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The House Financial Services Committee has voted to pull the curtain on the normally secretive Federal Reserve by subjecting the nation's central bank to a sweeping congressional audit.
E-Trade Financial Corp. shares surged late Wednesday after media reports fed speculation that rival online broker TD Ameritrade Holding Corp. could make a bid for the company.
The Principal Financial Group Inc. said Tuesday its president of insurance and financial services will retire at the end of this year.
Taking aim at Wall Street and the U.S. central bank, an important House committee voted Thursday to assess fees on large financial firms to pay for the failure of their peers and to require a sweeping congressional audit of the secretive Federal Reserve.
As Congress crafts legislation to impose new oversight on complex instruments blamed for hastening the financial crisis, a major sticking point has emerged over companies that use the derivatives to hedge risk.
Shares of Ambac Financial Group Inc. plunged 33 percent Tuesday after the embattled bond insurer said it may be forced to file for bankruptcy protection if it cannot improve its cash position.
Prudential Financial Inc., an insurance and investment company, on Wednesday posted its second straight quarterly profit, buoyed by market gains and strong sales of its investment products.
Senate Democrats on Tuesday proposed stripping the Federal Reserve of its supervisory powers and creating instead three new federal agencies to police banks, protect consumers and dismantle failing institutions.
The Hartford Financial Services Group on Tuesday posted a much narrower loss for the third quarter, as its investment losses shrank as financial markets improved.
E-Trade Financial Corp. withdrew its application to obtain money from the government's $700 billion financial bailout program launched last fall, according to a regulatory filing.
Principal Financial Group Inc. said Monday net profit rose for the third quarter to the best result in two years as it saw investment losses improve.
CNA Financial Corp. said Monday that declining catastrophe losses and impairment charges helped improve its profitability in the third quarter.
Federal regulators may establish a consolidated surveillance system for all markets as trading platforms rapidly proliferate and often cater to selected wealthy investors.
The House Financial Services Committee has voted to give federal regulators more power and money to police major players in the stock market.
President Barack Obama is cheering an effort to rein in large financial firms. He says proposed legislation in the House would let government take down failing institutions and make taxpayers whole.
Online brokerage E-Trade Financial Corp. on Tuesday said its loss widened in the third quarter in large part because of a hefty charge it took to shore up its capital position.
Among the earnings stories for Monday, Oct. 26, from AP Financial News:
Capmark Financial Group, one of the nation's largest commercial real estate lenders, has filed for bankruptcy protection amid mounting bad debt.
Take a hard look now. A new agency that consumers were promised would make bankers, credit card companies and mortgage lenders treat them fairly will never look as strong again.
Chrysler Financial, once the exclusive lending arm of the storied automaker, will liquidate and go out of business by Dec. 31, 2011, according to a letter from the U.S. Treasury Department.
The House Financial Services Committee has voted to speed up the enactment of tough new credit card rules from mid-February of next year to Dec. 1 of this year.
Shares of PNC Financial Services Group Inc. soared Thursday after the nation's fifth largest bank said its profit grew sharply during the third quarter, even as loan losses rose.
Legislation to regulate for the first time globally traded derivatives, the complex instruments that helped touch off the financial crisis, moved closer to House enactment Wednesday.
Highlights of legislation approved by the House Financial Services Committee to create a Consumer Financial Protection Agency, or CFPA:
The House Financial Services Committee has voted to set new rules for credit rating agencies, which lawmakers say misled investors by giving high marks to risky securities tied to subprime mortgages.
As pensions dried up, four firms paid top execs $49.5M The Government Accountability Office (GAO) reports that pensions at the companies, United Airlines, US Airways, Polaroid and Reliance Insurance, were underfunded by more than $11 billion when the companies turned them over to a government-backed insurance fund.
3 things that could kill bank reformThis week, the House and Senate will hammer out legislation to avoid another financial collapse. Here are a couple of key conflicts that could stand in the way of progress.
How To Catch A FraudWhen former HealthSouth Chief Executive Richard Scrushy was being tried on fraud charges in 2005, federal prosecutors asked why he wasn't alarmed by the fact that the company's sales were increasing while the number of its facilities was decreasing.
Paterson Paints Grim Picture of N.Y. Budget CrisisNew York Gov. David A. Paterson took the rare step Monday afternoon of addressing a joint session of the Legislature during its traditional off-season and used the speech to underscore the increasing grimness of New York's financial outlook. Mr.
"There is not a single successful regulator giving him (President Obama) advice" William Black ( government lawyer in the 1980's, helped secure more than 1000 felony convictions resulting from the S&L scandal ) _______________________________________
BBC NEWS | South Asia | 'Fashion Week' first for PakistanPakistan is hosting its first ever fashion week in the city of Karachi against a backdrop of heavy security. Around 30 Pakistani designers are taking part in the event which ends on Saturday.
Economy is still shedding jobs and people are asking Obama to fix it. Folks, there is not much Obama can do about it. Government does not have a magic stick to swing and change the world. We have borrowed for 50 years and spent and inflated prices and salaries along with it.
Wiccan Employee Files Sexual Religious Discrimination Lawsuit Against GoogleAmerican Express was one of these Corporate discriminators as well against several Wiccans. None of those tech workers in Phoenix sued, although they did engage the EEOC. We were given the the authenticated documentation to prove this so it's fact and not fiction!
Financial Terrorism in AmericaThe Taliban is no threat to the security and well being of this Nation, yet we will spend trillions to try to suppress them. The greatest threat facing this nation (as with all great threats) is from within our nations borders.
Why haven't any Wall Street tycoons been sent to the slammer?More than a year into the gravest financial crisis since the Great Depression, millions of Americans have seen their home values and retirement savings plunge and their jobs evaporate.
Rep. Mel Watts Guts the Fed Transparency Act"Oct. 30 (Bloomberg) -- Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been "gutted" while moving toward a possible vote in the Democratic-controlled House."
Prosecute The Financial Fraud - Economist James Galbraith's View Of The Recession - Bill Moyers Journal . Watch & Listen | PBSJames K. Galbraith, onetime executive director of Congress' Joint Economic Committee, teaches economics at the University of Texas, where he holds the Lloyd M. Bentsen Chair at the LBJ School of Public Affairs.
ING to Spin Off Units - WSJ.comAMSTERDAM -- Dutch financial-services company ING Groep NV said Monday it will spin off its insurance and investment-management businesses and repay half the €10 billion ($15 billion) it owes the government in a bid to assuage European Union concerns over the state-aid package …
Another View of OutsourcingUntil several years ago, I was fortunate to have several people working for me who were talented, intelligent, creative and energetic. They also appreciated the limits of their knowledge and strived constantly to maintain and improve their skills.
As unemployment and poverty rise Obama turns to the financial elite for campaign cashThis article provides a transparent picture of how Wall Street and politicians honeymoon while WE THE PEOPLE foot the bill and have gotten nothing for our investment in them from the newly printed trillions that sooner or later will hyper-inflat the economy in my opinion.
Big financial firms losing power on Capitol HillLarge banks are on the verge of losing a key legislative battle over the shape of financial reform, an unusual setback that reflects the continued political backlash over their role in creating the financial crisis.
JPMorgan Chase Reports Strong Profit of $3.6 BillionA year after accepting a bailout from Washington, a resurgent JPMorgan Chase reported another round of surprisingly strong profits on Wednesday, strengthening its position at the pinnacle of American finance.
Bank of America shopping Lehman claim: reportMaybe American Express might want to right their wrongs with Lehman Brothers.
Comptroller for Illinois: State Finances A Mounting CrisisThe State of Illinois' pile of unpaid bills has grown to a record-breaking $3 billion. Comptroller Dan Hynes said Tuesday it's never before been this bad at this point in any previous fiscal year.
Senator Tries to Allay Fears on Health Overhaul - NYTimes.comSenator Bill Nelson of Florida desperately wants to expand health insurance coverage because one in five Floridians is uninsured. As a former state insurance commissioner, he wants to crack down on insurers.
Kansas Gov. Parkinson Refuses to Provide Financial & Email Records between SEIUThis is troubling news, relating to the SEIU labor union, and the proposed health care reforms. TRANSPARENCY is something that we should be striving for, aside from how we feel about these other issues.
Portraits Of Hunger: Francisca Casiano (Guatemala) | United Nations World Food Programme - Fighting Hunger WorldwideThis is Francisca Casiano - a 16 month old girl who's strong and healthy, unlike many other Guatemalan children.
How High Taxes Broke Up The BeatlesThis is a unique and interesting perspective I just found on the ATR.org home-page blog.
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