CNBC's Kate Kelly reports that Henry Paulson's umbrella funds are down significantly through December.» Read More
The economy will continue to grow over the next few years, though unemployment will remain high and inflation tame, so there's "no urgent need" for the Federal Reverse to change its low-interest rate policy, Chicago Fed President Charles Evans told CNBC
“There's all this frustration about the bailout, the money, the Fed being asleep at the switch too long, so it's coming out as Bernanke bashing,” says one Washington observer.
Andrew Ross Sorkin says so. Cramer talks Wall Street meltdown with the author of “Too Big to Fail.”
'Over the last year, the federal government has injected over $200 billion into approximately 600 financial institutions, and guaranteed over $300 billion of their troubled assets. Given the rapidly rising US budget deficit, what was the justification for such large bailouts, and what should be the rationale for bailouts in future financial crises?,' writes Pozen.
A year after the roughest stretch for the U.S. economy since the Great Depression, these financial titans have either stepped out of the spotlight or come to the end of their careers.
In the summer of 2008, two months before Lehman Brothers filed for bankruptcy, Richard S. Fuld Jr., the firm's chairman, was continuing his desperate efforts to find a lifeline. They had begun in March, shortly after the demise of Bear Stearns, when Mr. Fuld called the legendary investor Warren E. Buffett seeking a capital infusion, to no avail. Lehman had raised money elsewhere, but that didn't help for long, and its condition again was worsening.
One year after Lehman Brothers’ failure, former employees remain haunted and confounded by the event. “It wasn't Lehman's employees who failed; it was the leadership,” says one ex- senior manager.
As we approach the anniversary of some of the most cataclysmic failures in our economic history, we appear to be in perhaps no better position to manage the failure of an investment bank, a hedge fund or an insurance company than we were before.
Sovereign fund Korea Development Bank confirms it is talks with Lehman Brothers about acquiring a stake and Fitch cuts it ratings on preferred shares of Fannie Mae and Freddie Mac over concerns about their access to capital.
Since it’s the anniversary of “Very Bad Things Happening Quickly”, I thought I’d point out a few: Lehman, Fannie Mae, Freddie Mac, AIG, and Primary Reserve Fund. This is the time when the Federal Reserve and the US Treasury decided to break the glass and get out the axe for the financial fire that was engulfing the world.
With bad home mortgages on the back burner, the big threat to the economy is now believed to be troubled credit card, commercial real estate and commercial industrial debt.
Fed Chairman Ben Bernanke tells Congress he didn't pressure BofA into acquiring Merrill Lynch in a deal that cost taxpayers $20 billion.
Speaking near Albuquerque, New Mexico, at a town-hall meeting on Thursday, Pres. Obama said the federal debt load is unsustainable and warned of skyrocketing interest rates. He neglected to say that his massive spending-and-borrowing policies are directly causing this problem.
"This book will be my account of our challenges as first responders in dealing with a once- or twice-in-100 years global credit crisis, armed with imperfect information and limited powers," says Henry Paulson about the book he is planning to write for the Fall.
Wall Street found its voice today, after months of stewing in silence as pundits and politicians pelted the financial industry with withering criticism, punitive salary caps and pious second-guessing.
Dallas Mavericks owner Mark Cuban was celebrating last night as "Man on Wire" won an Oscar last night. Cuban's Magnolia Home Entertainment will release the documentary on DVD. But we're loving what Cuban has done on his blog.
I do want to believe that in this country, that has given birth to some of the greatest capitalists and free enterprise minds on the planet, that there are people out there who want to do more than just carp at TARP and hunker down on the sidelines until the storm passes. I want to believe that there are people in finance and business who genuinely want to step up and help rebuild our national confidence.
If this recession has you so mad you just want to shake someone, check out this new line of stress-busting dolls called "Squeeze the Banker," that lets you hold them accountable — literally! Collect the whole set: Paulson, Bernanke and Greenspan. Plus, more stress-busting outlets.
Treasury Secretary Timothy Geithner is no Hank Paulson when it comes to his personal finances.
Even before they have settled into their new jobs, President Obama’s economic team faces an acute crisis in the nation’s banking system that has no easy answers and that they are not yet prepared to address, the New York Times reported.