PROFILE
Deborah Solomon
Guest
FROM Deborah Solomon
Which Way, L.A.?
The Bank Bailout Is Over but the Fallout Continues The Troubled Asset Relief Program, or TARP , officially ended last Sunday. It was rolled out two years ago in the midst of a worldwide financial panic by George Bush’s Treasury Secretary Henry Paulson. He said $700 billion to bail out the banks, and Congress gave it to him. Now Senators and Representatives members of both parties, and the Obama Administration are playing an enormous political price.
To the Point
The Bank Bailout Is Over but the Fallout Continues The Troubled Asset Relief Program was rolled out two years ago in the midst of a worldwide financial panic by George Bush's Treasury Secretary Henry Paulson. Introduced as a $700 billion bank bailout, it only spent a bit over half that much before officially ending last Sunday, and it might end up costing just $29 billion. Cheap at the price if it staved off a Depression, why is it one of the most unpopular programs in history? TARP saved Wall Street, AIG, General Motors and Chrysler, but failed to keep homeowners out of foreclosure and banks still are not lending. Now Senators and Representatives members of both parties, and the Obama Administration are playing an enormous political price. Do bankers getting bigger bonuses than ever think the government will bail them out next time? What are the prospects of that?
Which Way, L.A.?
Compensation Czar Will Set Executive Pay at Top Banks The White House today appointed a Compensation Czar , who will have wide authority to set the pay for 175 top executives at seven companies that received hundreds of billions of dollars in federal assistance. The administration is expected to name Washington attorney Kenneth Feinberg , who will also develop a compensation structure for eighty other companies. Deborah Solomon is Washington Bureau reporter for the Wall Street Journal .
To the Point
Compensation Czar Will Set Executive Pay at Top Banks The White House today is expected to appoint a Compensation Czar , who will have wide authority to set the pay for 175 top executives at seven companies that received hundreds of billions of dollars in federal assistance. The administration is expected to name Washington attorney Kenneth Feinberg , who will also develop a compensation structure for eighty other companies. Deborah Solomon is Washington Bureau reporter for the Wall Street Journal .
To the Point
Treasury Secretary Unveils Financial Bailout, Obama-style Treasury Secretary Tim Geithner's speech on economic recovery was delayed for a day so President Obama could build support for the stimulus plan. Today, Geithner got what Obama promised would be his “day in the sun.” Conceding that Americans have “lost faith” in government bailouts, he proposed a package worth $1.5 trillion of combined taxpayer and private money to avoid what he called “complete collapse of our financial system.” Conceding that's a big number, especially when Americans have “lost faith” in government action, he promised accountability and transparency, acknowledging "that the cost of a complete collapse of our financial system would be incalculable for families, for businesses and for our nation.” We look at his much-anticipated plan and see what it means for banks, businesses, homeowners and taxpayers.
To the Point
US Treasury Considers Buying Stakes in Banks Despite unprecedented moves in the past few days, the frozen credit markets have not yet thawed out. Now, the Treasury Department is looking at another dramatic action, taking ownership stakes in many American banks. Deborah Solomon reports for the Wall Street Journal .
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To the Point
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