Five U.S. agencies will finish the Volcker rule tomorrow after more than three years of Wall Street resistance to its limits on trading and investing. Lawmakers and their allies who want to rein in big banks are ready to pounce if it isn’t strict enough.
Diana Farrell , deputy director of President Barack Obama ’s National Economic Council, and Assistant Treasury Secretary Michael Barr are leaving the administration, adding to the turnover in the ranks of the White House economic team that worked on the government’s response to the worst financial crisis in more than 70 years.
Federal Deposit Insurance Corp. Chairman Sheila Bair has taken herself out of the running to lead the new U.S. consumer-protection agency after her name was put forward by Senate Banking Committee Chairman Christopher Dodd , a person with direct knowledge of the matter said.
President Barack Obama broke almost five years of silence on post-crisis plans for housing finance by endorsing an approach that would scale back the government’s role to covering mortgage losses only during a catastrophe.
Larry Summers’s campaign to replace Federal Reserve Chairman Ben Bernanke wasn’t doomed by any of the typical doubts about a potential Fed chief. Senate Democrats weren’t worried that Summers was too tolerant of inflation or insufficiently committed to quantitative easing. In fact, they weren’t worried about his opinions on monetary policy at all.
Paulson & Co. executives were sued for alleged conflicts in the handling of intellectual property assets in the bankruptcy of a group of resorts including Miami’s Doral golf course, where Tiger Woods won his 76th PGA Tour event last month.
Paulson & Co. executives were sued for alleged conflicts in the handling of assets in the bankruptcy of a group of resorts including Miami’s Doral golf course, where Tiger Woods won his 76th PGA Tour event last month.