The Federal Reserve opened a major new offensive in the battle to reduce unemployment, launching its most extensive effort to stimulate the economy in the past two years. The Fed announced a round of bond purchases targeting the mortgage market, a po
People think of him as hawkish on the budget, on expenses, but he voted for TARP. He voted for the auto bailout, voted for two stimulus in '08, voted against the '09 -- February '09 President Obama stimulus. How does he explain those
The federal appeals court ruled yesterday that not only does BNYM stay at the front of the line, but that using customer segregated funds as collateral is NOT a crime, and that co-mingling customer segregated funds with proprietary funds is NOT fraud
Greeks fed up with stories of austerity and gloom can now turn to a new website aptly named Everything is OK (ola kala, OK in Greek) which aims to bring only happy news stories to the population. Describing itself as an “online health wellbeing po
The JP Morgan "surprise" $2 billion loss may be the tip of the iceberg, making an understanding of CDS and CDO an imperative for even the most novice of investor! Because the reality is that through mutual funds, pension funds and other investm
After 3½ years, the Troubled Asset Relief Program (“TARP”) continues to be an active and significant part of the Government’s response to the financial crisis. It is a widely held misconception that TARP will make a profit. The most recent cost estim
The Treasury Department says nearly 70 executives at American International Group Inc., Ally Financial Inc. and General Motors Co. had their annual compensation reduced by 10 percent. The CEOs of each company had their pay frozen at 2011 levels.
The acting director of the Federal Housing Finance Agency and overseer of Fannie Mae and Freddie Mac, Mr. DeMarco is a soft-spoken, career public servant — and under fire. In the thankless job of conservator for the loss-ridden mortgage finance giant
Bank of America, one of five banks in $25 billion settlement with the government over foreclosure practices, has struck a side deal that will allow it to reduce penalties in return for bigger cuts to borrowers' mortgage balances, the Wall Street Jour
The Treasury Department said it will sell $6 billion worth of American International Group stock and struck another deal for the insurer to pay down $8.5 billion more in obligations, taking a major step forward in an election year to unwind the unpop
Judge Napolitano discusses Treasury Sec. Timothy Geitner's soon to be presidential pardon or prison term.
Global research company J.D. Power & Associates found that almost 10 percent of bank customers switched to another financial outlet in 2011, thanks in large part to increased fees.
WALL STREET IS recovering from the Great Recession, but the U.S. financial sector might not exist at all if Congress had not enacted a $700 billion bailout, the Troubled Assets Relief Program (TARP), on Oct. 3, 2008. In President Obama’s view, the fi
The amount of money the central bank parceled out was surprising. The Fed committed $7.77 TRILLION as of March 2009 (2 1/2 years ago) to rescuing the financial system, more than half the value of everything produced in the US that year.
Alex Schaefer's depiction of a Chase branch going up in flames drew the attention of L.A. police, who asked if he was a terrorist. He said the work was a metaphor for the havoc banking practices have caused the economy.
Another bailout to save the banks only delays the inevitable default.
Freedom Watch with Judge Napolitano. Monday, June 6, 2011- 8:00 p.m. EST
"Ford to New York: Drop Dead," said a famous headline in 1975. President Ford had declared flatly that he would veto any bill calling for "a federal bail-out of New York City." What he proposed instead was legislation that would make it easier fo
Greek Finance Minister George Papaconstantinou said Saturday that Greece was exploring the possibility of having a European bailout fund buy its debt if the government is unable to access capital markets again next year.
Markets shun debt of rescued nations … Europe's bailed-out economies saw their borrowing costs hit fresh records on rising concerns they will not be able to pay their debts.
The EU shall overcome. The union is not to be trifled with.
Move marks turnaround after Lisbon resisted asking for aid for months despite sharply deteriorating financial situation.
After the Supreme Court refused to hear an appeal of lower-court rulings, the Federal Reserve must release information about its “emergency” bailouts of large banks and financial institutions in 2008 under the guise of saving the financial system.
So much to muddle through. The EU will survive.
ECB buying Portugal's debt... Bullish on natural gas... End of America Watch... China protecting its agriculture... Can states file for bankruptcy?... Last day to register for Retirement Conference... Porter's court case, again...
European Union leaders meet on Thursday to try to agree the next steps in tackling a year-long debt crisis that has consumed Greece and Ireland and threatens to spread to Portugal and Spain.
Ireland's parliament approved a multi-billion euro EU/IMF bailout package on Wednesday in the face of opposition threats to renegotiate the deal to force losses on some senior bondholders in Irish banks.
Steven Rattner’s Overhaul: An Insider’s Account of the Obama Administration’s Emergency Rescue of the Auto Industry will not disappoint readers with its poignantly detailed narration of the harrowing events surrounding the fate of two of the Big 3 U.
Borrowing costs for Europe’s most indebted nations are at record highs as Ireland’s capitulation in accepting a bailout of its banking industry stokes concern that other countries also will have to seek aid.
The world is entering a dangerous new phase. Competitive devaluations continue despite all efforts to organize a ceasefire. The only hope now is a one-world currency run by the IMF. Enter that Keynesian brainstorm ... the bancor.