"We are hearing, 'Trust us,' but we are not willing to let $180 billion go just on trust. We will question; we will inquire; we will verify."
-Rep. Edolphus Towns, D-N.Y., chairman of the House Oversight Committee, in a hearing with AIG (AIG) on Wednesday. The embattled insurance giant, which recieved a $180 billion-dollar bailout, claimed it had made "substantial" progress, but Congress wanted more proof. CEO Ed Liddy failed to submit the roadmap of the company's repayment and restructuring plan that Towns had requested. Liddy argued that revealing AIG's operating details publicly would "put us at a severe disadvantage to repay the American public." The world's biggest bailout lives on.--Jessica Shambora
"You think I would have gone through what I did the last two months if I didn't want to stay?"
-- General Motors (GM) chairman and CEO Rick Wagoner, reiterating today that he's determined to keep his job. In exchange for a $13.4 billion rescue package (which will come from the government's $700 bllion TARP fund aimed at banks and Wall Street firms), executives at GM and Chrysler agreed to limits MOREPatricia Sellers - Dec 19, 2008 6:39 PM ET
As the government commits more and more money to its multitudinous rescue efforts--of Bear Stearns, then AIG (AIG), then Citigroup (C) and its bank rivals, then Citigroup again, and now more money for Fannie Mae (FNM) and Freddie Mac (FRE)--we wonder: Where, oh where, will these bailouts end? In Detroit, with General Motors (GM), Ford (F)and Chrysler securing their desperately needed billions? Alas, the road to shore up capitalism will MOREPatricia Sellers - Nov 26, 2008 2:01 PM ET
"There is a time for budget austerity--this ain't it."
-- Obama economic advisor Jared Bernstein, noting that government "is the only part of GDP pulling out its wallet these days" and therefore the most reliable source of short-term growth. Read "CEO in chief" by my colleague Nina Easton, Fortune's Washington editor, for more about the all-star team of CEOs and thinkers who are helping the President-elect grapple with the financial crisis MOREPatricia Sellers - Nov 7, 2008 4:49 PM ET
Here on Postcards, you'll find a trove of video segments from last week's Fortune's Most Powerful Women Summit. Click here to watch a riveting take on the fall of Lehman Brothers by Barbara Byrne, a vice chairman who spent 28 years at the now-bankrupt firm. Today, since Barclays bought Lehman's North American core, Byrne is a vice chairman at Barclays Capital (BCS).
We also just posted the first of several highlights MOREPatricia Sellers - Oct 8, 2008 12:41 PM ET
|Chrysler relents, agrees to recall 2.7 million Jeeps|
|Google files First Amendment court case against NSA surveillance secrecy|
|China's fastest-growing cities for millionaires|
|Immigration bill could cut deficits by $175 billion - CBO|
|Why Apple's new MacBook Air is the ultimate road warrior's notebook|