The U.S. Chamber of Commerce and the Business Roundtable sued the Securities and Exchange Commission Wednesday over its rule giving shareholders an easier way to influence corporate boards. Get the full story »
Filed under: Policy
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Quinn to use state cash to keep jobs program
Despite the state’s financial woes, Gov. Pat Quinn today said he would pump about $75 million into a jobs program to keep it alive through the end of November.
Bill on outsourced jobs fails Senate test
As expected, a Senate bill designed to end tax breaks for U.S. companies that move jobs and manufacturing plants overseas failed a key test vote Tuesday.
With a 53-45 vote, Senate Republicans blocked a Democratic efforts to end debate and ultimately vote on a “jobs” bill. Get the full story »
Lawmaker eyes late-year Senate vote on yuan
The Senate is unlikely to vote on legislation to pressure China to raise the value of its currency until after the November 2 congressional elections, a Democratic senator said on Tuesday. Get the full story »
$7 billion-asset Warrenville credit union seized
A $7 billion-asset Warrenville credit union that suffered massive losses in mortgage-backed securities was one of three critically undercapitalized institutions seized Friday by the U.S. government.
Members United Corporate Federal Credit Union was one of three “wholesale,” or “corporate,” credit unions put into conservatorship by the National Credit Union Administration. Get the full story »
Bernanke: Policy has not delivered robust recovery
Federal Reserve Chairman Ben Bernanke acknowledged the economics profession has a lot to answer for after the financial crisis of 2007-2009, including why economists have been unable so far to engineer a healthy recovery. Get the full story »
Fed official: Limit central bank’s emergency powers
It’s something you don’t often hear from turf-conscious policymakers: Go ahead, curb our power. But that’s essentially what Charles Plosser, president of the Federal Reserve Bank of Philadelphia, made a case for Friday in remarks to a central banking conference in Zurich, Switzerland.
Paul Volcker presses for a more diligent Fed
Former Federal Reserve chairman Paul Volcker told international banking regulators gathered in Chicago today that the “financial system is broken,” and said more oversight is needed from governments nationally and internationally.
Sep. 22, 2010 at 11:50 a.m.
Filed under: Banking, Investigations, Investing, Policy, Politics, Regulations SEC watchdog: Timing of Goldman case ’suspicious’
Goldman Sachs chairman and CEO Lloyd Blankfein at the Senate hearing on the role of investment banks during the financial crisis, Apr. 27, 2010. (Olivier Douliery/Abaca Press/MCT)
The timing of the Securities and Exchange Commission’s case against Goldman Sachs Group Inc. was “suspicious,” the federal regulator’s watchdog said Wednesday.
The SEC filed civil fraud charges against Goldman in mid-April, the same day the watchdog group released a damning report that accused the SEC of mishandling its probe of Allen Stanford’s alleged Ponzi scheme.
The report, authored by SEC Inspector General David Kotz, said the SEC had suspected as early as 1997 that Stanford was running a Ponzi scheme, but did nothing to stop it until late 2005. Get the full story »
Summers to leave White House adviser post
President Barack Obama’s top economic adviser, Lawrence Summers, plans to leave the White House at the end of the year, a move that comes as the administration struggles to show an anxious public it’s making progress on the economy.
Key Senator wants to reopen Wall Street bill
Republicans will reopen the broad Wall Street reform law and overhaul the newly created consumer protection bureau if they regain control of Congress after the November elections, a leading lawmaker said on Monday. Get the full story »
Obama chooses Warren to launch consumer bureau
President Barack Obama and Elizabeth Warren on Sept. 17, 2010. (AP Photo/Susan Walsh)
Harvard law professor Elizabeth Warren, appointed Friday to launch the new Consumer Financial Protection Bureau, likely won’t be the agency’s first official director, but she will have a major say in who gets the powerful job.
Warren also will have a broader portfolio of duties, advising President Obama on “policies and programs that are designed to protect the financial interests of middle-class families,” the White House said.
Senate passes small business credit measure
The Senate has passed a bill to create a $30 billion U.S. government fund to help open lending for credit-starved small businesses, cut their taxes and boost federal loan programs for them. The 61-38 tally rewards President Barack Obama and his Democratic allies in Congress Hill with a long-sought victory and sets the stage for a final vote in the House, which is likely to approve it for Obama’s signature.
