Last week, J.P. Morgan announced that it made a first-quarter profit of $3.3 billion on revenue of $28.2 billion, meaning for every dollar of business the bank did, it kept 12 cents as profit. This morning, Goldman Sachs — the Wall Street giant charged by the Securities and More…
Senate banking leaders have wrangled a bipartisan deal over controversial legislation reining in the credit card industry, setting the stage this week for likely passage of new consumer protections in the midst of a tough economy where card companies are hiking rates to bolster profits.
The Senate compromise — worked More…
Voluntary mortgage-reduction programs are insufficient to curb the spreading blight of national foreclosures, the head of the FDIC said Thursday, and the federal government should step in to help folks keep their homes.
The Bush administration and the finance industry have long resisted proposals forcing lenders to modify the terms More…
Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, looks like a giant these days. As the financial markets have plummeted and President George W. Bush is proposing sweeping legislation to bail out Wall Street, Frank is a key point man, attempting to strike a delicate balance between More…
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