Our leaders were up late hashing out a version of the new financial reform bill and yes, apparently they have come to some agreement. But what’s in there?
wall street meltdown
Federal Housing Finance Agency, which regulates Freddie Mac and Fannie Mae, announced today that the government-sponsored mortgage purchasers would delist themselves from the NYSE.
A recent report from the Pew Charitable Trusts tallies up each US household’s share in the economic collapse. Your household’s share? $104,350. That includes lost income, government bailouts, and both reduced home values and reduced stock values.
The new Consumer Financial Protection agency will be a place you can go to with your complaints and they will be taken seriously, the White House said this afternoon during a conference call in which Consumerist took part. While, “It’s not totally worked out who’s going to be manning the 1-800 number,” said senior economic adviser Austan Goolsbee,
Might there be more to last week’s crash than a “fat fingered” trade, or someone mistakenly entering a “billion” instead of a “million?” An online stock trader has a video showing an unusual spike in trading volume, followed by a very quick sell-off, by funds at large investment firms BlackRock and Vanguard and some other funds 30 to 15 minutes before the big crash. Prescience? Watch the video, check the logs, and decide for yourself.
Treasury Secretary Tim Geithner will meet with federal regulators and top officials from the NYSE and other exchanges to dicuss whatever the hell happened last Thursday that caused the stock market to completely freak out.
An amendment to the financial overhaul bill banning the use of taxpayer funds for bank bailouts has been agreed upon in the Senate, says the LA Times.
ABCNews is reporting that “a new government report reveals that some high-level regulators have spent more time looking at porn than policing Wall Street.” It seems that the report, obtained by ABC News, says senior employees of the SEC spent hours on the commission’s computers looking at sites like naughty.com, skankwire, youporn, and others, thus clearly removing their only defense, the fact that “X” is right next to “C” on the keyboard.
Ben Bernanke doesn’t like systemic risk! Shocking, we know. In a speech he gave in Orlando, Florida, the Chairman expressed outrage at the bailouts of too big to fail companies and said shareholders should not be sheltered from losses.
It’s time for the annual round of outrage at the fact that the people who wrecked the economy are getting huge bonuses.
So, we used to have this thing called the Glass-Steagall Act, which separated investment banking from commercial banking. Then we didn’t anymore. Now the President has proposed new rules that would effectively restore some of the provisions of Glass-Steagall. Wall Street is like, so not cool with it, however.
Citi CEO Vikram Pandit is reassuring investors today after his firm lost $7.6 billion in 2009 by telling them to look on the bright side — at least they fired 100,000 people.
Good news? Federal Reserve Chairman Ben Bernanke says that the recession is over, but that it won’t really stop the rise of unemployment — currently at a 26-year high of 9.7%.
The NYT says a little less than a year after the economic meltdown, the government is starting to see a profit from banks repaying bailout money.
Slate has put together a sarcastic look at financial-type commercials through the years. We like the one with Samuel L. Jackson and the centaur.