The Washington Independent

Posts Tagged $700 billion bailout

Rabid AIG Employees Make Good Case for Keeping Cash Under Your Mattress

By | 03.04.10 | 1:59 pm

Some good reading today in The Washington Post, which got its hands on transcripts depicting reactions from some AIG employees when their bonuses were threatened last year.

Behind closed doors, employees at AIG’s Financial Products division — the very unit whose trading had hastened the insurance giant’s collapse


House Passes TARP Reform Bill

By | 01.21.09 | 5:44 pm

The final count was 260 to 166, with 10 Democrats voting in opposition and 18 Republicans voting in support.

Senate Democrats, of course, have shown little interest in considering the reform bill, which restricts the Treasury Department’s spending of the second half of the $700 billion Wall More…

Detroit Can’t Count on a Jump-Start From D.C.

By | 11.14.08 | 10:57 pm

In a blizzard of partisan rhetoric, congressional leaders sparred Friday over whether America’s struggling auto makers should be the next benefactor in the lengthening series of federal bailouts.

Key Democrats have pushed furiously for an additional $25-billion infusion to help the sinking industry. Earlier this year, Congress More…

The Human Cost of a Credit Crunch

By | 10.15.08 | 9:35 am

With all the news about partially nationalizing banks, and with the candidates rolling out new economic proposals and facing off in a debate tonight over their prescriptions for the credit crunch, it’s easy to forget that the whole mess still comes down to simple things: A homeowner, and More…

The Great Unwind

By | 10.10.08 | 6:00 am

In “The Arabian Nights,” the beautiful princess Scheherazade buys one day of life at a time by recounting fantastic fables that entrance the king, who has condemned her to die. Investors and traders are currently telling each other fairy tales to buy one day at a time to stave off More…

Can an Accounting Fix End the Financial Crisis?

By | 10.02.08 | 4:03 pm

PHOENIX—Lost amid the Senate’s Wednesday night passage of a $700-billion Wall Street bailout plan was an effort by Sen. John McCain and others to “fix” an accounting rule that they believe has helped create the crisis.

The Securities and Exchange Commission and the Financial Accounting Standards Board, or FASB, on More…

Video: Pain on Main Street

By | 09.25.08 | 11:03 am

Beyond the politics of Washington, one thing seems clear to many homeowners on the verge of foreclosure, there is no significant relief in sight from the government or Wall Street.