Honeywell International Inc., whose political action committee donates more money than any other corporate PAC, and the U.S. Chamber of Commerce, which spends more to lobby Congress than anyone else, saw long-sought legislation on asbestos claims advance in Congress today.
General Motors Corp.’s bankruptcy, which wiped out shareholders and left taxpayers on the hook for billions of dollars, is generating a new wave of profit for hedge funds that supersized their claim by betting on an obscure pool of GM debt issued in the Canadian province of Nova Scotia.
Hedge funds that invested in an obscure bond of General Motors Corp.’s old businesses won approval of a settlement that will give some of them 1.8 times the return of other creditors and resolve disputes over how they acted on the eve of the automaker’s collapse.
Janet Yellen, President Barack Obama’s nominee for chairman of the Federal Reserve, may or may not face a Republican filibuster. She can expect, for sure, to hear some tough criticisms of the Fed’s policies at her confirmation hearings.
Now that the U.S. has survived the debt-ceiling debate, the downgrade and the topsy-turviest Wall Street week in recent memory, we can get back to focusing on the gloomy big picture. Specifically, are we going to have a double-dip recession? More specifically, are we already in one?
Britons’ disposable income plunged the most in more than a quarter of a century in the first quarter, indicating continued pressure on the economy even as data showed the U.K. avoided a double-dip recession in 2012.
U.S. Treasury Secretary Jacob J. Lew is trying to persuade Congress to raise the $16.7 trillion debt ceiling without the drama that contributed to a stock market rout in 2011. A stronger economy this time around may help keep investors calm.