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Lehman Brothers
Top Financial Stories of 2010: Foreclosures, Financial Reform, Bailouts
By Joann M. Weiner - Politics DailyThe ongoing recession and sustained high unemployment have pushed aside the near-collapse of the financial sector as a front-burner worry for Americans. And yet, developments in the financial world are still creating uncertainty and trouble for the world economy. Looking back, here are the five most important -- in some cases troubling -- financial stories of 2010. 1. Foreclosure Fiasco: Robo-Signers, Break-Ins, and the Continuing Housing Slump The foreclosure debacle dominated the financial news last fall with reports of "robo-signings" by employees who approved foreclosures without even ...
Ben Stein: The 7 Big Lessons of 2010
By Ben Stein - AOL NewsBebeto Matthews, AP Ben Stein. OK, class, what have we learned in 2010? 1) That Afghanistan is a very difficult place to conquer and have it stay conquered. If the British couldn't do it, and if the Soviet Union could not do it while willing to use unlimited brutality, we are not going to find it easy to do it. In fact, whoever thought we could do it, and in so doing unravel a millennia of cultural problems, tribal rivalries, habits of corruption and hatred of the infidel, was not aware of history. We should just be very thankful that Mr. Putin and Mr. Medvedev are not giving the ...
FDIC Probing 50 Banks, but Still No Fall Guy for Financial Crisis
By Paul Wachter - AOL News(Nov. 17) -- Remember the savings-and-loan crisis? Charles Keating was the high-profile villain and served four years in prison for fraud. Five senators -- the so-called Keating Five, which included John McCain -- were scolded by the Senate Ethics Committee. Enron also produced some easily identifiable bad guys, most notably CEO Jeffrey Skilling and Chairman Ken Lay. Skilling is currently serving a 24-year prison sentence, and he may have been joined by Lay had the ex-chairman not passed away before his sentencing. But what of the most recent financial crisis? Wall Street giants Lehman ...
Five Positive Economic Signs for Obama and the Country
By David Knowles - AOL News(Nov. 5) -- It's the economy, stupid, and it seems to be getting better. Because of a bad economy, Democrats and President Barack Obama were "shellacked" in the midterm elections. As that drama unfolded over the past week, a slew of new indicators is showing that the nation's economy had already begun turning in the right direction. Surge Desk has a roundup. 1. Job growth On Friday, the Labor Department announced that the U.S. economy added 150,000 jobs in October, higher than most analysts' expectations. It was the first positive job growth figure since May. In addition, the Labor ...
Stocks Hit Highest Level Since Lehman Bros. Bankruptcy
By David Knowles - AOL News(Nov. 4) -- Are the bulls back? The Dow Jones industrial average today rose to its highest level since Lehman Brothers Holdings Inc. filed for bankruptcy in 2008, at the height of the U.S. financial crisis, The Wall Street Journal reports. U.S. stocks rose by 219 points, or 2 percent of total volume, in trading at the New York Stock Exchange. That jump followed Wednesday's announcement that the Federal Reserve said it would buy $600 billion in U.S. Treasury securities to help stimulate the lackluster economy, AOL News reported. The stock market gains also come as a slew of corporate ...
Who Will Slip Into Bernie Madoff's Slippers?
By Mara Gay - AOL News
(Oct. 21) -- Not everyone can walk a mile in Bernie Madoff's shoes. But soon, one lucky bidder will be able to wear the monogrammed slippers of the disgraced investor, which will be auctioned off by the U.S. Marshals Service next month. The padded pair of velveteen, monogrammed slippers -- size 8 1/2 -- is one of more than 400 items seized from the Ponzi schemer and his wife, Ruth Madoff, bound for the auction block. Buyers can also bid on a 10.5-carat diamond engagement ring, a Steinway grand piano and a bull statuette made out of bronze, all formerly owned by the most infamous family in ...
Bat Fellatio, Whale Snot Research Honored at Ig Nobel Awards
By Ben Muessig - AOL News
(Sept. 30) -- Every day of the year, scientists try to solve life's riddles, like how to use a remote control helicopter to retrieve whale snot, and whether or not swearing actually relieves pain. One night of the year, the science world comes together to honor the men and women seeking the answers to these difficult -- and yes, funny -- questions. The researchers responsible for this year's weirdest science gathered tonight at Harvard University for the "Ig Nobel Prize" ceremony, where top honors were handed out to 10 lucky winners from around the world. Steven Senne, AP Dr. Elena Bodnar, ...
Labor Day and Unions: Making America Work
By James Grady - Politics DailyThis Labor Day, America's unions face a back to school autumn that will redefine their relevance in our river of politics and power. The historic relevance of unions is easy to see: The country got a big boost through the success of union workers like public school teachers who, along with dog-hated mailmen, spend their middle-class paychecks and thus enhance our middle-class economy. Now America's whole middle class is in trouble. Pick your set of statistics or ideological argument from the left or the right to back up what all of us know: If you're stuck in the middle, you're holding ...
Bank Bailout Bingo: How Both Parties Exploit Populist Anger
By Walter Shapiro - Politics DailyThe congressional votes nearly two years ago were the last gasp of old-time bipartisanship as the warring leaders of both parties united in a crisis to pass emergency legislation that the White House desperately craved. (Yes, it sounds like a children's bedtime story, but it actually happened.) While the legislative route through the House was terrifyingly bumpy, the lopsided 74-to-25 vote in the Senate reflected the establishment consensus, with Barack Obama and John McCain, plus Harry Reid and Mitch McConnell, all voting yes. Nothing is more emblematic of the poison-pen partisanship of ...
Should Lehman's Final Few Funds Be Used to Defend Those Who Sank the Firm?
By Paul Wachter - AOL News(Aug. 6) -- Though Lehman Brothers declared bankruptcy in 2008 and was sold off to Barclays, funds still remain in the estate of the bankrupt firm. Guess where those funds are going? Not to creditors but to attorneys' fees for former CEO Richard "Dick" Fuld and other top executives who drove Lehman to ruin and are now being investigated for criminal charges that could (but probably won't) land them behind bars. "Why should Lehman's creditors, who stand to get pennies on the dollar when the bankruptcy case winds up years from now, foot the rapidly mounting legal bills for people like the ...
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