financial crisis

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Supreme Court to the Fed: Release Dirt on '08 Crisis Loans

Banks sought to block details from media

(Newser) - The Federal Reserve will release information on several emergency loans it made to prominent banks when the financial crisis struck in 2008, CNNMoney reports. Bloomberg News initially filed a lawsuit against the Fed in an attempt to gain details on the loans; the Fed declined the request due to "...

FDIC's Failed Bank Tab: $9B
 FDIC's Failed  
 Bank Tab: $9B 
Mar 17, 2011 10:08 AM CDT

FDIC's Failed Bank Tab: $9B

But officials and execs cite successful effort to battle bad loans

(Newser) - The 165 banks that toppled like dominoes in the financial crisis have stuck the FDIC with a hefty tab to the tune of $9 billion, the Wall Street Journal reports. Regulators have helped shoulder the burden of bad assets and loans at the failed banks; the loss-sharing agreements encouraged healthier...

Very Quietly, GOP Looks to Repeal Financial Reform

But Dodd-Frank law is more popular with public than health care

(Newser) - When House Republicans began efforts to repeal Obamacare, they did so with much fanfare. Not so for their efforts to repeal another major Obama effort: the financial reform Dodd-Frank law. Republicans quietly took the first step toward repeal yesterday, introducing the first five bills targeting Dodd-Frank at a lightly attended...

Long Banks' Worst Enemy, Warren Now Courts Them

'She's listening' as she sets up Consumer Financial Protection Bureau

(Newser) - Elizabeth Warren is the longtime bane of the banking industry's existence, but as she prepares the new Consumer Financial Protection Bureau, the woman who once slammed Wall Street's finest as "the people who drove the car off the cliff" is now killing them with kindness. In many cases, they’...

California to Dole Out $2B in Homeowner Help

...If banks will get on board

(Newser) - California has launched a $2 billion program designed to help struggling homeowners keep their houses. The program will be paid for by federal funds originally intended to help rescue the financial system in 2008, the LA Times reports, and could prevent some 95,000 foreclosures—if the state can get...

Banks Phasing Out Free Checking Accounts

Trend of the 1990s falls victim to new banking environment

(Newser) - The days of free checking accounts are numbered for many bank customers around the country, reports the Los Angeles Times . New rules that make it harder for banks to impose various fees mean they need to pull in money from elsewhere, so those free accounts are being phased out. Generally...

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian...

Investors Sue Countrywide Over 'Massive Fraud'

Their triple-A-rated securities are now junk, they claim

(Newser) - Investors are suing Bank of America’s Countrywide mortgage unit, claiming they were fraudulently led into purchasing supposedly triple-A-rated mortgage-backed securities that turned out to be junk. Between 2005 and 2007, the investors bought hundreds of millions of dollars of securities that were supposed to be “conservative” and “...

Inquiry Concludes: Financial Crisis Was Avoidable

Report blames mismanagement, poor regulation, excess risk

(Newser) - Corporate mismanagement, excessive risk-taking by Wall Street, and inadequate government regulation caused the 2008 financial crisis, according to a 576-page report by the Financial Crisis Inquiry Commission, due to be released today. The report blames policies by both the Clinton and Bush administrations, Fed chairmen Alan Greenspan and Ben Bernanke,...

Feds Ready to Prosecute in Financial Meltdown

Inquiry panel will name names on Thursday

(Newser) - It might finally be time to pay for a handful of Wall Streeters, as the Financial Crisis Inquiry Commission prepares to name names for possible prosecution, insiders tell the Huffington Post . The panel, which will release three separate reports on Thursday, is turning several cases over to state and federal...

10 Companies That'll Be Dead by 2012

Even household names like Sara Lee unlikely to survive

(Newser) - The economic crisis can be blamed for the death of quite a few large companies already—think Circuit City, Northwest Airlines, and Countrywide—so which ones can we expect to go bye-bye this year? Here are 10 American companies that seem unlikely to survive, from 24/7 Wall St. via Daily...

Volcker to Join White House Exodus
Volcker to Join
White House Exodus
Jan 6, 2011 7:01 AM CST

Volcker to Join White House Exodus

Economic titan leaves mixed legacy, will continue to advise

(Newser) - Economic heavyweight Paul Volcker is adding his name to the list of advisers leaving the White House this month, reports Reuters. The 83-year-old architect of the Volcker Rule will no longer head up the President's Economic Recovery Advisory Board , but has indicated that he'll continue to advise President Obama as...

AIG's Stock Up 97%: Success Story of the Year?

Insurer has shot up 97% in 2010

(Newser) - Don’t look now, but financial crisis punchline AIG has had a monster year on the market, with its stock soaring 97% to $58.93. Of that, 42% was gained in December alone. That makes the insurer the fourth-best performer on the S&P 500 this year, and puts the...

Fraud Charges Loom for Ernst & Young

Accounting firm helped Lehman Brothers cook the books, prosecutors allege

(Newser) - Ernst & Young is poised to become the first major accounting firm charged for having a hand in the financial crisis. New York prosecutors are planning to file civil fraud charges against the firm for the role it allegedly played in the collapse of Lehman Brothers, one of its biggest...

Financial Crisis Panel Breaks Along Party Lines

Republicans dissent, place more blame on government

(Newser) - Republicans on the bipartisan Financial Crisis Inquiry Commission have broken from their Democratic colleagues to release a document placing more blame on the government for the 2008 catastrophe. The commission has split clearly along partisan lines, the New York Times reports, with Democrats placing the preponderance of the blame on...

Next Financial Crisis: Collapse of States, Cities

Mounting debt, accounting tricks could set up bust among municipalities

(Newser) - Several US states and cities are sitting on fiscal time bombs that could send the country careening into a domestic version of the EU debt crisis, financial experts warn. Pushed to the brink by the downturn, state and local governments are riding trillions of dollars’ worth of debt—much of...

Fed Dished $3T in Aid to Foreign Banks

Other beneficiaries included ... Verizon, Harley-Davidson?

(Newser) - The beneficiaries of the Federal Reserve's $3.3 trillion in emergency programs during the financial crisis aren't names you'd expect to see: Foreign banks including UBS and Barclays ranked among the biggest borrowers under the Commercial Paper Funding Facility, sparking more debate over the central bank's role, Bloomberg reports. A...

As Crises Spread, Europe Scrambles for an Answer
As Crises Spread, Europe Scrambles for an Answer
analysis
Dec 1, 2010 10:04 AM CST

As Crises Spread, Europe Scrambles for an Answer

Even healthier countries now feeling pinch

(Newser) - Financial crises in Greece, Ireland, and Portugal have stoked fears for Italy, Belgium, and the more robust Germany as Europe struggles to find a solution, the New York Times reports. Worry that Germany may have to pay the brunt of bailout costs have prompted the sale of its debt; investor...

EU Agrees to Ireland Bailout
 EU Agrees to Ireland Bailout 
UPDATED
Nov 21, 2010 2:56 PM CST

EU Agrees to Ireland Bailout

'Tens of billions' will shore up foundering banks

(Newser) - Ireland officially hit the EU up for a loan today, after weeks of denying its debt-ridden banks needed a bailout. European Union finance ministers quickly agreed to the bailout, saying it "is warranted to safeguard financial stability in the EU and euro area." The amount remains to be...

Dear Uncle Sam: Thanks
 Dear Uncle Sam: 
 Thanks 
WARREN BUFFETT
Nov 17, 2010 8:28 AM CST

Dear Uncle Sam: Thanks

Only you could have saved us from financial meltdown: Warren Buffett

(Newser) - Sure, it's all the rage to curse big government, government spending, government in general, but there's one guy who's thankful for it—and his name happens to be Warren Buffett. Writing a thank-you letter disguised as an op-ed for the New York Times, Buffett praises Uncle Sam's intervention in the...

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