Executives of the largest U.S. banks warn that efforts to make the financial system safer will harm their global competitiveness. They conjure a world in which foreign institutions, supported by government subsidies, dominate the business of providing banking services to multinational corporations.
Argentina may learn at any time whether a U.S. appeals court will rule that it must pay $1.4 billion to holders of its defaulted debt, something the South American country has resisted for more than a decade.
Argentina’s dollar-denominated debt dropped on speculation the government’s offer to pay defaulted debtholders on similar terms as past restructurings will spur a U.S. court to order the nation to pay in full.
Argentina, which defaulted on a record $95 billion in sovereign debt in 2001, proposed giving holders of $1.3 billion of the repudiated bonds about one-sixth of what a U.S. judge has said they’re entitled to receive--a move one analyst called “thumbing its nose at the court.”
Joshua Rosner, co-author of a book detailing Fannie Mae’s role in the housing crisis, said he sees parallels between the failed mortgage-finance giant and the strategies JPMorgan Chase & Co. uses to win government and investor confidence.
The mortgage-bond market that David Tesher had described as “a wildly spinning top” was about to tumble when he convened a meeting at Standard & Poor’s Water Street headquarters in New York in March 2007.
Colorado and Washington are racing to meet deadlines for setting up a framework to regulate the sale of marijuana for recreational use, even as federal authorities weigh the future of the new industry.
A bipartisan panel including former secretaries of the Department of Housing and Urban Development and retired U.S. senators is preparing to release a proposal for scaling back the government role in mortgage finance that would put taxpayer dollars at risk primarily under catastrophic circumstances.