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The Emergency Economic Stabilization Act of 2008, also known as the "bank bailout of 2008" or the "Wall Street bailout", was a United States federal law enacted during the Great Recession, which created federal programs to "bail out" failing financial institutions and banks. The bill was proposed by Treasury Secretary Henry Paulson, passed by the 110th United States Congress, and was signed into law by President George W. Bush. It became law as part of Public Law 110-343 on October 3, 2008. It created the $700 billion Troubled Asset Relief Program (TARP), which utilized congressionally appropriated taxpayer funds to purchase toxic assets from failing banks. The funds were mostly redirected to inject capital into banks and other financial institutions while the Treasury continued to examine the usefulness of targeted asset purchases.
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Too Big to Fail is a 2011 American biographical drama television film directed by Curtis Hanson and written by Peter Gould, based on Andrew Ross Sorkin's 2009 non-fiction book Too Big to Fail. The film aired on HBO on May 23, 2011. It received 11 nominations at the 63rd Primetime Emmy Awards; Paul Giamatti's portrayal of Ben Bernanke earned him the Screen Actors Guild Award for Outstanding Performance by a Male Actor in a Miniseries or Television Movie at the 18th Screen Actors Guild Awards.
Philadelphia financier Jay Cooke established the first modern American investment bank during the Civil War era. However, private banks had been providing investment banking functions since the beginning of the 19th century and many of these evolved into investment banks in the post-bellum era. However, the evolution of firms into investment banks did not follow a single trajectory. For example, some currency brokers such as Prime, Ward & King and John E. Thayer and Brother moved from foreign exchange operations to become private banks, taking on some investment bank functions. Other investment banks evolved from mercantile firms such as Thomas Biddle and Co. and Alexander Brothers.
United States policy responses to the late-2000s recession explores legislation, banking industry and market volatility within retirement plans.
References
- 1 2 3 "MediaRoom - Board of Directors| Ally Financial". Media.ally.com. 2013-07-11. Retrieved 2013-08-19.
- ↑ "A top US bailout official to step down - The Boston Globe". Boston.com. 2011-03-22. Retrieved 2013-08-19.
- ↑ "Troubled Asset Relief Program : Four Year Retrospective Report" (PDF). Treasury.gov. Retrieved 2013-08-19.
- ↑ "Treasury Appoints Former Official Mathew Pendo to Ally Financial's Board - WSJ.com". Online.wsj.com. 2013-04-25. Retrieved 2013-08-19.
- ↑ "Matt Pendo". www.oaktreecapital.com. Retrieved 2018-05-22.
- ↑ "Princeton Alumni Weekly". 1984.
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