Keyword: financial

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  • Chico says Emanuel ‘looked the other way’ during financial scandal

    01/18/2011 2:05:50 PM PST · by Nachum · 8 replies
    Chicago Sun-Times ^ | 1/18/11 | Fran Spielman
    Mayoral challenger Gery Chico charged Tuesday that Rahm Emanuel “sat on his hands, looked the other way and took the cash” when presented with an “Enron-style” scandal as a board member of home mortgage giant Freddie Mac. After leaving the administration of then President Bill Clinton and before running for Congress, Emanuel parlayed his political connections into an investment banking job in which he earned $16 million over three years. He also made at least $320,000 as a Freddie Mac director after he was given what Chico calls a “sweetheart appointment” by Clinton.
  • Republicans may starve financial reform of cash (Dodd-Frank mess)

    01/03/2011 10:49:07 AM PST · by Libloather · 4 replies
    Reuters ^ | 1/03/11 | Dave Clarke and Roberta Rampton
    Republicans may starve financial reform of cashBy Dave Clarke and Roberta Rampton WASHINGTON | Mon Jan 3, 2011 11:44am EST WASHINGTON (Reuters) - Republicans in the new Congress could put the budget squeeze on two powerful regulatory agencies to slow President Barack Obama's crackdown on Wall Street. A Democratic-controlled Congress pushed through the Dodd-Frank bank reform laws last year and regulators were counting on a big budget boost to police the $600 trillion over-the-counter derivatives market -- blamed for much of the excess behind the 2007-2009 financial crisis. But the last Congress failed to deliver on the funding, and that...
  • Europe’s financial contagion

    12/07/2010 11:01:25 AM PST · by Nachum · 1 replies
    wapo ^ | 12/7/10 | Neil Irwin
    Greece sneezed, and now most of Europe has a cold. The European debt crisis has already spread like a virus from Greece to Ireland, and other countries are now at risk: Portugal, Spain, and Italy are probable candidates for financial problems. Economists call this the “contagion effect.” How does this spread? Some of it has to do with confidence. When investors see one country encounter financial problems, they may doubt the health of other countries that seem to share economic or even political characteristics. Contagion also has much to do with actual economic links among countries. Researchers have identified financial...
  • China's skyscraper boom buoys global industry

    12/05/2010 10:21:50 AM PST · by Hotlanta Mike · 12 replies
    Associated Press ^ | December 5, 2010 | JOE McDONALD
    BEIJING – The 121-story Shanghai Tower is more than China's next record-setting building: It's an economic lifeline for the elite club of skyscraper builders. Financial gloom has derailed plans for new towers in Chicago, Moscow, Dubai and other cities. But in China, work on the 2,074-foot (632-meter) Shanghai Tower, due to be completed in 2014, and dozens of other tall buildings is rushing ahead, powered by a buoyant economy and providing a steady stream of work to architects and engineers. The U.S. high-rise market is "pretty much dead," said Dan Winey, a managing director for Gensler, the Shanghai Tower's San...
  • China could overtake U.S. as the world's economic powerhouse within two years, says think tank

    11/11/2010 12:09:08 PM PST · by Niuhuru · 16 replies · 1+ views
    Daily Mail ^ | 9:13 AM on 11th November 2010 | By David Gardner
    China could overtake America as the world’s biggest economy within two years, according to a leading financial think tank. As growth in the U.S. slows down to a virtual standstill, China’s economy is revving up into double digits, the Conference Board said in a report published today. In purely dollar terms, it is going to take much longer than two years for China’s $5 trillion economy to match up to the $15 trillion output in the US. Even if the Chinese can sustain their current growth, it would take another ten years.
  • Ambac Misses Interest Paymen

    11/01/2010 6:35:50 AM PDT · by NVDave · 10 replies
    Wall Street Journal ^ | 11/01/2010 | Matt Jarzemsky
    Ambac Financial Group Inc. warned that its board declined to make an interest payment and said it is negotiating plans for a prepackaged bankruptcy proceeding with senior debtholders. Shares dropped 48% to 43 cents in recent premarket trading...
  • Germany Accuses US of Indirectly Manipulating Dollar ( Financial Stability Board)

    10/23/2010 2:40:31 PM PDT · by goldendays · 18 replies · 3+ views ^ | 10/23/2010 | Reuters
    Germany Accuses US of Indirectly Manipulating Dollar By: Reuters German Economy Minister Rainer Bruederle on Saturday took issue with what he called a U.S. policy of increasing liquidity, saying it indirectly manipulated exchange rates. The U.S. Federal Reserve is widely expected to embark on a fresh round of asset purchases to prop up the economy. AP "There was criticism of the American policy of monetary easing, or creating more liquidity," Bruederle said after a meeting in South Korea of finance officials from the Group of 20 economic powers. "I tried to make clear in my contribution to the discussion that...
  • Unions are desperate for a tax-paid pension bailout( unions need a bailout and fast)

    10/19/2010 11:13:59 AM PDT · by goldendays · 34 replies ^ | 10/18/2010 | Mark Hemingway
    When it comes to accounting, the devil is in the details. A new Financial Accounting Standards Board (FASB) rule taking effect in December requires greater transparency for union pension plans and threatens to bankrupt organized labor. In order to survive, unions need a bailout and fast. This presents a political problem -- if unions go bankrupt, so do Democrats. Eleven of the top 20 largest political contributors are labor unions, and nearly all of that money is spent campaigning against Republicans. By bailing out unions, Democrats are bailing out themselves. Unions have known for years that their multiemployer pension plans...
  • Financial Crisis Commission Examining Wachovia/Wells Fargo (Time to ditch?)

    09/01/2010 10:19:51 PM PDT · by Libloather · 24 replies
    Financial Crisis Commission Examining WachoviaSeptember 1, 2010 Rick Rothacker The panel investigating the U.S. financial meltdown will put Charlotte's Wachovia Corp. under the microscope on Wednesday. The Financial Crisis Inquiry Commission on Monday said former Wachovia chief executive Bob Steel will be one of the witnesses at a hearing in Washington. He will be joined by Scott Alvarez, the Federal Reserve System's general counsel, and John Corston, acting deputy director of supervision and consumer protection at the Federal Deposit Insurance Corp. Former Lehman Brothers Holdings Inc. CEO Dick Fuld is slated to testify in an afternoon session. Federal Reserve Chairman...
  • GFC (global financial crisis) possibly a male crisis (Babes, you're on your own)

    09/01/2010 10:02:23 PM PDT · by Libloather · 17 replies
    Money Managment ^ | 9/01/10 | Caroline Munro
    GFC possibly a male crisisBy Caroline Munro 1 September 2010 The global financial crisis (GFC) was perhaps a male crisis that could have had a softer landing if there were more women in the banking and finance sector, according to Italian economist and journalist, Loretta Napoleoni. Napoleoni was a key note speaker at the Women in Banking and Finance annual forum, hosted in Sydney last night by Deutsche Bank, which also included panel speakers NSW Premier Kristina Keneally, Carnival Australia chief executive, Ann Sherry, and journalist and author, Mia Freedman. Napoleoni said the cause of the GFC has been attributed...
  • American Taxpayer, Financial Jihadist

    08/14/2010 8:14:13 AM PDT · by ventanax5 · 11 replies
    National Review ^ | Andrew c. McCarthy
    It is “financial jihad,” explained Yusuf Qaradawi, the Muslim Brotherhood’s sharia compass — and the man Feisal Rauf, the brains behind the proposed Ground Zero mosque, admires as “the most well-known legal authority in the whole Muslim world today.” It was 2002 and Qaradawi, who endorses suicide bombing and the targeting of American personnel operating in Islamic countries, was giving a lecture on the need to use the international financial system to support Islamist goals — like Hamas’s war to destroy Israel. The financial jihad has now achieved its greatest coup so far: It has co-opted the U.S. government as...
  • The Horrific Derivatives Bubble That Could Destroy Entire World Financial System

    08/09/2010 6:07:25 PM PDT · by Errant · 41 replies
    The Market Oracle ^ | 9 Aug, 2010 | Michael Snyder (via Pravda)
    Michael Snyder writes: Today there is a horrific derivatives bubble that threatens to destroy not only the U.S. economy but the entire world financial system as well, but unfortunately the vast majority of people do not understand it. When you say the word "derivatives" to most Americans, they have no idea what you are talking about. In fact, even most members of the U.S. Congress don't really seem to understand them. But you don't have to get into all the technicalities to understand the bigger picture. Basically, derivatives are financial instruments whose value depends upon or is derived from the...
  • Financial crisis commission's report to bring book advance, cut of profit

    08/08/2010 7:27:19 PM PDT · by Nachum · 6 replies
    wapo ^ | 8/8/10 | Jason Horowitz
    The government commission tasked with writing a public report to expose the causes of the financial crisis is keeping the structure of its own publishing deal private. On Aug. 3, the Financial Crisis Inquiry Commission, a presidential body, announced that it had chosen Little, Brown and Co. to publish its final report about the meltdown -- an anticipated and authoritative account pieced together by well-known journalist Matt Cooper. It did not mention, however, that the deal had unusual terms for the publication of a public document, including an agreement by Little, Brown to pay an advance to the government and...
  • Strikes bring storm clouds to Greece

    08/02/2010 4:16:37 PM PDT · by SkyPilot · 43 replies · 7+ views
    FT ^ | 2 Aug 10 | Kerin Hope
    Greece’s olive-clad hillsides and turquoise sea gleam as enticingly as ever under the hot August sun. But the country’s image as a relaxed Mediterranean destination has been taking a beating. Thousands of tourists were stuck beside the hotel pool last week because of a truckers’ strike that shut down petrol stations across the country. The strikes also triggered a wave of last-minute cancellations by Greeks in advance of the August break – the busiest period of the tourist season. “The strike’s been suspended – but the cancellations still stand. It’s turning out to be a very difficult season,” said Yannis...
  • SEC Says New Financial Regulation Law Exempts it From Public Disclosure

    07/28/2010 11:57:04 AM PDT · by goldendays · 15 replies ^ | July 28, 2010 | Dunstan Prial
    SEC Says New Financial Regulation Law Exempts it From Public Disclosure By Dunstan Prial So much for transparency. Under a little-noticed provision of the recently passed financial-reform legislation, the Securities and Exchange Commission no longer has to comply with virtually all requests for information releases from the public, including those filed under the Freedom of Information Act. The law, signed last week by President Obama, exempts the SEC from disclosing records or information derived from "surveillance, risk assessments, or other regulatory and oversight activities." Given that the SEC is a regulatory body, the provision covers almost every action by the...
  • Retirement will be risky for many Americans, study says (All your 401k are belong to them?)

    07/23/2010 7:38:18 PM PDT · by Libloather · 73 replies · 2+ views
    STL Today ^ | 7/21/10 | DAVID NICKLAUS
    Retirement will be risky for many Americans, study saysBY DAVID NICKLAUS Posted: Wednesday, July 21, 2010 1:20 pm More than 40 percent of Americans are at risk of having too little retirement income, a new study by the Employee Benefit Research Institute says. What's more, the oldest workers are the least prepared to quit working. The EBRI says that 47% of early Baby Boomers are at risk of running out of money in retirement, compared with 44.5 percent of Generation Xers. For some people, retirement savings won't last very long at all. Among the lowest-income quarter of the working population,...
  • Battle brews over director for new Consumer Financial Protection Bureau (Algore-"Take care of THIS")

    07/23/2010 8:02:09 PM PDT · by Libloather · 10 replies · 1+ views
    LA Times ^ | 7/22/10 | Jim Puzzanghera
    Battle brews over director for new Consumer Financial Protection BureauThe agency with the power to make rules for credit cards, mortgages and other products is created as Obama signs the financial overhaul law. By Jim Puzzanghera, Los Angeles Times July 22, 2010 Reporting from Washington — President Obama reversed decades of lax oversight of the financial industry Wednesday by signing a landmark overhaul of regulations, but he still faces a major task — appointing a director for the powerful new agency charged with protecting consumers from unscrupulous deals.
  • Financial Follies

    07/22/2010 6:54:46 AM PDT · by pgyanke · 1+ views ^ | 7/18/2010 | Chuck Jaffe
    Financial follies Commentary: Wall Street reform does nothing for Main StreetBy Chuck Jaffe, MarketWatch BOSTON (MarketWatch) -- It took Congress about 2,400 pages to document its plan for reforming America's financial system, but the appropriate reaction for the nation's consumers can be summed up in just three words: Thanks for nothing. The Dodd-Frank Wall Street Reform and Consumer Protection Act is a big sham, and all of the back-slapping and spin-doctoring that will hail it as a grand success as it gets signed into law is pure hogwash. If the premise of this legislative exercise was to promote substantive change...
  • Bankrupt Studies Should Disqualify Warren As Consumer Cop

    07/16/2010 12:49:18 PM PDT · by Slyscribe · 11 replies · 1+ views
    IBD's Capital Hill ^ | 7/16/2010 | David Hogberg
    White House senior adviser David Axelrod told reporters Friday that Harvard Law professor Elizabeth Warren is a candidate to head the Consumer Financial Protection Bureau created in the recently passed financial reform legislation. Warren, who currently heads the TARP congressional oversight panel, was one of the first to propose such a bureau. But making Warren the consumer finance protection cop is a bad idea. She has been more than willing to produce research on consumer finances that is shoddy at best and dishonest at worst.
  • Congress acts, but bank bill has work ahead - you fill in the blanks

    07/16/2010 12:33:52 PM PDT · by Ghblog ^ | 7/16/2010 | ghblog
    In this series I choose a current news article and you decide via a multiple choice format which terms were used and whether others would have been more accurate……. WASHINGTON — In the end, it’s only a beginning. The __________ (comprehensive, far-reaching, power grabbing, socialist) new banking and consumer protection bill awaiting President Barack Obama’s signature now shifts from the politicians to the technocrats. The legislation gives regulators __________( latitude, unlimited power, control, plenty of campaign contributions) and time to come up with new rules, requires scores of studies and, in some instances, depends on international __________ (approval, loans, agreements,...