When the U.S. Justice Department charged Standard & Poor’s with fraud this month and demanded $5 billion in restitution, it culminated the Obama administration’s four-year pursuit of financial chicanery masquerading as sacrosanct credit ratings.
Fannie Mae and Freddie Mac will let some borrowers who kept up payments as their homes lost value erase their debts by giving up the properties, helping Americans escape underwater loans while adding to losses at the mortgage giants bailed out with $190 billion of taxpayer money.
Jamie Dimon, the highest-paid chief executive officer among the heads of the six biggest U.S. banks, turned a question at an investors’ conference in New York this month into an occasion to defend wealth.
Gold advanced to another record on speculation that European governments may struggle to pay debt, boosting demand for the precious metal as an alternative to currencies. Silver extended a rally to a 30-year high.
Linda McMahon , former chief executive officer of World Wrestling Entertainment Inc. , won the Republican U.S. Senate nomination in Connecticut and will face Democrat Richard Blumenthal in November’s election.
Record prices for industrial commodities may challenge Federal Reserve Chairman Ben S. Bernanke ’s view that raw materials will create a “transitory” boost in U.S. inflation, according to Euro Pacific Capital Inc.
Shares of gold-mining companies that have lagged behind the broader market will rebound as equity investors gain confidence that the surging price of the metal doesn’t signal a bubble, according to Peter Schiff, the chief executive officer of Euro Pacific Capital Inc.