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Treasury Secretary Henry Paulson said the original idea behind the $700 billion rescue package is no longer an effective use of the allocated funds . That approach has been abandoned in favour of the Capital Purchase Plan, which is already directing liquidity into financial firms, he announced Wednesday...
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U.S. Treasury Secretary said the government's recent $250 billion purchase in shares of U.S. banks was " anything but a nationalization ." In an interview with CNBC Wednesday night, he described the government as a "passive" shareholder and emphasized the move was done to boost...
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In an interview with the Financial Times , U.S. Treasury secretary Henry Paulson says his rescue plan is "getting at the root causes" of the financial crisis. Still, he said, "we have more work to do" and the plan is not an "end to financial stress." Paulson said the $250...
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The lack of confidence in the U.S. financial system "must be conquered because it poses an enormous threat to our economy," said U.S. Treasury Secretary Henry Paulson on Tuesday, adding that it is imperative for the government to purchase equity stakes in multiple financial institutions. Paulson...
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Neel Kashkari, former vice-president at Goldman Sachs and current assistant secretary of international affairs at the U.S. Treasury, is expected to become the interim head of the $700 billion rescue package, according to anonymous sources who spoke to the Washington Post and the Wall Street Journal....
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Speaking in interviews with CNBC and Bloomberg Television on Wednesday, Senator Chuck Schumer said it is "highly likely" that the U.S. financial market bailout plan would pass sometime in the next two weeks, but not before some modification. The plan that will be passed will be similar to the...
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Following one of the most chaotic weeks in the history of Wall Street, U.S. Treasury Secretary Henry Paulson on Saturday proposed to Congress a $700 billion bailout plan directed at the heart of the crisis. The plan, which gives the Secretary broad authority to purchase mortgage-related assets from any...