Bush defends capitalism on eve of summit
President Bush argues free enterprise remains the core fix for the global financial crisis. He urges smarter government, warns against heavy regulation, and notes the need for tougher accounting while backing bailout efforts. Leaders gather in Washington seeking rapid reforms.
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New York
George W. Bush
Wall Street
Washington
U.S
Barack Obama
Iowa
Jim Leach
Madeleine Albright
Obama
Nicolas Sarkozy
Gordon Brown
Budget deficit hits record as unemployment claims surge
Washington reports a October deficit of 237.2 billion dollars the largest monthly shortfall in U S history amid rising unemployment claims and a 900 point Dow swing that sparked a 550 point gain. Analyst Sung Won Sohn warns worse times ahead as bailout costs strain revenues and aid programs.
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Wall Street
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Sung Won Sohn
Smith School of Business
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Congress
Cuomo subpoenas Bank of America over executive bonuses
New York Attorney General Andrew Cuomo issued a subpoena to Bank of America demanding a list of every executive who received a bonus over 250 000 in the past two years. The move signals an escalation in the probe into banking bonuses amid the industry downturn. The subpoena follows a disappointing initial reply to a similar information request.
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New York
Andrew Cuomo
Bank of America Corp
Cuomo
Bank of America
Charlotte
N.C
Associated Press
Hedge fund execs split on oversight at Congress hearing
Five leading hedge fund managers told Congress they back a central exchange to bring transparency to risky investments blamed for the crisis. They disagreed on tighter regulation of hedge funds themselves while acknowledging recent losses and market volatility linked to fund selling.
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