Bill Thomas News
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U.S. Representative Sander Levin, a Democrat from Michigan, recalls his last substantive issue discussion with a Republican on the House Ways and Means Committee.
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Wachovia Corp. ’s 2008 rescue by Wells Fargo & Co. relied on a tax break that Congress never approved, adding to the cost of U.S. bailouts, according to the vice chairman of a panel investigating the financial crisis.
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Goldman Sachs Group Inc. was subpoenaed by the Financial Crisis Inquiry Commission after panel members said the most profitable firm in Wall Street history engaged in a document “dump” to hinder a probe.
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The U.S. Federal Reserve proposed two rules that would raise consumer protection coverage limits for credit transactions and leases.
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Since 1950, federal revenue has averaged about 18 percent of gross domestic product -- 17.8 percent of GDP, to be exact. A neat bit of trivia, but who cares?
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The congressionally appointed panel assigned to probe the origins of the 2008 credit crisis heaped blame on “reckless” Wall Street firms and “weak” federal regulators, concluding the meltdown could have been avoided.
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The partisan split on the federal panel exploring the origins of the financial crisis may undermine the impact of its findings on the banks, bond-rating firms and regulators it investigated, legal scholars and former national commission members said.
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Goldman Sachs Group Inc. made Chief Executive Officer Lloyd Blankfein available for an interview with the Financial Crisis Inquiry Commission and has been more responsive to information requests from the panel, the FCIC’s leaders said.
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The internal split between Republicans and Democrats on the congressionally appointed commission investigating the 2008 financial crisis is about to break into the open.
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The U.K. is losing about 38 billion pounds ($61 billion) a year to fraud, with the finance industry bearing the largest loss in the private sector of 3.6 billion pounds, the government said.
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