The Associated Press
The AFL-CIO says “outrageous” pay packages for banking industry executives are partly to blame for the credit crisis, encouraging risky investment strategies that ended up hurting shareholders and consumers.
The labor federation, a major shareholder in public companies through union-sponsored pension funds, made the critique as it unveiled the […]
WASHINGTON (AP) _ The Federal Reserve moved to assist a Wall Street investment bank on the brink of bankruptcy to prevent a failure that could have dealt serious consequences to the U.S. economy, Federal Reserve Chairman Ben Bernanke said today.
“Given the exceptional pressures on the global economy and financial system, the […]
Consumers fell behind on car, credit-card and home-equity loans at the highest level since 1993 during the fourth quarter, according to the American Bankers Association.
Payments at least 30 days past due increased across all eight categories of loans tracked, the Washington-based group said this morning. Late loans climbed 21 […]
WASHINGTON (AP) _ Federal Reserve Chairman Ben Bernanke said today a recession is possible and policymakers are “fighting against the wind” in trying to steady a shaky economy. He would not say if further interest rate cuts are planned.
Bernanke’s testimony before the Joint Economic Committee of Congress was a more […]
The Internal Revenue Service will allow military personnel serving in combat zones to include nontaxable combat pay on 2007 or 2008 income tax returns if it helps eligibility for economic stimulus payments.
Combat zone personnel or spouses must file a 2007 income tax return by Oct. 15 in order to receive […]
Read: Combat pay counts
J. P. Morgan Chase and Co. and The Bear Stearns Companies have revised their merger agreement, calling for common stock to sell for $10 per share, up from $2 per share.
In addition, both companies entered into a share purchase agreement under which J. P. Morgan Chase will purchase 95 million in […]
Banks are not dropping interest rates in lock-step with the Federal Reserve Bank’s reduced interest rates.
Rick Barham, CEO and founder of Market Rates Insight, said that after seriously adjusting interest rates downward during January, banks are slowing rate reductions during February in an attempt to solicit new deposits from consumers […]
The Federal Reserve Board cut the primary credit rate another 25 basis points yesterday, to 3.25 percent, – two days before its regularly scheduled meeting.
The Fed also voted to authorize the Federal Reserve Bank of New York to create a lending facility that enables primary dealers to provide […]
The Associated Press
NEW YORK _ Bear Stearns Cos., one of Wall Street’s venerable investment banks, received a bailout Friday by the federal government and JPMorgan Chase & Co. in a surprise, last-ditch effort to save the 86-year-old institution.
The Federal Reserve responded swiftly to pleas from Bear Stearns that its coffers had […]
Read: Bear Stearns bailed out
The Associated Press
The Federal Reserve announced today that it is ramping up efforts to provide more relief to cash-strapped financial institutions, a coordinated action with other central banks aimed at easing a global credit crisis that threatens to push the U.S. economy into its first recession since 2001.
The Fed said […]