Four years ago today, President George W. Bush signed into law the biggest corporate rescue in American history. Even as U.S. unemployment has remained above 8 percent for 43 months, the country’s biggest banks are making almost as much as they ever have.
JPMorgan Chase & Co., the third- largest muni-bond underwriter, stood to gain more than just its share of $7.8 million in fees by helping Detroit’s water and sewer unit issue new debt after the city staved off insolvency.
Martha Haines says she was powerless at the Securities and Exchange Commission to prevent banks from selling derivatives to state and local governments that cost taxpayers billions of dollars -- mostly in penalty fees to Wall Street -- during the worst financial crisis since the 1929 Crash.
Girard College, which for 166 years has schooled and housed low-income students in Philadelphia in a walled campus by decree of its namesake founder, is paying a premium in the bond market after Wall Street deals backfired.
The top U.S. commodity regulator is poised to impose new rules on oil speculators as Congress and the European Commission attempt to rein in trading in the $615 trillion over-the-counter derivatives market.
Traders will face new rules aimed at making it easier for regulators to prove manipulation in markets for commodities such as oil, wheat and natural gas under the financial overhaul awaiting President Barack Obama’s signature.
Credit Suisse Group AG , Goldman Sachs Group Inc. and Royal Bank of Scotland Group Plc each borrowed at least $30 billion in 2008 from a Federal Reserve emergency lending program whose details weren’t revealed to shareholders, members of Congress or the public.