The government seeks as much as $5 billion in civil penalties for losses to federally insured banks and credit unions that relied on the S&P’s claims.Read More »
What would Ferdinand Pecora do? Thirty-seven years after his death, the name of this former assistant district attorney from New York suddenly is on a lot of politicians’ lips. Starting in 1933, as counsel to the Senate Banking and Currency ...Read More »
Action is what politicians are all about, especially in a crisis. So you can be sure that Treasury Secretary Timothy Geithner’s Public-Private Investment Program to restructure troubled banks will hardly be the last rescue plan – as they inevitably, heroically, ...
Tagged with: Timothy GeithnerRead More »
I feel like Rush Limbaugh now, because I really want certain people to fail: George W. Bush’s former economic adviser, Lawrence Lindsey, Nobel Prize-winning economists Paul Krugman and Columbia University Professor Joseph Stiglitz. All of them say the U.S. Treasury’s ...Read More »
When Timothy Geithner was nominated as U.S. Treasury secretary in November, the stock market soared and he won bipartisan plaudits. Departing Treasury chief Henry Paulson, a Republican, expressed “the highest regard for him.” House Financial Services Committee Chairman Barney Frank, ...Read More »
Citigroup Inc., JPMorgan Chase & Co., Bank of America Corp., Morgan Stanley and Wells Fargo & Co. agreed to suspend foreclosures while the Obama administration crafts a housing plan to modify mortgages for troubled borrowers. Citigroup will halt foreclosures through ...Read More »
Federal Reserve officials are focused on driving down the spreads between U.S. Treasury yields and consumer and corporate loans, after cutting the main interest rate to almost zero failed to revive lending. Credit costs for households and businesses haven’t followed ...Read More »