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Monday, December 01, 2008
Treasury Secretary Paulson Says Other Rescue Programs Being Examined
Associated Press
WASHINGTON--Treasury Secretary Henry Paulson says the administration is looking for more ways to tap a $700 billion financial rescue program and will consult with Congress and the incoming Obama administration.
Paulson says the program has distributed $150 billion out of the $250 billion earmarked to buy stock in banks as a way to boost their resources so they can lend more.
He says the administration is looking at other ways to utilize the rescue package, including alternatives for providing capital to financial institutions.
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A specialist is a member of a stock exchange who works as an auctioneer for a specific stock and/or stocks. It can be an individual, partnership, corporation or group of firms.
The specialist works to maintain a "fair and orderly market" for respective stocks, matching up buyers and sellers by displaying the best "bid" and "ask" prices at its trading post. If buys are not equal to sells, the specialist evens the scale by buying or selling shares, accordingly. However, they cannot make their own transactions until all investor orders have been placed.
Gauging supply and demand, the specialist sets an opening price for the stocks in its domain. If a price has not been set by the time the market opens, the specialist can delay that particular stock's opening.
Specialists make money off the "spread," which is the difference between bid and ask prices on orders.
