Free Republic

Ride-on lawn mower manufacturer Cox Industries might only employ 60 people today from 160 a decade ago, and has suffered three break-even years because it hasn’t rained enough, but co-owner Ken McColl says the Australian economy still can’t afford businesses like his to disappear. “We have 400 separate suppliers, almost all of them local small businesses,” McColl tells BRW from Cox’s 20,000 sqm factory headquarters at Acacia Ridge, Queensland. “From the makers of a specialist washer, to the electricians and plumbers and maintenance people here at the factory. I’m not even counting our bank, insurer or sandwich shop around the...

WASHINGTON — President Barack Obama intends to nominate Rep. Melvin Watt to head the Federal Housing Finance Agency, the government regulator that oversees lending giants Fannie Mae and Freddie Mac, a White House official said Tuesday. If confirmed by the Senate, Watt, D-N.C., a 20-year veteran of the House, would replace Edward DeMarco, an appointee of President George W. Bush who has been a target of housing advocates, liberal groups and Democratic lawmakers. snip The president was expected to name Watt on Wednesday, according to the official, who spoke on condition of anonymity ahead of the announcement. Watt’s nomination comes...

President Obama will nominate Rep. Mel Watt (D-NC) today to be the Director of the Federal Finance Housing Finance Agency (FHFA). Many have called for the firing of the agency’s current director, Ed DeMarco. DeMarco has headed the agency since 2009 and was a Bush appointee. Watt’s nomination is subject to Senate confirmation. Watt played a key role in the he Dodd–Frank Wall Street Reform and Consumer Protection Act that is now law and has been an advocte for minority lending institutions. Watt is 67 and a graduate of Yale Law School. He has served in Congress since 1993 and...

Former Bank of America executive seeks millions CHARLOTTE, N.C. --Bank of America Corp. on Wednesday denied allegations of financial wrongdoing by a former executive who claims he was dismissed for whistleblowing on questionable practices at the bank. The Wall Street Journal reported Wednesday that former Bank of America executive Duncan Goldie-Morrison is seeking $7.3 million plus damages. The paper said Goldie-Morrison filed claims Tuesday with the National Association of Securities Dealers, which handles disputes in the securities industry. Goldie-Morrison also accused Bank of America of inappropriately ordering executives to make charitable and political contributions, the paper reported. Goldie-Morrison was...