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Friday, December 12, 2008

Little 3 Automakers Bailout Rejected in Senate

Items of Interest:

Big 3 Automakers have become the "Little 3" as they continue to slide. Will the Bush Administration help them under the TARP?

Associated Press:
$14B auto bailout dies in Senate — WASHINGTON - A bailout-weary Congress killed a $14 billion package to aid struggling U.S. automakers Thursday night after a partisan dispute over union wage cuts derailed a last-ditch effort to revive the emergency aid before year's end.

related:
Wall Street Journal:
Rescue Bid for Detroit Collapses in Senate — WASHINGTON — A frantic, last-ditch attempt to forge a relief package for the auto industry collapsed in the U.S. Senate, dealing a giant blow to the immediate hopes of the Big Three. — Senate Majority Leader Harry Reid of Nevada suggested …
Todd Harrison / Minyanville:
It's not a shocker that Bush is gonna try to toss General Motors (GM) and Ford (F) under the TARP until after he leaves. A Detroit toe tag isn't the exclamation point he wants on his presidency and, well, he (personally) won't need that money next year anyway...

Steve Benen / Washington Monthly:
‘THE PARTY OF HERBERT HOOVER’.... On Wednesday, Dick Cheney met with Senate Republicans and emphasized the importance of keeping the American automotive industry afloat. “If we don't do this, we will be known as the party of Herbert Hoover forever,” the vice president said.
Pan Pylas / Associated Press:
World markets plunge as US auto bailout fails — LONDON - World stock markets plunged Friday as the U.S. Senate's rejection of a $14 billion deal to rescue Detroit's ailing automakers stoked concerns that the recession in the world's largest economy will be even longer and deeper than projected.
Discussion: The RBC
Mike Allen / The Politico:10 minutes ago
Bush changes mind, may save auto giants — Facing the potential bankruptcy of iconic American firms, President Bush on Friday abandoned his longstanding objection to using using the Wall Street bailout fund to help save G.M. and Chrysler. — A frustrated Republican
congressional official said …
Discussion: Reuters and Pajamas Media
Manu Raju / The Politico:
Cheney: It's ‘Herbert Hoover’ time — Senate Republicans' dramatic revolt against a White House-backed auto industry rescue plan is fraught with political risk. — While the high-stakes
gambit places them squarely within the mainstream of anti-bailout public sentiment …
Frank James / The Swamp:
New York Times:
Auto Suppliers Share Anxiety Over a Bailout
Jim Puzzanghera / Los Angeles Times:
CNN:
Pat G. / Wonk Room:
Conservative ‘No-Bailout Alternative’ For Automakers Amounts To Union-Busting
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Bernard L. Madoff, a former chairman of the Nasdaq Stock Market is accused of $50 billion fraudNew York Times:
Prominent Trader Accused of Defrauding Clients — On Wall Street, his name is legendary. With money he had made as a lifeguard on the beaches of Long Island, he built a trading powerhouse that had prospered for more than four decades. At age 70, he had become an influential spokesman …
Related:
Reuters:
Bernard Madoff arrested over alleged $50 billion fraud — NEW YORK - Bernard Madoff, a quiet force on Wall Street for decades, was arrested and charged on Thursday with allegedly running a $50 billion “Ponzi scheme” in what may rank among the biggest fraud
cases ever....
Discussion: Donklephant
Bloomberg:
Madoff Charged in $50 Billion Fraud at Advisory Firm
Discussion: Instapundit and Mercury Rising
Wall Street Journal:
Top Broker Accused of $50 Billion Fraud -- Bernard L. Madoff, a former chairman of the Nasdaq Stock Market and a force in Wall Street trading for nearly 50 years, was arrested by federal agents Thursday, a day after his sons turned him in for running what they said their father called "a giant Ponzi scheme." ...
Doug Kass / TheStreet.com:
L'Affaire Madoff, If True, Is Bigger Than Tyco or Enron -- the Madoff fraud is another example of a derelict SEC. What is even more astonishing is that Madoff runs a broker/dealer through which the accounts are actively managed...

SEC.gov:
SEC Charges Bernard L. Madoff for Multi-Billion Dollar Ponzi Scheme
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