In Monday's Americas papers
22 September 2008 12:00 [Source: ICIS news]
THE WALL STREET JOURNAL
Front page
Lawmakers battle over rescue plan
Lawmakers are scrambling to put their mark on the Bush administration's $700bn plan to save financial markets - a fast-moving test of wills that could reshape one of the biggest bailouts in US history.
Crisis draws attention to McCain social security plan
Financial turmoil may not just boost government's role in markets. It could undermine a push in recent years by conservatives, including John McCain, to inject more market forces into government-run and heavily regulated programmes.
AIG holders seek alternative to US plan
Major shareholders concerned about American International Group Inc's $85bn loan agreement with the federal government plan to meet Monday to discuss alternatives to the bailout plan, according to a person familiar with the matter.
Money & Investing
Goldman, Morgan scrap Wall Street model
The Federal Reserve, in an attempt to prevent the crisis on Wall Street from infecting its two premier institutions, took the extraordinary measure on Sunday night of agreeing to convert investment banks Morgan Stanley and Goldman Sachs Group Inc. into traditional bank holding companies.
Bottom line: bailout offers some hope
After a white-knuckle ride that many investors would like to forget, stocks are right back where they were a week ago. But there is reason for investors to feel better about the outlook.
Banks rush to shape rescue plan
Lobbyists and executives are working connections within the Bush administration to ensure many financial institutions benefit from the rescue bill.
THE NEW YORK TIMES
Front page
Radical shift for Goldman and Morgan
Goldman Sachs and Morgan Stanley, Wall Street’s last independent investment banks, will transform themselves into bank holding companies subject to greater regulation.
Democrats set bailout conditions as Treasury chief rallies support
A week of intense negotiation is expected as Congressional Democrats said they wanted greater oversight of the Treasury, among other measures.
Business Day
Big financiers start lobbying for wider aid
Even as all details of the $700bn bailout of the financial industry had not been hammered out, financial firms were searching for ways to profit from it.
Two candidates back bailout, with caveats
John McCain and Barack Obama called for more oversight in the bailout but said the expenditure would not force them to scale back their ambitious agendas.
WASHINGTON POST
Front page
Goldman, M Stanley to become holding firms
Federal Reserve approves conversion of two remaining investment banks, offering broader protection in exchange for stricter regulation.
Democrats want bailout limits
Some in Congress want power to cut the salaries of CEOs participating in government rescue.
Business
Financial world's new job market sinks plans
As headlines continue tumbling out of Lower Manhattan, Washington area business school professors and students say a mixture of fear, confusion, outrage and nervous hope has swept lecture halls.
'First dude' Todd Palin illustrates Alaska's blend of private and public
Todd Palin grew up as the archetypal Alaskan - salmon fisherman, champion snowmobiler, North Slope oil worker. But since his wife became governor 20 months ago, his portfolio has broadened.
GLOBE AND MAIL, Canada
Front page
Liberals vow to scrap tax on trusts
Stephane Dion's Liberals are promising to scrap the Harper government's hefty tax on income trusts as they release their campaign platform today, a pledge that offers a potential new lease on life for an investment vehicle much beloved by older voters.
53,000 treated in Chinese milk scandal
The tally of children sickened by tainted milk in China jumped to nearly 53,000 as the government vowed to crack down on those responsible for the scandal, which has raised more questions about the safety of the country's food chain.
Business
Manulife in talks for AIG assets
Manulife Financial is among the global insurers poised to launch bids for parts of American International Group, the giant insurer that became a ward of the US government when last week's financial crisis pushed it to the brink of collapse.
Democrats decry 'humbling' Wall St bailout
Calling it a "humbling time for America," US Treasury Secretary Henry Paulson has begun the tough task of selling a Wall Street bailout that could exceed $1trillion to nervous investors, scared bankers and a sceptical Congress.
BUENOS AIRES HERALD
Front page
Brown: I’m the best that’s available
British Prime Minister Gordon Brown admitted yesterday he could do better but dismissed calls for his resignation, saying he was the best person to guide Britain through the global financial storm.
President in New York for UN Assembly
President Cristina Fernandez de Kirchner arrived in New York yesterday morning to participate in the 63rd General Assembly of the UN.
Olmert hands in resignation
Israeli Prime Minister Ehud Olmert handed his resignation to President Shimon Peres yesterday but the scandal-hit premier could stay in office for weeks or months until a new government is formed.
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Author: Staff Reporter+44 20 8652 3214
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