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WEDNESDAY, NOVEMBER 25, 2009
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NEWS ABOUT: financial crisis

financial crisis stories: 1641 news summaries

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(Newser) - Alabama's Colonial Bank has collapsed in the sixth-biggest bank failure in American history, the Wall Street Journal reports. The lender, which had assets of $25 billion and 346 branches in five southern states, was an aggressive mortgage lender in overheated markets like Florida, and its failure will cost the FDIC ... More »

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bank • FDIC • bank failure • financial crisis • deposit insurance • TARP • Colonial Bank

OPINION


 Change the Fed, 
 Keep Bernanke 


Aug 14, 09 6:52 AM CDT
(Newser) - The Federal Reserve is ripe for some major changes everywhere but at the top, Steven Pearlstein writes for the Washington Post. It's finally clear that the job "involves a lot more than adjusting interest rates," and we've seen the drain that happened when we "left the previous... More »

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Ben Bernanke • Federal Reserve • Larry Summers • bank regulation • financial crisis • Steven Pearlstein

Analysis

Economy Is Only
Recovering on Paper


Aug 12, 09 9:03 AM CDT
(Newser) - If you’re the glass-half-full type, recent economic indicators look good: Unemployment fell last month, the savings rate is up, and productivity hit a 6-year high. But that same data proves that ordinary people aren’t likely to feel the good vibrations anytime soon, the Washington Post reports. “... More »

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economic indicators • recession • unemployment • productivity • economy • financial crisis • recession depression

(Newser) - Robert Benmosche has been at the head of AIG for 48 hours now, so naturally it's time for a vacation. The new CEO of the four-times-bailed-out insurer is leaving for his 8,000-square foot villa on the Adriatic for the next two weeks. "It’s probably not a propitious... More »

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executive compensation • Croatia • vacation • AIG • bailout • financial crisis • Wall Street bailout • Robert Benmosche

 Cities Prop Up 
 Homeless Camps 

Squeezed shelters, recession prompt local government tolerance

Aug 11, 09 11:19 AM CDT
(Newser) - With room tight in homeless shelters, municipalities across the US are allowing tent cities to stand—after years spent breaking up homeless clusters, the Wall Street Journal reports. In some areas, the encampments are even supplied with basic services like portable toilets and medical care. “There is no place... More »

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homeless • tent city • financial crisis • homeless encampment • homeless shelter • recession depression

Alaska's Legislature Overrides Palin Stimulus Veto

Legislature barely hits rare 75% consensus

Aug 11, 09 7:49 AM CDT
(Newser) - Alaska’s legislature voted yesterday to override Sarah Palin’s veto of $28 million in stimulus cash to defray energy costs, the Anchorage Daily News reports. Such an override requires the support of 75% of votes; the measure passed by a hair. “Instead of being the last state in... More »

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Alaska • veto • mutiny • state legislature • veto override • economic stimulus package • Sarah Palin • energy costs • financial crisis

 US Banks Hiring Again 
 After Layoffs, Bailouts 

But headhunting 'selective,' notes banker

Aug 11, 09 7:25 AM CDT
(Newser) - After cutting thousands of jobs over the past two years, American banks are rushing to fill them again as business picks up, Reuters reports. “Back in March and April, no one really knew if the investment banking business was going to exist again," said a search firm exec.... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • employment • JPMorgan Chase • banks • financial crisis • hiring

(Newser) - The Treasury may have to expand its toxic asset programs and repeat stress tests, particularly for smaller banks, a US bailout watchdog panel finds. While larger banks have begun to recover, smaller financial institutions remain exposed to billions in losses from outstanding commercial property loans and are still unable to... More »

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Congressional oversight • watchdog • Treasury Department • bailout • financial crisis • TARP • stress tests

OPINION

Big Government Prevented Great Depression II

...And Republicans kept demanding that it step aside and allow it

Aug 10, 09 8:22 AM CDT
(Newser) - The economy isn’t in great shape, but we’re going to avoid Great Depression II, writes Paul Krugman in the New York Times. “What saved us? The answer, basically, is big government.” Unlike the private sector, the government didn’t decrease spending as its income decreased,... More »

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government spending • Paul Krugman • economic stimulus package • economy • financial crisis • Wall Street bailout • big government

OPINION

Only 2nd Stimulus Can Save US: Stiglitz

But Wall Street bailout has made it a dirty word, writes economist

Aug 10, 09 7:12 AM CDT
(Newser) - Pundits can't help but ask whether the winter's fiscal stimulus has failed, and for Joseph Stiglitz it has—because the Obama administration made "political compromises that caused it to be less effective than it could have been." For the Nobel Prize-winning economist, there is no option but a... More »

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economics • recession • economic stimulus package • bailout • Joseph Stiglitz • Obama administration • financial crisis • Wall Street bailout

(Newser) - Job losses slowed more than expected last month, and unemployment fell from 9.5% to 9.4% in its first dip since April 2008, the Labor Department announced today, marking another strong positive sign for the economy. Payrolls fell by 247,000, a big improvement over the 443,000 lost... More »

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unemployment • US economy • payrolls • jobless claims • financial crisis

(Newser) - The White House’s National Economic Council will meet today to discuss a drastic overhaul of beleaguered nationalized mortgage dealers Fannie Mae and Freddie Mac, the Washington Post reports. Among other proposals, officials are contemplating a “good bank, bad bank” split. Fannie and Freddie would dump their troubled... More »

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mortgage • Freddie Mac • Fannie Mae • Treasury Department • financial crisis • bad bank • National Economic Council

(Newser) - Federal agencies are taking a close look at Goldman Sachs' pay practices and use of credit instruments as the firm's profits rebound to record-breaking levels, the Los Angeles Times reports. The company, which says it is complying with the dual investigations, has paid back its $10 billion TARP loan, but... More »

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executive compensation • Goldman Sachs • derivatives market • Troubled Asset Relief Program • financial crisis • TARP

Wall Street Rakes in $1B in Fees on AIG Breakup

Morgan Stanley set to pocket $250M in  'advisory services'

Aug 6, 09 7:18 AM CDT
(Newser) - The crumbling of AIG forced taxpayers to take on 80% of the company, but breaking the insurance giant up is turning out to be a bonanza for lawyers and banks. The Wall Street Journal calculates that firms will pull in $1 billion in fees from AIG and the Fed—one... More »

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insurance companies • Bank of America • Goldman Sachs • Morgan Stanley • IPO • AIG • fees • financial crisis • Wall Street bailout

 Clock Runs Out on 
 Arena Football League 

Owners can't reach agreement on new financial model

Aug 4, 09 1:12 PM CDT
(Newser) - The Arena Football League, which canceled its 2009 season to work on its financial model, won’t be back, barring a big surprise. A team official says the league voted to indefinitely suspend operations, and a formal announcement should come soon, the Columbus Dispatch reports. Owners couldn’t agree on... More »

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football • recession • sports owner • financial crisis • Arena Football League • recession depression • Columbus Destroyers

MARKETS

 Dow Up 115 on Manufacturing 

Oil hits $71.2 a barrel, highest price in a month

Aug 3, 09 3:11 PM CDT
(Newser) - Stocks rallied today on signs of a turnaround for US manufacturing, the Wall Street Journal reports. Oil rose $2.13, to $71.27 per barrel, its highest price in a month, and banks HSBC and Barclays reported strong quarterly earnings. The Dow closed up 114.95 to settle at 9,... More »

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stock market • Barclays • Dow Jones • Nasdaq • HSBC • S&P 500 • manufacturing index • oil prices • financial crisis

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support... More »

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IRS • recession • Social Security • Internal Revenue Service • federal income tax • Federal government • tax revenue • Great Depression • financial crisis • economic downturn

Trading Rules Help Wall Street Pick Fed's Pocket

Transparency concerns let banks pick Bernanke's pocket

Aug 3, 09 4:27 AM CDT
(Newser) - Banks across Wall Street have made hefty profits trading with the Federal Reserve—often their only customer as the financial crisis ground trading to a halt—and government officials and finance execs are now asking whether Ben Bernanke is making tough enough deals. The central bank, unlike individual or corporate... More »

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Ben Bernanke • Wall Street • Federal Reserve • Barney Frank • BlackRock • commodity prices • financial crisis

MARKETS

 Dow Up 17 to End 
 Best Month Since '02 

Nasdaq falls in today's session, but enjoys big monthly gains

Jul 31, 09 3:15 PM CDT
(Newser) - Data which showed a slowing pace of decline for US gross domestic products fueled modest advances in the markets today, with the Dow finishing its best month since October 2002, the Wall Street Journal reports. Bank of America and Alcoa paced advancers, and the Dow closed up 17.15 at... More »

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Bank of America • Dow Jones • Alcoa • Nasdaq • GDP • S&P 500 • financial crisis • economic recovery

ANALYSIS

 Tiffany's Little Blue Box 
 Keeps Recession Out 

Although new cases tout "Items for under $750"

Jul 30, 09 11:30 AM CDT
(Newser) - Amid the global economic downturn, one American institution stands strong: Tiffany & Co. “Tiffany is as American as guns,” writes Cintra Wilson for the New York Times. “Tiffany has always managed to navigate the dark spells of the economic cycle. It has survived the Civil War, two... More »

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recession • Tiffany • jewelry • Tiffany's • financial crisis • what recession? • Jay-ZTV • Tiffany & Co.

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