Tuaspring is loss making and burning cash everyday. This is a free of charge at the economy. Don’t think the govt will bail it out unless the purchase price is 20%. If they are doing, how to answer to taxpayers? 1B purchasing a close to bankrupt company. All investments or risks. Can only just pray some China or Arab tycoon come in.
The episode is relevant to the near future, because Geithner is now Obama’s Treasury Secretary and responsible for preventing another taxpayer bailout. In the first fall months of 2008, mayhem swept through global financial marketplaces. On Monday morning It engulfed AIG, September 15. Lehman Brothers experienced just failed. Panicky credit markets were seizing up. American International Group, the largest insurance provider in the world, was hemorrhaging capital, sinking toward bankruptcy rapidly. At the brand new York Fed Geithner had the problem covered, roughly he thought. Geithner informed top executives of Wall Street’s most significant financial houses-Jamie Dimon of JPMorgan Chase and Lloyd Blankfein of Goldman Sachs-that the banking industry, not the Federal Reserve, must intensify and do the rescue.
75 billion, they approximated. In Washington, Treasury Secretary Henry Paulson held his distance, while fighting other bonfires. Paulson assured reporters the conference underway at the brand new York Fed experienced nothing to do with a authorities bailout for AIG. “What’s taking place in NY is a private-sector work,” Paulson said. After midnight Sometime, the bankers called to say, sorry, they were not interested.
- Start with a compelling intro declaration