I wrote a piece for Time.com about Hank Paulson’s chat with the world this morning. It begins: It was his first formal public defense and explanation of his actions since the dust settled from the financial panic of late September and early October, and Treasury Secretary Henry Paulson had clearly been thinking about it for [...]
GE has just announced (pdf) that GE Capital has been approved to participate in the FDIC’s Temporary Liquidity Guarantee Program. The FDIC will now guarantee all GE Capital debt (subject to some limits) issued between this Friday and June 30, 2009. Banks already have this deal. Now GE Capital does too. As an interesting side-note, [...]
While Justin has had his eye on Hank Paulson, I’ve been listening to the House hearing on how well investors, servicers and lenders are going along with mortgage modifications. Barney Frank had nice things to say about the efforts of Frannie, JP Morgan Chase and Bank of America (never mind that B of A got [...]
Here’s what the Treasury Secretary has to say for himself this morning: The actions taken by Treasury, the Federal Reserve and the FDIC in October have clearly helped stabilize our financial system. Before we acted, we were at a tipping point. Credit markets were largely frozen, denying financial institutions, businesses and consumers access to vital [...]
