Gary Stern News
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European Union banks will be forced to boost capital, disclose more information on their activities than ever before, and face tougher scrutiny of how they measure risks, after lawmakers formally endorsed a law to overhaul the bloc’s financial rulebook.
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Gary Stern, former president of the Federal Reserve Bank of Minneapolis, said he doesn’t see an impending “inflationary disaster” as the central bank pumps money into the economy in an effort to stimulate growth.
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California, the world’s ninth- largest economy, has Edison International to thank for selling all of its carbon permits in the state’s first auction. The company unintentionally bid for twice as many allowances as were for sale.
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The Federal Reserve signaled it may consider slowing the pace of asset purchases as officials extended a debate over whether record monetary easing risks unleashing inflation or fueling asset-price bubbles.
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JPMorgan Chase & Co. could have spotted trouble at its chief investment office long before traders there racked up at least $2 billion in losses. One reason it didn’t: Chief Executive Officer Jamie Dimon.
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Two years after President Barack Obama vowed to eliminate the danger of financial institutions becoming “too big to fail,” the nation’s largest banks are bigger than they were before the nation’s credit markets seized up and required unprecedented bailouts by the government.
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The coastal Georgia island where a secret 1910 meeting produced a blueprint for the Federal Reserve led central bankers 100 years later to consider the lessons of history as they move into new monetary territory.
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Gary Stern , former president of the Federal Reserve Bank of Minneapolis, and John Silvia , chief economist at Wells Fargo Securities LLC, said the central bank is sticking with the view that a moderate recovery is under way and a recent rise in inflation is temporary. They spoke after Fed officials met in Washington today.
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California carbon futures fell 2 percent yesterday as the state auctioned its first greenhouse- gas allowances, brushing aside a lawsuit challenging its authority to start the largest U.S. cap-and-trade program.
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Seventeen years ago fund manager Michael F. Price spurred the merger of Chase Manhattan Corp. and Chemical Banking Corp., creating what was then the biggest U.S. bank and laying the foundation for JPMorgan Chase & Co.
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