U.S. Pressed to Add Billions to Bailouts


	U.S. Pressed to Add Billions to Bailouts

JICWyllie

2-24-2009 6:56 AM

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tags:

economy, i-policy, i-bailouts, i-record, i-risks

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2-24-2009 9:46 AM

JICWyllie

You would think that our leaders would know one of the oldest and wisest of economic maxims: Don't throw good money after bad!

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/fa67219a-9283-4711-8656-283676f6d993/2D7E2B33-DB3C-40F0-8528-6AA6FE31B76C/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#" href="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#" style="font-size: 11px;">www.nytimes.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#">The government’s boldest rescue to date, its $150 billion commitment for the insurance giant <A title="More information about American International Group" href="http://topics.nytimes.com/top/news/business/companies/american_international_group/index.html?inline=nyt-org">American International Group</A>, is foundering. A.I.G. indicated on Monday it was now negotiating for tens of billions of dollars in additional assistance as losses have mounted.</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#">The government faced mounting pressure on Monday to put billions more in some of the nation’s biggest banks, two of the biggest automakers and the biggest insurance company, despite the billions it has already committed to rescuing them. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#">Separately, the Obama administration confirmed it was in discussions to aid <A title="More information about Citigroup Incorporated" href="http://topics.nytimes.com/top/news/business/companies/citigroup_inc/index.html?inline=nyt-org">Citigroup</A>, the recipient of $45 billion so far, that could raise the government’s stake in the banking company to as much as 40 percent. </blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#">The deepening global downturn is dragging down all kinds of businesses, and, with no bottom to the recession in sight,</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.nytimes.com/2009/02/24/business/24bailout.html?_r=1&th&emc=th#">Acquiring common stock would give the government more control, but expose it to more risk. </blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/2D7E2B33-DB3C-40F0-8528-6AA6FE31B76C/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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