Archive for September, 2008
Monday, September 29th, 2008
Congressional lawmakers have reached agreement on the
final details of a $700 billion U.S. financial market rescue package that
will release $250 billion of funding immediately.
The 106-page document, entitled the Emergency Economic Stabilization
Act of 2008, calls for $700 billion of funding to be delivered in stages.
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Monday, September 29th, 2008
After the Federal Deposit Insurance Corporation (FDIC), Federal
Reserve and U.S. Treasury facilitated the acquisition of Wachovia by
Citigroup, U.S. Treasury Secretary Henry Paulson said the failure
of Wachovia posed a systemic risk to the U.S. economy, and he
praised the FDIC's handling of the situation.
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Monday, September 29th, 2008
The U.S. government facilitated a takeover of Wachovia by
Citigroup on Monday.
The agreement is a complex deal that shares liabilities between the
Federal Deposit Insurance Corporation (FDIC) and Citigroup while leaving
Wachovia holding some of its assets.
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Friday, September 26th, 2008
MGIC Investment Corporation, one of the nation's
largest issuers of private mortgage insurance, announced
on Friday that it plans to stop accepting new business under one type of
contract that it now considers to present an unacceptable risk.
Starting the first of the year MGIC will no longer take new business ...
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Friday, September 26th, 2008
Speaking on the U.S. economic outlook in Tennessee, St. Louis
Fed President James Bullard said his forecast on inflation and
growth is uncertain in these times.
"In times of magnified uncertainty, it may be unwise to attempt to
guess the level of economic performance. That said, my sense is that ...
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Friday, September 26th, 2008
Led by Minority Leader Roy Blunt, House Republicans have agreed to
return to the negotiating table on Friday to salvage
legislation geared at saving the financial system in the United States.
The announcement came after a press conference from Senate Banking
Committee Chairman Chris Dodd and Senate Majority Leader Harry ...
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Friday, September 26th, 2008
After talks between Democrats and Republicans broke down on
Thursday evening, lawmakers return to Capitol
Hill for another round of discussion over the financial market
rescue package.
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Friday, September 26th, 2008
The largest bank failure in the history of the United
States was successful and won't cost the taxpayers anything,
said Federal Deposit Insurance Corp. Chairwoman Sheila Bair in interviews
with CNBC and Bloomberg Television on Friday morning. after Washington
Mutual was seized and subsequently sold to JPMorgan Chase for $1.9 ...
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Friday, September 26th, 2008
Federal Reserve Bank of Dallas President Richard Fisher said credit
markets have contracted an STD - "securitization transmitted
disease" - while speaking to an audience at the New York
University Money Marketeers Club Thursday night.
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Friday, September 26th, 2008
JPMorgan Chase has acquired Washington Mutual, a
report from the company itself and the Federal Deposit Insurance
Corporation (FDIC) said Thursday night.
The FDIC called the transaction "simply a combination of two banks,"
and said...
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