After making their case for the $700 billion bailout plan to the Senate banking committee today, Bush administration officials next will go before the House Financial Services Committee and its Chairman Barney Frank. Kai Ryssdal talked with him.
What, exactly, would Treasury Secretary Paulson buy with that $700 billion? Originally, the plan was to buy bad mortgage debt from banks. But there's a push on to spread the wealth. Steve Henn reports.
How will the architects of the new rescue plan make sure we, as taxpayers, get a fair price? That's what lawmakers on Capitol Hill were asking today. Bob Moon has more.
Fed Chair Ben Bernake and Treasury Secretary Henry Paulson have begun testifying before the Senate Banking Committee about the $700 billion bailout. Steve Henn reports lawmakers are circulating three versions.
President Bush is speaking to the United Nations today, his final speech before that organization. The economic crisis overshadowed the event, however. Bob Moon has more.
Goldman Sachs and Morgan Stanley have become bank holding companies, which means they will now face more government regulation. They won't be able to take as many risks, and they'll make less money, too. Jeremy Hobson reports.
And then there were none. The last two Wall Street investment banks standing have decided to become commercial banks, with the approval of the Federal Reserve. Steve Henn has more on what that means.
Proposals for rescuing financial institutions go to Congress this week, but lawmakers worked through the weekend to get a head start. The budget deficit is expected to balloon. Danielle Karson reports.
Wall Street should have won an Emmy for a dramatic series for last week's events. Stacey Vanek-Smith talks with an economist to get some perspective on it all and a forecast of what's to come.
Sovereign wealth funds were investing heavily in distressed U.S. banks. Mitchell Hartman learns that, like the Abu Dhabi group that bought Manchester's soccer team Friday, these funds could now be looking elsewhere.
