Hedge fund managers are fuming at new political rhetoric against them and their huge paydays.» Read More
There's a battle brewing in Washington that could impact the way you spend your money. I'm talking about how you use your debit card.
Nestled in the 2300 plus page financial reform was "The Durbin Amendment" which sets a price on "interchange fees"—the amount a bank charges a retailer everytime a consumer uses a debit card for a transaction. Visa and MasterCard , control 80 percent of the debit market and they set the debit interchange fee rates.
The Durbin Amendment would put a cap on interchange fees. In response to the amendment, some banks lare limiting the dollar amounts of debit card purchases or raising other feesto make up for the amount of money they are losing on a transaction.
I decided to speak with Senator Bob Corker \(R-TN\) who recently introduced a bill that would slow down the implementation of the Durbin Amendment, which is set to take effect on April 21.
Before President Obama leaves for Rio, he'll be reading a letter signed by 20 Governors calling on the President for more energy options.
It lays out the Governor's concerns over the EPA's policy and regulatory initiatives saying these regulations will "within the next five years which will significantly impact the energy industry, increase burdensome costs to consumers, and hurt the competitiveness of U.S. manufacturers."
In addition to their grievances with the EPA regulations and policies, the governors also added it is too early for the Administration to be tapping into the Strategic Petroleum Reserves saying "The SPR should only be tapped when we face both international crisis and domestic decline in resource capacity. We have not yet reached this point."
With all this focus on energy, I decided to ask Michael Whatley Vice President, Consumer Energy Alliance \(CEA\) on what is needed to not only stabilize energy prices and reduce our dependence off of foreign oil.
As cotton prices surge, companies are trying harder to duplicate the feel of the commodity with cheaper, durable fabrics.
The latest: Naturally Advanced Technologies.
When a senator leaves office, the lobbyists who once worked on the officeholder's staff lose about a quarter of their income, according to a new study from three economists at the London School of Economics .
Whenever Wall Street gets news it expected the risk is always for a selloff, as traders generally price in the development ahead of time and then take profits.
That wasn’t the case, though, with the bank dividend announcements Friday, with investors cheered that some of Wall Street’s biggest names that had been on the hook to the government now will be able to start returning money to shareholders.
Sad news. David Rosenberg's daily letter "Breakfast With Dave" is going to a paid model. We'll miss him.
The best and the brightest young business minds in America are once again flocking to Wall Street—and tripping an offbeat alarm bell for the markets along the way.
More Harvard M.B.A. graduates took jobs on Wall Street last year than the previous year, when the financial sector was still reeling from the crisis of 2008. Thirty-one percent the class of 2010 took jobs in “market sensitive” positions in the financial sector.
The Fed’s bank stress tests long have been thought of as little more than a pro forma exercise to let Wall Street’s lucky and leveraged start to increase dividend payouts, but the lists of winners and losers could get interesting.
While at least four of the 19 banks that were tested under the new Basel III rules were considered lead-pipe cinches for approval, others were on the bubble. Results are expected to come today.