Obama proposes new authority to oversee troubled banks
Administration officials urge a resolution power to seize and manage failing banks and sell sound units to rivals. Details on financing are unclear, with industry groups calling the plan costly and potentially exceeding 182.5 billion dollars in public funds.
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Administration
Resolution Authority
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Banking Industry
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Fed to Inject About 1 Trillion to Boost Housing and Economy
The Federal Reserve announced a plan to inject roughly 1 trillion dollars into the economy to support housing and lift growth. It kept the federal funds target at 0 to 0.25 percent and expanded long term bond purchases and mortgage backed securities to stabilize markets. The moves include 300 billion in long term Treasuries, 1.25 trillion in MBS, and 200 billion in Fannie Mae and Freddie Mac debt with a broadening of consumer and small business lending efforts.
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Washington
Federal Reserve
Fed
Treasury
Fannie Mae
Freddie Mac
Fannie
Freddie
AIG Execs Return Part of $165 Million Bonus Payout
Washington faces a backlash as AIG chief Edward Liddy confirms some executives have begun returning portions of a $165 million bonus total. Democrats plan a bill to tax 90 percent of bonuses at firms with large federal bailouts. Obama says buck stops with him as he weighs a new financial oversight framework.
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Obama
Congress
AIG
Edward Liddy
House
Liddy
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Gary Ackerman
D-N.y
Barack Obama
Tim Geithner
Charles Rangel
Ways and Means Committee
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Ron
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Fee
GenElec
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Jpmorgch
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Nasd
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Madoff accountant Friehling charged with fraud
David Friehling, Madoff’s longtime auditor from 1991 to 2008, was arrested on fraud charges for rubber stamping the books. Prosecutors say his deception helped create the illusion of legitimate investing while his family pulled at least 5.5 million dollars from Madoff accounts since 2000.
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Bernard Madoff
David Friehling
Madoff
Friehling
Andrew Lankler
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