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Entries tagged "President Bush"Obama to tap the TARPIt appears that Barack Obama plans to hit the ground running with Troubled Asset Relief Plan money in his pocket when he's sworn in next week, as the president-elect has asked the Bush administration to notify Congress on the executive branch's intentions to seek the remaining $350 billion in financial rescue funds. ... White House unaware that regulators were even talking about a Citi bailoutEven as three of the most important financial arms of the U.S. government held around-the-clock negotiations with Citigroup Inc. on a bailout that would restore confidence in the bank, reporters traveling with the president on Air Force One were told that the White House was unaware of any talks between regulators and Citi. ... Have we learned enough?This was the question posed by N. Gregory Mankiw in Sunday's New York Times. The former chairman of President George W. Bush's Council of Economic Advisors was asking if we had learned enough about causes of the Great Depression to avoid another one. It's a compelling question, but largely a nonstarter. The world is completely different today than it was in the 1930s. We need to cast our net a lot wider. ... Why the next treasury chief needs some charismaWith only two weeks before the presidential election, chatter about who will succeed Treasury Secretary Hank Paulson is again heating up, particularly because of the sense that whoever wins will select one quickly. Given national polls showing Sen. Barack Obama winning the election, and more importantly state-by-state poll aggregation sites like 270towin.com showing Obama exceeding the necessary 270 Electoral College votes, most of the chatter is focusing on who is likely to be on his list. However, what once was a short list has become a much longer list as evidenced by a poll on blog Clusterstock. While the... Bank Watch: Filling in the holeStocks plunged Friday morning. The Dow dove 147 points at the open, down to 8,831.67, the Nasdaq fell 18 points to 1,698, and the S&P 500 slid 14 points to 932.08. ... Bank Watch: Another day, another bloodbathMore losses Friday morning for banks on the announcement that the Federal Deposit Insurance Corp. took over Washington Mutual Inc. and sold its assets to J.P. Morgan Chase & Co. for $1.9 billion. However, trading picked up on President Bush's announcement that a bailout is indeed needed and would happen. - Maria Woehr Troubled Wall Street Prices at 10:30 am EDT Name Price at open Price at 10:30am Change Mkt cap J.P. Morgan Chase & Co. 40.55 43.59 0.16 149.89B Lehman Brothers Inc. 0.26 0.3 0.014 206.70M Merrill Lynch & Co. 25.30 26.01 -0.10 39.77B Goldman Sachs Group Inc. 132.49... Cox and why naked shorting is sorta bad, but not reallyFirst the president, then the head of the Securities and Exchange Commission. It's good to hear from these guys. The good news about Christopher Cox's op-ed in The Wall Street Journal is that he was somewhat more articulate than President Bush, though less diagnostic. If you read Cox carefully, he's basically arguing that the crisis at hand was the result of unreliable information on firms generated by "manipulators"; Bush at least fingered "fancy financial instruments." More specifically, Cox was defending his move to restrict naked shorting in a number of financial stocks. The SEC chief insists a) he's got nothing... Parsing President Bush on 'drunk' and 'fancy financial instruments'OK, make fun of the president's candid, if slightly Freudian, comments about Wall Street. Mock the comments about Wall Street getting drunk on a bunch of "fancy financial instruments." Offer bloggy asides about the president's penchant for metaphors straight from the therapeutic school: Wall Street as a drunk, America addicted to oil. Ask what he, a Harvard M.B.A., was up to while the Street was imbibing so eagerly. Wonder why he didn't vet his remarks with Henry Paulson (well, Paulson is a Wall Streeter). ... President Bush says, 'Wall Street got drunk'A Houston TV station picked up President Bush making a comment during a press conference on the state of Wall Street. In the video Bush says, "There is no question about it; Wall Street got drunk. ... He got drunk, and now it's got a hangover." ... Update: Ken Wilson leaves GoldmanEarlier published reports said Ken Wilson, chairman of Goldman Sachs Group Inc.'s financial institutions group, was taking a temporary leave to help with the country's banking crisis. The move is not temporary, a source told The Deal. Wilson got the call, literally, from President George W. Bush to advise former Goldman colleague and current Treasury Secretary Henry M. Paulson Jr. on the current crisis. Wilson is supposed to give more of a macro perspective on the situation. Wilson (pictured) joined Goldman in 1998 from Lazard. - Baz Hiralal See related story about the significance of the news from Dealscape... President calls on Goldman banker for credit crisis helpApparently, President George W. Bush made a personal call to Goldman Sachs Group Inc.'s most senior financial institutions banker, Ken Wilson, to help with the country's banking crisis, the Wall Street Journal reports. Taking a temporary leave to advise Treasury Secretary Henry Paulson on how to resolve the country's banking crisis... Solving the mortgage crisis through bankruptcy reform misguidedIt looked a little like President Bush was about to blow a 50-amp fuse Friday morning at the Economic Club of New York, exasperated by calls for bailouts of homeowners, lenders and just about anyone else associated with the mortgage crisis. Among the suggestions that upset him, he said, was one involving recasting the bankruptcy code to help ameliorate the problem.... 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