It’s simplistic, cynical and disingenuous to conclude that President Obama announced a set of controversial proposals to crack down on big banks simply to divert attention from the Democrats senatorial defeat in Massachusetts and his declining poll ratings.
President Obama wants to cut down to size those too-big-to-fail banks. But his vow on Thursday to rewrite the rules of Wall Street left many questions unanswered, the New York Times reports, including the big one: Would this really prevent another financial crisis?
Had the White House not provided the market with a negative catalyst, would something else have taken markets lower?
Rep. Barney Frank, chairman of the House Financial Services Committee, told CNBC Thursday that he supports President Obama's proposed banking curbs but that they should be implemented over a longer time frame of "three to five years."
The Supreme Court struck down Thursday long-standing limits on corporate spending in U.S. political campaigns, such as this year's congressional races and the 2012 presidential contest.
Introducing legislation separating investment banks from commercial banks would be a "boon" for shareholders, despite banks' opposition, Richard Bove, banking analyst at Rochdale Securities, told CNBC Thursday.
Federal regulators have closed a wrinkle that has allowed cable TV operators to withhold sporting events and other popular programming that they own from satellite companies and other rivals.
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President Barack Obama on Wednesday ordered a new crackdown on federal contractors who don't pay their taxes.
Layers of money managers that don't bear the brunt of losses but walk away with big payouts when things go well have turned the US economy to a type of "ersatz capitalism," Joseph Stiglitz, Columbia University professor and Nobel laureate, told CNBC Tuesday.
Is it possible that shareholders will finally get a reliable view of what the bosses are getting paid? And that it will come this spring?
Whereas the global regulatory and political powers-that-be made a good job of feigning coordination in their collective panic-button-pushing stimulus at the height of the financial crisis, it seems that it’s everyone for themselves in the scramble to punish the perceived perpetrators.
President Obama's proposed bank tax will not damage the economy and is a fair way to reimburse taxpayers for the Wall Street bailout, Treasury Secretary Timothy Geithner told CNBC.
A year after its controversial takeover of Merrill Lynch, Bank of America is discussing settling a troublesome state inquiry into the star-crossed deal and the billions of dollars in bonuses that Merrill hurriedly paid its employees, the New York Times reported.
A group of investors in Allen Stanford's alleged Ponzi scheme are demanding a powerful Texas congressman give them the same kind of support he showed Stanford when regulators shut down the alleged scam in February.
A federal judge has denied an emergency request by attorneys for indicted billionaire Allen Stanford to free their client on bail.
The nuclear power industry is about to get a big boost. In the next few days, the Energy Department plans to announce the first of $18.5 billion in loan guarantees for building new reactors.
In Nevada and other states hit hard by the housing crisis, stripping fixtures and appliances from homes in foreclosure has become commonplace. Craigslist, the Web site for classified ads, functions as a bazaar where stripped items are sold openly.
Attorneys for accused Ponzi schemer Allen Stanford—who has been in custody without bail since his indictment in June—say their client is in danger of a "complete nervous breakdown," so they are again asking a federal judge to let him go free on bail.
President Barack Obama said on Tuesday the White House will seek to cut bureaucratic restrictions so that local lenders can help businesses seize "enormous opportunities" for growth.