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Wall Street Plays Hardball

Tue, 24 Nov 2009 00:00:00 -0800

Business Week - By Theo Francis - Nov. 24 (Special Report) - Across the nation, local governments and related public entities, already reeling from the recession, face another fiscal crisis: billions of dollars in fees owed to UBS, Goldman Sachs (GS), and other financial giants on investment deals gone wrong.

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Fed under fire as public anger mounts

Mon, 23 Nov 2009 00:00:00 -0800

Associated Press - By Tom Raum - Nov. 23 (News Analysis) - Suddenly the Federal Reserve is everybody's punching bag. Strip the Fed of its bank regulation powers, some in Congress are demanding. Get probing audits of its behind-the-scenes operations, others say. The chairman of the Federal Reserve Board is always fair game for criticism and second-guessing, usually over interest rate actions. But this year the criticism is much broader as Congress responds to widespread public anger that the Fed bailed out Wall Street but not ordinary Americans, and with unemployment in double digits.

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Danger lies in threat to Fed independence

Thu, 19 Nov 2009 00:00:00 -0800

Washington Post - By Alan Blinder - Nov. 19 (Special Report) - H.R. 1207 seems innocuous enough. The overall question it raises sounds fair: After all, why should the Fed be immune from audit?

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House Proposal Would Allow Feds To Break Up Biggest Banks

Wed, 18 Nov 2009 00:00:00 -0800

Huffington Post - By Shahien Nasiripour - Nov. 18 (News Report) - A key House Democrat released on Wednesday his much-awaited proposal to end "too big to fail": Let the federal government break them apart. Paul Kanjorski's amendment would give federal regulators the authority to force the country's biggest financial firms or those that pose the biggest risk to the financial system to sell assets or entire divisions.

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GOP Blocks Freeze On Credit Card Interest Rate Hikes

Wed, 18 Nov 2009 00:00:00 -0800

Huffington Post - By Ryan Grim - Nov. 18 (News) - Senate Republicans blocked a Democratic effort Wednesday to immediately freeze increases in credit card interest rates, fees and finance charges. Shortly after Democrats passed credit card reform legislation in May, the card companies began jacking up rates in advance of its implementation. Major parts of the act won't take effect until February and August of 2010. Earlier this month, to combat the rate hikes, the House passed legislation to move the effective date up to December 1st. The Senate moves much more slowly

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