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Gafoo : Bail This
Some time in 2008, the Federal Reserve agreed to a Federal Bailout to guarantee $29 billion of Bear Stearns' assets in connection with the government-sponsored sale of the investment bank to JPMorgan Chase & Co. Later, Federal regulators conducting a Federal Bailout seized IndyMac Bank's assets after the mortgage lender succumbed to the pressures of tighter credit, falling home prices and rising foreclosures. The Federal Deposit Insurance Corp. had said that its Federal Bailout will cost about $8.9 billion out of its $53 billion insurance fund. Then, the Treasury Department while conducting a Federal Bailout seized mortgage finance institutions Fannie Mae and Freddie Mac, and put them in a government conservatorship with plans to inject up to $100 billion into each. Later on, the Federal Government announced an $85 billion Federal Bailout emergency loan to rescue AIG, American International Group Inc., a major insurance company, in return for a 79.9 percent stake. Furthermore, the Bush administration proposed a Federal Bailout plan to let the government buy $700 billion of bad mortgages and other forms of toxic debt that have been weighing down U.S. financial companies. Government officials and lawmakers were scrambling to put a deal together a week after that announcement. As if this was not enough, The Federal Deposit Insurance Corp., in its efforts for yet another Federal Bailout, seized Washington Mutual Inc., the largest US bank to fail and began selling the deposits and banking assets to JPMorgan Chase & Co. for $1.9 billion. Need I say more?
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