Federal Reserve Bank of Minneapolis President Narayana Kocherlakota said the Fed should do more to spur economic growth and hiring by pledging to hold the main interest rate near zero until unemployment falls to 5.5 percent.
A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
Cerberus Capital Management LP’s pursuit of grocery chain Supervalu Inc. has stalled because the private-equity firm has had trouble obtaining the funds for a leveraged buyout, said people familiar with the matter.
The trustee liquidating Bernard L. Madoff Investment Securities Inc. filed lawsuits seeking $1.421 billion against affiliates of seven financial institutions, including Citigroup Inc. and Natixis, a Paris-based commercial bank.