US debt rescue plan takes shape: related news

US debt rescue plan takes shape

US President George W Bush has defended a rescue package to tackle the worst financial markets crisis for decades.

Paulson reveals bank rescue plan

US Treasury Secretary Henry Paulson says the US government is planning to invest directly in US banks to prevent them from failing, expanding the focus of the government's $US700 billion ($1 trillion) rescue plan.

BrazAlta Announces Private Placement of US$18.6 Million in BCH Ltd. And Provides a BCH Operational Update

BrazAlta Resources Corp. ("BrazAlta" or the "Corporation") (TSX VENTURE:BRX) is pleased to announce that its oilfield services subsidiary, BCH Ltd. ("BCH"), has completed a non-brokered private placement (the "Financing") of 4,474,999 Common Shares of BCH Ltd. ("BCH Common Shares"), at a price of US$4.163 per BCH Common Share for aggregate gross proceeds of US$18,629,421. BrazAlta Resources Corp. acquired 2,282,249 BCH Common Shares and Allis-Chalmers Energy Inc. ("Allis-Chalmers") acquired 2,192,750 BCH Common Shares in the Financing. BCH intends to use the proceeds from the Financing to pay down intercompany debt to BrazAlta (US$7.4 million), interest to Allis-Chalmers with respect to the previously announced US$40 million subordinated convertible debenture (the "Debenture") (US$3.

US pledges financial rescue plan

US officials say they will hammer out a "comprehensive" plan to help ease what has become a global financial crisis.

Germany unveils $681 billion bank rescue plan

LONDON (MarketWatch) -- German Chancellor Angela Merkel on Monday outlined a 500 billion euro ($681 billion) rescue package for German banks. The plan includes 400 billion euros to guarantee loans and up to 80 billion euros to be used to recapitalize the German banking sector. In addition the package includes a 20 billion euro provision to cover potential losses. Merkel said the plan is aimed at stabilizing markets and added banks that take advantage of the plan will have to abide by certain requirements, including restrictions on management pay and a commitment to maintain lending. She also said countries need to work more closely on overseeing international firms and the IMF should take a bigger supervisory role when dealing with those firms.

Fannie Mae, Freddie Mac and FHLB equal $6.8 Trillion US Debt

Freddie Mac (NYSE:FRE) and Fannie Mae (NYSE:FNM) along with 12-member Federal Home Loan Bank system (FHLB) controls a whopping $6.8 trillion of US debt, this amounts to more than half of the total US government debt which stands at $10.6 trillion, according to a report by the Federal Housing Finance Agency.

Equifax to Change U.S. Retirement Plan and Offer Enhanced 401(k) Plan

today announced that it is redesigning its retirement program for active U.S. employees effective January 1, 2009. The changes will affect approximately 4,000 of the Company's approximately 7,000 employees. Equifax will freeze its qualified defined benefit pension plan for U.S. employees who do not meet certain grandfathering criteria for retirement eligible employees, and will provide these employees and certain other employees not eligible to participate in the Plan with an enhanced 401(k) savings plan. The pension plan amendments will freeze service credit, but will continue to credit for the participant's salary increases over time. Grandfathered employees will remain in the current pension and 401(k) plans. (Logo:

Gainey & McKenna Announces Analog Devices, Inc. 401(k) ERISA Class Action Litigation Update

NEW YORK, Oct. 10, 2008 (GLOBE NEWSWIRE) -- Gainey & McKenna and Squiteri & Fearon, LLP are counsel to the Plaintiff and the proposed class of all participants in the Analog Devices, Inc. (``ADI'') Investment Partnership Plan (the 401(k) ``Plan'') who purchased or held shares of Analog stock in the Plan at any time between October 5, 2000 and the present. They have filed a class action in the United States District Court for District of Massachusetts which arises from the options backdating at Analog and alleges that Analog and other fiduciaries of the Plan violated their fiduciary duties to the Plan's participants. The lawsuit alleges that Analog and certain individuals who were responsible for managing and administering the Plan failed to disclose important information to the participants of the Plan, including information about Analog'

Rescue flag exhibition teases government over rescue plan: Artist: "Art should always be a part of political life."...

Berlin -- While German banks began queuing up for a handout under the government's 500-billion-euro plan for shoring up the financial sector, rescue flags begun emerging across the lawn in front of the nation's parliament building, the Reichstag.

US indicts UBS wealth management head

UBS suffered its biggest blow yet in the US investigation into its offshore banking activities for rich American clients as US authorities said they had indicted Raoul Weil, the Swiss bank’s head of global wealth management. The US Department of Justice indictment also said other senior unnamed UBS’s executives were involved as alleged “unindicted co-conspirators�. Separately, the indictment includes detailed allegations about how other, more junior, managers sought to circumvent US tax rules over a period of years. The DoJ claims Weil used the expression “toxic waste� to refer to the US business because of its acute sensitivity. In a statement Tuesday night, UBS said Weil would relinquish his duties pending resolution of the matter and said the bank was “fully committed� to continuing co-operating with the probe.

Toys "R"Us to Offer Apple iPod "For the First Time Ever"

The iPod phenomenon shows little signs of abating. A spokesperson from the giant, Wayne, NJ-based toys retailer Toys”R”Us informs us that, beginning this month, it will offer a “wide selection of Apple iPod products in all of its Toys”R”Us stores nationwide for the first time ever.” Those comments refer to the American Toys“R”Us outlets and Web sites only. Although iPods aren’t yet listed on America's Toys"R"Us Web site, they have been available through its U.K. affiliate (www.toysrus.co.uk) for well over a year. There's no word when (or if) iPods might become available in Canada through this retail channel.

Time-Resolved RNA SHAPE Chemistry

Selective 2′-hydroxyl acylation analyzed by primer extension (SHAPE) chemistry yields quantitative RNA secondary and tertiary structure information at single nucleotide resolution. SHAPE takes advantage of the discovery that the nucleophilic reactivity of the ribose 2′-hydroxyl group is modulated by local nucleotide flexibility in the RNA backbone. Flexible nucleotides are reactive toward hydroxyl-selective electrophiles, whereas constrained nucleotides are unreactive. Initial versions of SHAPE chemistry, which employ isatoic anhydride derivatives that react on the minute time scale, are emerging as the ideal technology for monitoring equilibrium structures of RNA in a wide variety of biological environments. Here, we extend SHAPE chemistry to a benzoyl cyanide scaffold to make possible facile time-resolved kinetic studies of RNA in ~

Google Says Moving Away from Fossil Fuels Could Cost US $4.4 Trillion

Google.org this week presented a plan to reduce fossil fuel dependence in the United States by 2030 in both the electricity and transportation sectors. According to research done by Google, the plan would cost approximately US $4.4 trillion to implement and could save consumers US $1 trillion over 22 years. The plan would also create new jobs.

US considers guaranteeing bank debt

US Treasury Secretary Henry Paulson is speeding up consideration of guaranteeing debt issued by banks following a similar move by European policy makers, according to a US official briefed on the matter.

ACLU Creates Map of US "Constitution-Free Zone"

trackpick points out a recent ACLU initiative to publicize a recent expansion of authority claimed by the Border Patrol to stop and search individuals up to 100 miles from any US border. They have created a map of what they call the US Constitution-Free Zone. "Using data provided by the US Census Bureau, the ACLU has determined that nearly 2/3 of the entire US population (197.4 million people) live within 100 miles of the US land and coastal borders. The government is assuming extraordinary powers to stop and search individuals within this zone. This is not just about the border: This 'Constitution-Free Zone' includes most of the nation's largest metropolitan areas.'"

US Elections: What direction now for US space exploration?

US CONGRESSMAN Adam Schiff was touring Pakistan in May when NASA's Phoenix spacecraft touched down on Mars. He was struck by the glowing accounts of NASA's triumph that suddenly dominated the Pakistani newspapers. "In a country where there are such deep suspicions about what the US does, there was at least one area where the reaction was uniformly positive," says Schiff, whose district in California includes NASA's Jet Propulsion Laboratory, which built Phoenix. "And it's one area where the US shows that it is capable of doing great things."

US stocks surge on rescue report

Leading US shares have surged, boosted by a report that the US government might announce a new plan that would help tackle the financial crisis.

US open: UK-style bank plan lifts stocks

LONDON (SHARECAST) - Coming off its worst week in three-quarters of a century, Wall Street has opened sharply higher, with a number of crisis stocks leading the way, after a US official confirmed the US Treasury is contemplating a UK-style capital injection for US banks through the purchase of equity.

Shares surge on US bail-out plan

Wall Street shares have rebounded sharply after a proposed US government plan to buy billions of dollars of US banks' bad mortgage-related loans.

USD 250 bn out of mega rescue plan to go for stakes in banks

Washington, Oct 14 (PTI) US President George Bush today announced that his government would buy equity stakes in country's banks at a cost of 250 billion dollars as part of its mega rescue package for the financial sector. This unprecedented move in US history would enable healthy institutions help overcome the crisis in the country.

Involving European Citizens In The Benefits Of The Rescue Plan: The Political Paradoxes Of Bank Socialism

Are E.U. citizens ready to accept the crisis rescue plan that makes massive transfers of resources from taxpayers to the banking sector? This article proposes three ways to share the rescue’s benefits with citizens: increased competition in the banking sector, tax reductions for low-wage earners, and temporary relief schemes for families with mortgage problems.

US shares expected to open lower

US shares have fallen back slightly as investors wait for a key vote in the US Senate on a revised version of the $700bn (£380bn) bank rescue plan.

HSBC chief hits at state bank bail-outs

The government-sponsored bail-outs of western banks risk rewarding management teams for failure and could distort the market, Michael Geoghegan, chief executive of HSBC, warned Monday in comments that reflected deep frustration at the UK bank, which, despite suffering heavy losses in the US mortgage market, has weathered the credit crisis in better shape than many of its rivals. However, HSBC executives acknowledged the rescues in the US and Europe were necessary to stabilise the banking system and restore credit flows. Geoghegan spoke as HSBC signalled in its Q3 trading statement that recovery in its US consumer finance division might take longer than the three years it initially forecast. Its bad debt charges in the US rose 24% over the previous quarter to $4.

Plan B: Direct Cash Infusion To Banks?

With financial markets buckling as Plan A takes shape, Plan B -- a government injection of equity capital directly into the banking sector -- has moved to the front burner.

US to invest directly in banks: Paulson

WASHINGTON: The US government plans to invest directly in US banks for the first time since the Great Depression, Treasury Secretary Henry Paulson said Friday, expanding the focus of the government's 700-billion-dollar rescue plan.

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