Greece names economist Papademos as prime minister
Greece installs Lucas Papademos, a former ECB vice president, as prime minister to form a cabinet and secure bailout funds. The move aims to calm markets amid Italy’s possible turnover to Mario Monti and ongoing eurozone debt crisis with a wary eye on a 177 billion euro rescue and looming austerity measures.
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MF Global Collapse Tests Post Crisis Rules On Wall Street
MF Global Holdings Ltd. filed for bankruptcy after risky bets funded with borrowed money and scant disclosure, highlighting gaps in post crisis oversight. The lapse follows warnings that new rules may not fully curb risky proprietary trading among smaller firms and multi-agency supervision remains fragmented.
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Bernanke visits Fort Bliss to reassure veterans on economy
Federal Reserve Chairman Ben Bernanke spoke at Fort Bliss Texas to veterans and families about efforts to curb unemployment. He cited low short term rates and asset purchases to lower longer term rates while stressing Fed independence amid political criticism.
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Regulator defends bonuses at Fannie and Freddie
The housing regulator says 12.8 million dollars in executive bonuses were necessary to keep Fannie Mae and Freddie Mac functioning during the bailout. Edward DeMarco argues payments helped retain talent and prevent greater losses to taxpayers in the 170 billion dollar rescue, with potential costs rising to 220 billion through 2004.
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