Law Legislation

  • american_bank.jpg

    New financial services regulations will be so disastrous that Congress will need to repeal them to undo the damage they will cause, banking analyst Dick Bove said Monday.

  • A sign warns the public away from the beach on Grand Isle, Louisiana. With oil covering many of the beaches, officials closed them to the public indefinitely on Saturday. Officials now say that it may be impossible to clean the coastal wetlands affected by the massive oil spill that continues gushing in the Gulf of Mexico.

    BP deserves acknowledgement for the claims it has made to date to the Gulf of Mexico region and its residents and its agreement last week with the government to pay out some $20 billion, Ken Feinberg, BP escrow account administrator, told CNBC Monday.

  • Former U.S. Federal Reserve Chairman Paul Volcker

    Industry lobbyists — and sympathetic members of Congress — are pushing for provisions to undercut a central pillar of the financial reform legislation, known as the Volcker Rule, which would forbid banks from using their own money to make risky wagers on the market and would force them to sell off hedge funds and private equity units. The NYT reports.

  • Vikram Pandit

    Running derivatives through clearinghouses, part of the proposed financial regulations reforms now in Congress, will make them more secure and eventually may pump up their volume, Vikram Pandit, CEO of Citigroup told CNBC Friday.

  • James Mulva

    The public, both the American and those throughout the world, will demand greater regulation of the oil industry in light of the BP  Gulf of Mexico spill, James Mulva, chairman and CEO of industry giant ConocoPhillips,  told CNBC Friday.

  • A dead fish coated in heavy oil floats near shore June 4, 2010 near East Grand Terre Island, Louisiana.

    Facilities, by a company called Ecospshere Technologies, could be put in place within days to help lessen the damage of the BP Gulf oil spill and capture the oil for later processing, Jean-Michel Cousteau, president and founder of the Ocean Futures Society, told CNBC Thursday.

  • Construction Highway

    The Buy America Bonds (BABS) program needs to be deep-sixed, political consultant Paul Equale told CNBC Wednesday, because banks selling bonds to municipalities and states are now advising investors on how they can profit should the governments default on their commitments.

  • The Collins amendment, requiring fixed capital ratios for some banks, to the financial regulations reform bill isn’t needed, the Robert Kelly, the CEO and chairman of Bank of New York Mellon , told CNBC Wednesday.

  • Silicone Chip

    The Obama Administration is waging a silent, unwise war on high-tech, hell-bent on taming a few targets to bolster a get-tough image. The feds’ enmity toward what we’re best at—technology and making money on it—threatens our long-term economic recovery.

  • divorce

    The State Senate on Tuesday, clearing aside decades of opposition, put New York on a course to adopt no-fault divorce. The NYT reports.

  • Sen. Richard Lugar (L) and Sen. Lindsey Graham (R) talk to reporters about Lugar's new "Practical Energy and Climate Plan" legislation.

    There once was a time when the government relied on a very blunt way of regulating the economy. But then came the market revolution of the last three decades. We've now come full cirlce, says the New York Times.

  • There are times when stimulus is the only way to go – as the Chinese clearly realized a year and a half ago. They stimulated their economy by about 2-1/2 times the amount that the U.S. stimulated, as a percentage of GDP. Now China has a strong economy and the U.S. is growing modestly – in part because we stimulated too timidly.

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    Carl-Henric Svanberg got a summons to the White House to answer President Obama’s questions about the spill. The NYT reports.

  • Government Regulation

    Banks yesterday won an important victory over the part of the financial reform package they most feared—and almost no one noticed.

  • Paul Volker

    The United States government should not stand behind banks that mix up their trading activities with their banking activities, former Fed Chairman Paul Volcker told CNBC Monday.

  • Greenpeace marine biologist Paul Horsman shows oil collected from a jetti at the mouth of the Mississippi River near Venice, Louisiana. BP announced today that it is successfully siphoning off 1,000 barrels of oil per day from the Deepwater Horizon oil rig that exploded and sank to the bottom of the Gulf of Mexico.

    Lawyers are using tactics such as radio and TV ads to sign up clients to sue BP, reports the NYT.

  • Dell

    Dell said on Thursday that it was in talks with the Securities and Exchange Commission to resolve allegations that it and its founder and chief executive, Michael S. Dell, engaged in financial irregularities related to the company’s dealings with Intel.

  • capitol_building_3_200.jpg

    In the absence of congressional action on climate change, the Senate is heading toward a much-watched vote on whether the Obama administration should be allowed to go ahead with regulations curtailing greenhouse gas emissions from power plants and other major polluters.

  • The likely final version of the financial regulation bill, if passed into law, will cause a credit crunch and stunt economic growth, primarily because of the derivative language in the bill, Sen. Judd Gregg, Rep.-NH, told CNBC Thursday.

  • Doctor holding test tube

    Thousands of researchers presented studies at the recent cancer forum, but none more significant than those for patients with advanced melanoma.