Bush Administration

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US Defense Secretary Gates heads to Europe

AFP - Mon Oct 6, 10:59 am EDT

US Defense Secretary Robert Gates is due in Europe on Tuesday for a trip to the Balkans and an informal NATO meeting against a backdrop of high tension with Russia.

News Stories

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Obama urges swift action on markets
Reuters via Yahoo! News - Mon Oct 6, 1:28 pm EDT
Democratic presidential candidate Barack Obama on Monday urged the Bush administration to move swiftly to address the financial crisis, saying contagion was spreading.
Waxman Says Lehman Brothers CEO Failed To Take Responsibility for Failure
CQPolitics.com via Yahoo! News - Mon Oct 6, 1:21 pm EDT
The chairman of the House's oversight committee said Monday that the former head of failed investment bank Lehman Brothers failed to take responsibility for the firm's collapse.
House panel faults Lehman's leadership
International Herald Tribune - Mon Oct 6, 1:15 pm EDT
Even as Lehman Brothers pleaded for a federal bailout to save it from bankruptcy protection, it approved millions of dollars in bonuses for its departing executives, a congressional committee was told Monday.
Fed Boosts Cash Auctions to $900 Billion, May Do More (Update4)
Bloomberg - Mon Oct 6, 6:42 pm EDT
Oct. 6 (Bloomberg) -- The Federal Reserve will double its auctions of cash to banks to as much as $900 billion and is considering further steps to unfreeze short-term lending markets as the credit crunch deepens.
The Blame Game Begins
Forbes - Mon Oct 6, 1:10 pm EDT
Lehman CEO Richard Fuld's testimony to the House is just the beginning of Congressional finger-pointing over the credit crunch.
Citi and Wells Fargo try to negotiate Wachovia settlement
International Herald Tribune - Mon Oct 6, 5:27 pm EDT
Citigroup and Wells Fargo said that they had agreed to stop all court litigation in an effort to sort out their dispute over the acquisition of Wachovia.
Planning to protect new NATO members divides allies: official
AFP via Yahoo! News - Mon Oct 6, 1:01 pm EDT
NATO's top commander wants to begin military planning to protect newer members of the alliance but allies are divided amid concerns over Russia's reaction, US defense officials said Monday.
Cubs, Sox disappear in a blink
Chicago Tribune - 1 hour, 22 minutes ago
Come with me now on a nostalgic journey back to a magical time for Chicago baseball fans.
Sell? Stay? Voices From the Din of the Rout
WallStreet Journal via Yahoo! Finance - 1 hour, 31 minutes ago
The first time the Dow closed at 9955.50 or higher was on March 15, 1999. Investors who bought stocks then have lost nearly a decade of gains, at least on paper.
Bank Writeoffs May Rise, Bond Spreads Fall on TARP (Update3)
Bloomberg - Mon Oct 6, 6:13 pm EDT
Oct. 6 (Bloomberg) -- The U.S. Treasury's $700 billion plan to rescue the nation's banks from the subprime mortgage debacle may help bonds rebound from losses of at least 90 percent while contributing to writedowns at financial institutions.
In A Switch, Hulu Will Stream Remaining Presidential Debates Live; Premiere A Film
CBS News - 1 hour, 54 minutes ago
*News Corp*-*NBCU* JV Hulu is going live for the first time since its launch last year. The site will stream the remaining presidential debates, which air respectively on NBC Tuesday night and on Fox News Oct. 15. (Sense a pattern here?) The debates also will be available in Hulu's usual on-demand service. At the same time, Hulu, best known until now as a place to watch Tina Fey spoof Sarah ...
US opens trade office in Libya
AP via Yahoo! News - Mon Oct 6, 12:33 pm EDT
The United States has opened a trade office in Libya, the latest in a concerted push to normalize relations after three decades of confrontation and sanctions.
Kazakhstan Seeks to Balance East and West
New York Times - Sun Oct 5, 7:36 pm EDT
Secretary of State Condoleezza Rice and Russian President Dmitri A. Medvedev have each visited the resource-rich Central Asian country in recent weeks.
EU pledges crisis action as U.S. urges coordination
Reuters via Yahoo! News - Mon Oct 6, 12:03 pm EDT
The European Union pledged on Monday to protect people's savings and maintain financial stability while Washington urged a more coordinated approach to the worst banking crisis in nearly 80 years.
Treasury's pointman on financial bailout
Pioneer Press - 1 minute ago
WASHINGTON — Turns out rescuing the economy will take a rocket scientist. That's what the man picked Monday to engineer the largest financial bailout in U.S. history did before shifting to the world of finance. Neel Kashkari, who worked closely with Treasury Secretary Henry Paulson at Goldman Sachs, followed him to the Treasury in July 2006 and has served as one of his key advisers — handling a ...
Paulson turns to Goldman to unclog credit markets
Bay News 9 Tampa Bay - 7 minutes ago
By MARTIN CRUTSINGER and CHRISTOPHER S. RUGABER WASHINGTON (AP) -- Treasury Secretary Henry Paulson turned to a familiar source when he picked a director for the government's $700 billion bailout program: his former Wall Street firm, Goldman Sachs.
Leaders may call lawmakers into emergency session as new state budget plunges into the red
Los Angeles Times - 2 hours, 24 minutes ago
Immediate action is needed to address falling tax revenues, possible difficulty in getting short-term loans and an expected judicial order to spend billions on prison healthcare, officials say. The state budget approved only weeks ago is already falling into the red, and lawmakers may be forced to return to Sacramento this month to make emergency spending cuts and take other measures to keep ...
With bailout head, Paulson turns to Goldman again
AP via Yahoo! News - 1 hour, 12 minutes ago
Treasury Secretary Henry Paulson turned to a familiar source when he picked a director for the government's $700 billion bailout program: his former Wall Street firm, Goldman Sachs.
Paulson Talking to Bernanke, Working on TARP Program (Update4)
Bloomberg - Mon Oct 6, 7:26 pm EDT
Oct. 6 (Bloomberg) -- Treasury Secretary Henry Paulson consulted with Federal Reserve Chairman Ben S. Bernanke as stocks slid worldwide and met with his team to set up the $700 billion program to shore up the financial system.
Gates Favors Negotiations With `Reconcilable' Afghan Insurgents
Bloomberg - 1 hour, 32 minutes ago
Oct. 7 (Bloomberg) -- Defense Secretary Robert Gates said he supported talks with ``reconcilable'' insurgents in Afghanistan who might be persuaded to break with the Taliban and stop fighting U.S. and NATO forces.