U.S. lawmakers rejected a $700 billion bailout plan for the financial industry in a shock vote that sent global markets sliding as the world credit crisis claimed more banks. By a vote of 228-to-205 the House rejected a compromise plan …
President Bush said Sunday the $700 billion financial bailout being finalized by Congress would help protect the U.S. economy from a “system-wide breakdown” and expressed confidence it would be approved quickly. “This plan sends a strong signal to markets around …
The nitty-gritty of pricing and buying troubled assets under the proposed U.S. government bailout of Wall Street would be left up to the Treasury Department, under draft legislation released Sunday. In a key issue swirling around the $700 billion bailout …
U.S. congressional leaders will try again on Friday to save a $700 billion Wall Street rescue plan after talks broke down in acrimony against the backdrop of the nation’s biggest-ever bank failure. As negotiations over the White House’s unprecedented bailout …
U.S. Treasury Secretary Henry Paulson and Federal Reserve Chairman Ben Bernanke on Tuesday urged Congress to act swiftly on a proposed financial system bailout and warned of dire consequences if they delay. In prepared testimony that the two are scheduled …
Architects of a $700 billion bailout plan urged U.S. lawmakers to act swiftly or face dire economic consequences as global stock markets fell for a second day on growing concern the rescue may be delayed. But financial markets got a …
Midwestern reaction to the bail out of insurance giant American International Group (AIG) varies by regions and officials. In Chicago Mayor Richard Daley is not happy about the Federal Reserve Bank’s decision to provide an $85 million bailout of insurance …
Both Arkansas Insurance Commissioner Julie Benafield Bowman and Louisiana Commissioner of Insurance Jim Donelon have issued statements seeking to reassure policyholders in the wake of the federal takeover of insurance giant American International Group (AIG). Bowman said she joined with …
Bermuda-based XL Capital Ltd. announced that it has closed the transactions relating to Security Capital Assurance Ltd. and “certain counterparties to credit default swaps with SCA as well as its offerings of ordinary shares and equity security units.” The plan …
XL Capital received the inevitable negative reaction from the rating agencies following its announcement that it would pay $1.78 billion in cash and issue 8 million shares as part of a bailout plan to shore up former subsidiary Security Capital …
