Microsoft calls on Congress to reconsider bailout

In a statement, general counsel Brad Smith says the measure was "vitally important to the health and preservation of jobs in all sectors of the economy."

Following the massive Wall Street sell-off , Microsoft on Monday called on Congress to revisit its bailout decision, saying government action is "vitally important."

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"Microsoft strongly urges members of the U.S. House of Representatives to reconsider and to support legislation that will re-instill confidence and stability in the financial markets," general counsel Brad Smith said in a statement. "This legislation is vitally important to the health and preservation of jobs in all sectors of the economy of Washington State and the nation, and we urge Congress to act swiftly."

The move follows the largest one-day point decline ever for the Dow Jones Industrial Average, a drop of 777.68 points or almost 7 percent. Microsoft shares, which had held to a less-than-5-percent drop for much of the day Monday, closed at $25.01, down $2.39 or more than 8.7 percent.

The House voted down the $700 billion bailout plan by a vote of 228 to 205, with 133 Republicans and 95 Democrats casting "no" votes.

Congressional leaders of both parties proceeded to blame one another for the bill's failure on Monday, with minority leader John Boehner (R-Ohio) blaming a partisan speech from House Speaker Nancy Pelosi, while Pelosi (D-Calif.) insisted that Democrats held up their end of the deal.

About the author

    During her years at CNET News, Ina Fried has changed beats several times, changed genders once, and covered both of the Pirates of Silicon Valley. These days, most of her attention is focused on Microsoft. E-mail Ina.

     

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