That's what a series of members are saying on a press conference I happened to tune into a few moments ago -- there's an agreement, but details have to be worked out (including getting it all down on paper).
Senate Majority Leader Harry Reid, D-Nev., cited Sen. Max Baucus, D-Mont., Sen. Kent Conrad, D-N.D., and Sen. Charles Schumer, D-N.Y., as being critical to the negotiations, along with Sen. Christopher Dodd, D-Conn., chair of the Senate Finance Committee.
The House Republican negotiator, Rep. Roy Blunt, on now, cited Rep. John Boehner, R-Ohio and Rep. Eric Cantor, R-Va.
Dodd ...Continue reading
This Associated Press report is a little like the early going of an Eric Ambler thriller: a tantalizing hint of the complexity to come, but very little detail about what the twists and turns will be. The market meltdown measure, which began its life as a 3-page bill, has grown:
...after almost a week of marathon talks between Treasury Secretary Henry Paulson and key lawmakers in both parties, the working version was up to 102 pages.
We're going to need to add a lot of text to Public Markup.Continue reading
Other ...Continue reading
Members of Congress continue to debate the bailout package that may well affect the bottom line of every taxpayer in the country, as well as those of big banks, brokerages, and other financial firms. While they hear from numerous experts, including distressed Wall Street titans, on the dangers facing their firms, what sort of exposure do members themselves have if those firms fail?
In their most recent financial disclosure forms, the chairmen and ranking members of the key House and Senate committees considering the $700 billion bailout of the financial sector disclosed investments in firms with interests in the outcome ...Continue reading
In-house lobbyists and other major Washington lobbying firms hired by eight investment and securities companies have given Senate Banking Committee members more than $380,000 in campaign donations in the first six months of 2008, according to the LD-203 lobbying disclosures filed with the Senate Office of Public Records.
Lobbyists and company political action committees working on behalf of eight companies that have been involved in Wall Street's financial turmoil have made donations to 15 of the 20 Senators on the committee. (The eight investment companies included here are American International Group, Bears Stearns, Citigroup, Goldman Sachs, J.P ...Continue reading
Sen. John McCain and Sen. Barack Obama are returning to Washington today to lend their legislative talents to the bailout bill working its way through Congress. So let's take a look at the biggest contributors to their presidential campaigns, courtesy of our friends at the Center for Responsive Politics.
Going in alphabetical order, we'll take McCain first. Among the top donors to the Republican nominee's presidential campaign are employees, their family members and PACs of the following players in the nation's financial meltdown: Merrill Lynch (which needed Bank of America to rescue it), Citigroup ("written off ...Continue reading
As Congress begins wrestling with the Bush administration's financial industry bailout legislation (and Sen. Christopher Dodd's alternative), perhaps it's worth asking who are these folks who may well be deciding the economic fate of the nation? In this post (which took me about five hours longer to put together than I'd anticipated; hint to Labs: we need to design a tool to do this stuff faster), we take a look at the Senate Banking Committee and the House Finance Committee. Specifically, we look at how much of the campaign cash raised by members of those committees ...Continue reading
Among Rep. Barney Frank's top career donors are employees, their family members and PACs of the following players in the nation's financial meltdown: American Bankers Association (wants Fannie Mae and Freddie Mac to continue paying dividends, despite going bust), J.P. Morgan Chase & Co. (which bought Bear Stearns), National Association of Realtors (working to "assure a robust secondary mortgage market"), UBS AG (which hopes the bailout will include foreign banks), Securities Industry & Financial Markets Association (hopes Congress will "hastily approve" the administration's plan), Credit Union National Association (members are included in any bailout plan), Bank of America ...Continue reading
Among Rep. Spencer Bachus's top career donors are employees, their family members and PACs of the following players in the nation's financial meltdown: J.P. Morgan Chase & Co. (which bought Bear Stearns), Credit Suisse Group (which misled some investors about its auction rate securities), UBS AG (which hopes the bailout will include foreign banks), the National Assn of Realtors (working to "assure a robust secondary mortgage market"), Citigroup Inc ("written off and lost $53.6 billion through the credit crunch so far, which is more than any other bank or broker,"), Bank of America (acquired Merrill Lynch and ...Continue reading
Yes, according to this:
The FBI is investigating Fannie Mae, Freddie Mac, Lehman Brothers and AIG - and their executives - as part of a broad look into possible mortgage fraud, sources with knowledge of the investigation told CNN Tuesday.
The sources would not speak on the record because the investigation is ongoing.
FBI spokesman Special Agent Richard Kolko had no comment on that information, but said that 26 firms were currently under investigation as part of the bureau's mortgage fraud inquiry.
I laughed at Megan McCardle's reaction ....
Is stupidity a federal offense? And if so, when do they investigate ...Continue reading