "Wall Street crisis is culmination of 28 years of deregulation." ... "On Monday, one Wall Street bank, Lehman Brothers, filed for bankruptcy protection and another, Merrill Lynch, sought comfort by selling itself to Bank of America for $50 billion. Earlier this year, the government helped enable the sale of faltering investment bank Bear Stearns to J.P. Morgan Chase, and more recently took over mortgage giants Fannie Mae and Freddie Mac." ... "Such troubles were supposed to have been prevented, or at least mitigated, by regulatory systems that the nation began to put in place after the banking system collapsed at the start of the Great Depression." ... "Many banks at the time were badly wounded by their personal and financial ties to securities trading. The 1933 Glass-Steagall Act, and later the 1956 Bank Holding Company Act, mandated the separation of banks, insurance companies and securities firms." ... "Those and many other federal laws stabilized the banking and securities markets, but by the 1970s, a stumbling U.S. [United States] economy led to a change in America's political-economic values. [Republican President] Ronald Reagan led a movement that came to power in 1980 proclaiming faith in free markets and mistrust of government. That conservative philosophy has dominated America for the past 28 years." ... "Even after taxpayers had to rescue deregulated savings and loans, or S&Ls, with a $200 billion bailout in the late 1980s, the push to loosen regulation paused only briefly." ... "In 1999, [Democratic] President Clinton signed the Financial Services Modernization Act, which tore down Glass-Steagall's reforms by removing the walls separating banks, securities firms and insurers." -By David Lightman -McClatchyDC.com
    20080910
    PEOPLE News.
    GORDON SMITH News. Oregon Republican Politician Gordon Harold Smith News.Gordon SmithILLEGAL News. LAW News. LAWMAKER News.IllegalIMMIGRATION News.ImmigrationBUSINESS News. MONEY News. FINANCIAL News. WEALTH News.BusinessFOOD News.FoodWORKER News. WORKFORCE News.WorkersPOLITICS News. POLITICIAN News.PoliticsAGRICULTURE News.AgricultureREAL ESTATE PROPERTY News. Mansion News. Condominium News.PropertyHISTORY News.HistoryOREGON News.OregonMd News: MARYLAND NewsMdHAWAII News.HawaiiUTAH News.UtahWASH News: WASHINGTON News.Wash
    "Señor Smith: Low-wage Latino workers keep [Oregon Republican Senator] Sen. Gordon Smith’s family business humming. Not all of them are legal." ... "Up on a hill overlooking this Eastern Oregon town of 701 people, Smith Frozen Foods turns raw produce from the surrounding fields into ready-to-eat products." ... "Smith’s goods appear in grocery stores under other brand names. But in tiny Weston [Oregon], a water tank emblazoned with the capital letters S-M-I-T-H sits like a sentry greeting travelers on nearby Highway 11." ... "Gordon Smith, a United States senator from Oregon and the only Republican senator representing a West Coast state, has owned the plant his grandfather founded in 1919 for nearly 30 years." ... "“Son,” father Milan Smith once said, according to Gordon Smith’s 2006 memoir, “you can sell ice to Eskimos and coals to Newcastle.”" ... "Today, Smith Frozen Foods generates millions in income for the senator, according to Smith’s 2007 financial disclosure report." ... "And in this town, Smith’s wealth looms large, even though the 56-year-old lawmaker seldom visits and calls nearby Pendleton [Oregon] his home. According to the Center for Responsive Politics, Smith is the 12th-richest member of the U.S. [United States] Senate, with an estimated net worth between $8 million and $39 million—wealth that’s allowed him to buy a $3.5 million mansion in Bethesda, Md. [Maryland], property on the Hawaiian island of Kauai, a Park City, Utah, condominium and—more famously—four antique golf clubs worth $1.25 million." ... "The workers at Smith Frozen Foods, who clean the machinery, monitor production and pack upward of 50 million pounds of produce each year, earn about $80 a day, four or five days a week, 10 months a year—if they’re lucky." ... "One other thing—some of them appear to be illegal immigrants." ... "WW recently spent several days in Weston, and the nearby cities of Milton-Freewater [Oregon] and Walla Walla, Wash. [Washington], where most of Smith’s employees live. WW spoke to dozens of current and former Smith workers, Latino advocates, court personnel, public defenders, educators, police administrators, church officials, social service agents and business owners and determined that some portion of Smith’s workforce comprises undocumented immigrants." ... "It’s a revelation that may not be newsworthy around Weston, where most people this reporter interviewed knew, or assumed, that the agricultural processing plant hired illegal immigrants." ... "Additional interviews and review of public records reveal that Smith’s company appears to have employed illegal immigrants for decades, stretching back as far as the 1980s." -By Beth Slovic -WWeek.com
    20080908
    POLITICS News. POLITICIAN News.
    KARL ROVE News. Republican Politician Karl Rove News.Karl RoveJOHN MCCAIN News.John McCainSARAH PALIN News.PalinSC News: SOUTH CAROLINA News.SCARIZONA News.ArizonaCOLORADO News.ColoradoLEGISLATIVE News. LAW News.LegislativeHISTORY News.History2008 ELECTION News2008 Election
    "Eight years after S.C., Karl Rove works with Sen. McCain’s camp." ... "Eight years after helping [Republican President] George Bush defeat [Republican Presidential Candidate] John McCain in a [2000 Election] bitter primary, Karl Rove appears to be playing a significant role in helping the Arizona Republican win the presidency." ... "Rove has downplayed his contact with the McCain campaign, but the former adviser to President Bush met with GOP [GOP=Grand Old Party=Republican] delegates from Colorado last Wednesday. Rove, who is now a Fox News analyst, told reporters after the meeting that he has friends in the McCain organization who occasionally seek his advice." ... "He said the campaign “carefully vetted” [2008 Election Republican Vice Presidential Candidate Sarah] Palin, claiming it was aware of all the revelations that have come out since she was announced as the running mate." ... "“They knew all of it. … They weren’t bothered by it,” Rove said." ... "A GOP operative said Rove has had a consistent, “medium”-sized role with the McCain campaign." ... "[During the 2000 election] Rove said of the Arizona senator, “You cannot become a leader of the United States and hope to achieve things by, basically, irritating everybody around you. … And his legislative accomplishments are few and far between because he cannot work well and bring people together.”" (1, 2) -By Jackie Kucinich and Bob Cusack with contributions by Sam Youngman -TheHill.com
    20080907
    NOTEWORTHY News.
    HENRY PAULSON News. Republican Treasury Secretary Henry Merritt ''Hank'' Paulson Jr News.Henry PaulsonGOVERNMENT News.GovernmentMONEY News.MoneyHOUSING News.HousingPOLITICS News. POLITICIAN News.PoliticsHISTORIC News.Historic
    "U.S. seizes Fannie and Freddie: Treasury chief Paulson unveils historic government takeover of twin mortgage buyers. Top executives are out." ... "Federal officials on Sunday unveiled an extraordinary takeover of Fannie Mae and Freddie Mac, putting the government in charge of the twin mortgage giants and the $5 trillion in home loans they back." ... "The move, which extends as much as $200 billion in Treasury support to the two companies, marks Washington's most dramatic attempt yet to shore up the nation's housing market, which is suffering from record foreclosures and falling prices." ... "The sweeping plan, announced by Treasury Secretary Henry Paulson and James Lockhart, director of the Federal Housing Finance Agency, places the two companies into a "conservatorship" to be overseen by the Federal Housing Finance Agency. Under conservatorship, the government would temporarily run Fannie and Freddie until they are on stronger footing." ... "Freddie CEO Richard Syron and Fannie CEO Daniel Mudd will no longer run the agencies, while the FHFA will assume control of the boards." ... "The government, in agreeing to backstop the firms, said it would receive $1 billion in each company's senior preferred stock. The government will also receive a quarterly dividend payment and the right to own 79.9% of each company." ... "Fannie and Freddie have become virtually the only source of funding for banks and other home lenders looking to make home loans. Their ability to do so is crucial to the recovery of the battered home market and the broader U.S. economy." ... "The two firms buy loans, attach a guarantee, then sell securities backed by the loans' income stream. All told, they own or back $5.4 trillion worth of home debt - half the mortgage debt in the country." ... "The cost of the government intervention remains unclear however. Experts argue that it will depend in large part on the structure of the rescue, the direction of home prices and mortgage default rates." ... "Still it seems almost certain it will run into the billions and will most likely eclipse such other high-profile government bailouts including than the Federal Reserve's $29 billion backing of Bear Stearns assets when it was taken over by J.P. Morgan Chase." -By David Ellis with contributions by Tami Luhby and Patricia Sellers -CNN
    ~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
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