financial bailout

Word has leaked that Barack Obama has selected New York Federal Reserve President Timothy Geithner for Treasury Secretary.

Wall Street liked the news. The Dow rose nearly 500 points after news broke of Geithner’s forthcoming appointment.

U.S. stock futures tumbled Tuesday, as investors remained worried about the fate of Detroit's Big Three automakers and awaited testimony from Treasury Secretary Hank Paulson about the government's $700 billion financial bailout plan.

Robert Diamond looks wiped. It's just after noon in London, and the president of Barclays - the newest power broker on Wall Street - is trying to snatch a few moments of calm.

He ignores the gigantic TV suspended above his desk with its scrolling news of financial doom. European markets have continued to fall, despite an $87 billion British government financial bailout and a concerted round of interest rate cuts by central banks.

The Bush administration is moving forward with the financial bailout plan. Kevin Phillips, a former Republican strategist now known for his scathing criticisms of Republican policy, says Wall Street needs not only a rescue, but also a parole officer — and it should not be Treasury Secretary Henry Paulson.

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The government said last week's $700 billion financial bailout was necessary to help Wall Street and Main Street alike, but most Americans don't think the plan was intended to benefit them, according to a survey released Tuesday.

AP - Washington's financial bailout plan is now law.