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Biz_BailoutEfforts.sPubDate = "11/25/2008 8:48:08 PM GMT";
Biz_BailoutEfforts.navsectionID = "3096433"
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Biz_BailoutEfforts.appHeader = "Fact file | U.S. continues extensive bailout efforts
";
Biz_BailoutEfforts.appDeck = "The government's commitments to contain the financial crisis now approach $7 trillion. That figure includes funds to guarantee certain corporate assets and debts, although those funds may never actually be spent.";
Biz_BailoutEfforts.appFooter = "Source: The Associated Press";
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Biz_BailoutEfforts[i++] = new Array("","March 11","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Federal Reserve announces a rescue package to provide up to $200 billion in loans to banks and investment houses and let them put up risky mortgage-backed securities as collateral.
";
Biz_BailoutEfforts[i++] = new Array("","March 16","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed provides a $29 billion loan to JPMorgan Chase & Co. as part of its purchase of investment bank Bear Stearns.
";
Biz_BailoutEfforts[i++] = new Array("","July 11","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "Federal regulators seize Pasadena, Calif.-based IndyMac, costing the Federal Deposit Insurance Corp. billions to compensate deposit-holders.
";
Biz_BailoutEfforts[i++] = new Array("","July 30","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "President Bush signs a housing bill including $300 billion in new loan authority for the government to back cheaper mortgages for troubled homeowners.
";
Biz_BailoutEfforts[i++] = new Array("","Sept. 7","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Treasury takes over mortgage giants Fannie Mae and Freddie Mac, putting them into a conservatorship and pledging up to $200 billion to back their assets.
";
Biz_BailoutEfforts[i++] = new Array("","Sept. 16","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed injects $85 billion into the failing American International Group, one of the world's largest insurance companies.
";
Biz_BailoutEfforts[i++] = new Array("","Sept. 16","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed pumps $70 billion more into the nation's financial system to help ease credit stresses.
";
Biz_BailoutEfforts[i++] = new Array("","Sept. 19","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Treasury temporarily guarantees money market funds against losses up to $50 billion.
";
Biz_BailoutEfforts[i++] = new Array("","Sept. 29","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed makes an extra $330 billion available to other central banks, boosting to $620 billion the amount available to the Fed through currency \"swap\" arrangements, where dollars are traded for foreign currencies. It also triples to $225 billion the amount available for short-term loans to U.S. financial institutions.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 3","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "President Bush signs the $700 billion economic bailout package. Treasury Secretary Henry Paulson says the money will be used to buy distressed mortgage-related securities from banks.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 6","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed increases a short-term loan program, saying it is boosting short-term lending to banks to $150 billion. It says that by year's end, $900 billion in potential overall credit will be outstanding.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 7","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed says it will start buying unsecured short-term debt, so-called \"commercial paper,\" from companies.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 8","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed agrees to lend AIG $37.8 billion more, bringing total to about $123 billion.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 14","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Treasury says it will use $250 billion of the $700 billion bailout to inject capital into the banks, with $125 billion provided to nine of the largest: Bank of America Corp., which received $15 billion; Bank of New York Mellon Corp., $3 billion; Citigroup Inc., $25 billion; Goldman Sachs Group Inc., $10 billion; JPMorgan Chase & Co., $25 billion; Merrill Lynch & Co. Inc., $10 billion; Morgan Stanley, $10 billion; State Street Corp., $2 billion; and Wells Fargo & Co., $25 billion. The $10 billion for Merrill has been deferred until its purchase by Bank of America closes.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 14","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The FDIC says it will temporarily guarantee up to a total of $1.4 trillion in loans between banks.
";
Biz_BailoutEfforts[i++] = new Array("","Oct. 21","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed says it will provide up to $540 billion in financing to provide liquidity for money market mutual funds.
";
Biz_BailoutEfforts[i++] = new Array("","Nov. 10","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Treasury and Fed replace the two previous loans provided to AIG with a new $150 billion aid package that includes an infusion of $40 billion from the government's bailout fund.
";
Biz_BailoutEfforts[i++] = new Array("","Nov. 17","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "Treasury says it has provided $33.6 billion in capital to another 21 banks, with the largest stake being $6.6 billion to Minneapolis, Minn.-based U.S. Bancorp. So far, the government has invested $158.6 billion in 30 banks.
";
Biz_BailoutEfforts[i++] = new Array("","Nov. 23","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Treasury says it will invest another $20 billion in Citigroup Inc., on top of $25 billion provided Oct. 14. The Treasury, Fed and FDIC also pledge to backstop large losses Citigroup might absorb on $306 billion in real estate-related assets.
Citigroup will assume the first $29 billion in losses, and after that the government will absorb 90 percent of losses and the company 10 percent. In return, the government will receive $7 billion in preferred shares and warrants for more than 250 million additional shares.
";
Biz_BailoutEfforts[i++] = new Array("","Nov. 25","","","","", "", "", "", "", "", "", "", "", "", "", "", "", "", "");
Biz_BailoutEfforts[i-1].body = "The Fed says it will purchase up to $600 billion more in mortgage-related assets and will lend up to $200 billion to the holders of securities backed by various types of consumer loans.
The Fed will buy up to $100 billion in direct obligations from mortgage giants Fannie Mae and Freddie Mac as well as the Federal Home Loan Banks. The central bank also will buy $500 billion in mortgage-backed securities, pools of mortgages that are bundled together and sold to investors.
The program on consumer debt will be supported by $20 billion of credit protection from the $700 billion bailout package enacted last month.
";
// END editorial data