MS. PERINO: Well, why any company. I think that this is -- we are dealing with very challenging times and Secretary Paulson -- I'm sorry, the Fed Chairman, Ben Bernanke, and the President's economic advisors had determined that there were some -- some of these companies were so big that to allow them to fail would have caused even greater harm and damage to the economy.

So the goal has been to take action where necessary to promote stability and strength in the marketplace, so that we can prevent or limit more damage to the broader economy. In all cases, the President has wanted to make sure that the taxpayers are kept foremost in mind. In these agreements, if you look back, the shareholders have been wiped out. A lot of employees have lost their jobs. Management has been replaced. And the taxpayers will be paid back first.

While no one would have liked to have ended up in this situation, you have a government that is willing to lead, act where appropriate, and govern, to make sure that we limit broader financial harm to the economy.

seen at 09:00, 17 September in Whitehouse Press Briefings. Email this to a friend.
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