Life Tough for 'TARP Wives'

No, although a couple were charged and some were embarrassed

(NEWSER) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian Palmer in Slate ’s Explainer column: “The rampant speculation and eventual crash of 1929 weren't caused by fraud or illegality, but by unreasonable optimism and loose financial regulation.” More»

Administration a long way from saying 'mission accomplished' on financial crisis

(NEWSER) - The economy is no longer on the brink of the abyss but there's a long way to go before recovery takes hold, Tim Geithner warned yesterday. The Treasury secretary told a congressional committee that while the financial system is showing signs of better health, regulation of the financial system needs a major overhaul to lay a solid foundation for future growth, the Wall Street Journal reports. More»

Trend suggests economy has a long way to go

(NEWSER) - Lending is still on the downswing, the Wall Street Journal finds, as an analysis of 15 banks' total loans on offer in the second quarter shows another 2.8% decline. What's worse, more than half of April and May’s loan volume was tied to refinanced mortgages and renewed credit rather than new loans. Banks are reining in lending to protect against loan losses, the Journal reports, and demand for loans is falling as businesses put off expansion and consumers spend less. More»

Inquiry panel will name names on Thursday

(NEWSER) - It might finally be time to pay for a handful of Wall Streeters, as the Financial Crisis Inquiry Commission prepares to name names for possible prosecution, insiders tell the Huffington Post . The panel, which will release three separate reports on Thursday, is turning several cases over to state and federal authorities, who may prosecute. It’s a leap forward in the US response to the financial crisis, say people involved. More»

Even household names like Sara Lee unlikely to survive

(NEWSER) - The economic crisis can be blamed for the death of quite a few large companies already—think Circuit City, Northwest Airlines, and Countrywide—so which ones can we expect to go bye-bye this year? Here are 10 American companies that seem unlikely to survive, from 24/7 Wall St. via Daily Finance :

• Office Depot: It can’t compete with Office Max or Staples, and is trying to manage 1,150 costly locations on very thin margins. A takeover by a rival or another chain like Target appears likely.
• Frontier Airlines: It was bankrupt when Republic Airways Holdings bought it in 2009, and is too small to compete with the larger airlines that are increasingly dominating the domestic carrier market.