Following the decisive cloture vote moments ago, Federal Reserve Chairman Ben Bernanke has now been confirmed by the Senate for a second term. The 70-30 margin is the closest confirmation vote for any Fed chairman in history, surpassing Paul Volcker’s 84-16 tally in 1983.
Just a few weeks after Rep. Edolphus Towns (D-N.Y.) requested information from Treasury Secretary Tim Geithner about White House plans to sidestep executive pay limits for bailed out firms (information that still hasn’t been provided), Towns is asking Geithner about his role in Bank of America’s reportedly shady More…
As the Wall Street bailout program morphs from one helping banks to one benefiting insurers and (perhaps) automakers, the Bush administration is having a hard time explaining what rules are dictating the process — and where it’ll draw lines of eligibility.
It’s an unlikely spot for a conservative White More…
Democratic leaders, who hope to inject billions more borrowed dollars into the economy before the end of the year, got a little boost from the chairman of the Federal Reserve on Monday.
Appearing before the House Budget Committee, Fed Chairman Ben Bernanke emphasized the importance of the recently enacted $700-billion More…
President George W. Bush, the Treasury Dept., the Federal Reserve and the Federal Deposit Insurance Corp. are all out in force today, as they should be. You own a piece of some of our biggest banks today.
Bush went first, explaining to the American people that Washington will invest More…
Amid the clamor over the crisis on Wall Street, the U.S. Treasury’s $700 billion Troubled Asset Rescue Program, or “TARP,” bill and the evolving collapse of the global banking system, little attention has been paid to the extraordinary credit extensions at the Federal Reserve. But these are now without parallel More…
Congress’s failure to pass the Bush administration’s financial plan has triggered a wave of scare commentary -– “financial Armageddon,” a leap “off the cliff” or “into the abyss,” the trigger for “the Depression of the 2010s.”
There have been good background analyses of the $700 bailout plan in both More…
Different field. Same game.
In a virtual rerun of their Senate visit yesterday, Treasury Sec. Henry Paulson Jr. and Federal Reserve Chairman Ben Bernanke met a highly skeptical House committee Wednesday, as the financial sultans continue the quest in support of their $700 billion financial rescue plan.
Hoping to close More…
It’s no surprise that the FBI is investigating four companies at the heart of the financial crisis to find out whether criminal wrongdoing helped lead to their collapse. The failures of Fannie Mae, Freddie Mac, Lehman Bros. and the insurance company AIG shocked Wall Street and, except for Lehman, More…
rss