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Billionaire Eli Broad on the Bailout
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Billionaire Eli Broad was at the Clinton Global Initiative annual meeting in New York on Sept. 25 to announce the creation of an educational research laboratory at Harvard, yet another large gift from the philanthropist. BusinessWeek reporter Lawrence Delevingne spoke with Broad, who made his fortune in real estate and insurance, largely through holdings in American International Group (NYSE:AIG - News), about the $700 billion Wall Street bailout and where he sees the economy heading. Here is an edited version of the conversation:
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In WaMu takeover, JPMorgan takes calculated risk
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WASHINGTON (AP) -- The government's seizure and sale of Washington Mutual Inc. eases pressure on a federal fund that insures Americans' bank deposits and places a high-stakes opportunity -- with minimal risk -- into the hands of JPMorgan Chase & Co. Inc.
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Some bailout critics proposing other ways to go
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WASHINGTON (AP) -- President Bush, Treasury Secretary Henry Paulson and Fed Chairman Ben Bernanke are all warning of dire consequences to the economy if the proposed administration financial bailout isn't approved. But what if they're wrong? What if the largest government rescue in history doesn't work? And is it really the best way to go?
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