The Federal Reserve may lend $1 trillion to central banks as Europe’s crisis roils markets and erodes confidence in the region’s lenders, Anthony Sanders, a George Mason University finance professor, told Congress.
The Federal Reserve Bank of New York employees who analyze American International Group Inc.’s finances report to work each day at the New York Fed even though their supervisors are at the Treasury Department in Washington.
Ben S. Bernanke is signaling his willingness to double down on a three-year bet that’s failed to revive housing, showing the extent of the Federal Reserve chairman’s effort to wrest a recovery from the deepest recession.
David Wormsley, the Citigroup Inc. banker accused by Terra Firma Capital Partners Ltd. founder Guy Hands of misleading him about an auction of EMI Group Ltd. , said he was the victim of a lie told by Hands the weekend before the bidding in May 2007.
Bob Corker, a member of the Senate panel with Federal Reserve oversight authority, said the central bank’s decision to embark on a third round of quantitative easing shows Ben S. Bernanke has “stayed too long.”
The Senate approved an amendment to the regulatory-overhaul bill authorizing a one-time audit of the Federal Reserve’s emergency-lending programs, and defeated a second proposal that would have allowed continuous inquiries.