Results tagged “shortselling”

The government took more steps to, hopefully, prevent more financial chaos in the financial markets. The NY Times characterizes the moves as "what could become the biggest bailout in United States history":

While details remain to be worked out, the plan is likely to authorize the government to buy distressed mortgages at deep discounts from banks and other institutions. The proposal could result in the most direct commitment of taxpayer funds so far in the financial crisis that Fed and Treasury officials say is the worst they have ever seen.

Treasury Secretary Henry Paulson and Fed Chaiman Ben Bernanke met with Congressional leaders, as they would need to enact legislation to push this through. Some more details about the half a trillion dollar (or thereabouts) plan at CNBC.