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WallStreet
Wall Street Reform Clears Congress, Will Become Law
By Patricia Murphy - Politics DailyA sweeping overhaul of Wall Street firms and American financial institutions won final congressional approval Thursday afternoon when the Senate voted 60-39 to pass the reform bill. Three Republicans voted with the Democrats to approve it and one Democrat, Sen. Russ Feingold of Wisconsin, voted against the bill. Because the House approved the same measure in June, the legislation will now go to President Barack Obama. On Tuesday, Obama praised the legislation and promised to sign it next week. "What members of both parties realize is that we can't allow a financial crisis like this one that ...
Wall Street Reform Passes Senate With Scott Brown's Backing
By Patricia Murphy - Politics DailyEighteen months after the 2008 financial crisis brought the American economy to the brink of collapse, the Senate passed a bill to add significant regulations to Wall Street firms and banks in an effort to prevent a similar crisis in the future. The bill passed by 59 to 39. Four Republicans -- Sen. Scott Brown, Sen. Charles Grassley, and Maine's senators, Susan Collins and Olympia Snowe -- supported the bill, while two Democrats, Sen. Russ Feingold of Wisconsin and Sen. Maria Cantwell of Washington, joined Republicans in opposing it. Senate Majority Leader Harry Reid said Thursday that the ...
What's Wrong With Big Government?
By David Corn - Politics DailyOn Saturday, Sen. Bob Bennett's senatorial career came to what seems to be a rather ignominious end, when the conservative Utah Republican placed third at the GOP state convention picking the party's Senate nominee. A businessman named Tim Bridgewater and Tea Party favorite Mike Lee finished, respectively, first and second, and they will subsequently slug it out in a primary on June 22. (Under state law, Bennett, who has been in the Senate for almost 18 years, can run in the November election as a write-in, but not as an independent.) Bennett's ouster is a shocker for the politerati, a punch ...
Obama: Government Examining 'Unusual Market Activity' Thursday
By Tom Diemer - Politics DailyPresident Obama said Friday that regulators are looking into the "unusual market activity" on Wall Street that saw stocks plunge nearly 1,000 points in a half-hour Thursday, before rebounding. "The regulatory authorities are evaluating this closely, with a concern for protecting investors and preventing this from happening again," the president told reporters gathered in the White House driveway. Findings and recommendations on how to avoid a repeat of the computerized sell-off will be make public, he said. Obama called the news conference to talk about an April economic report which showed ...
Senators Assail Goldman on Conflicts of Interest
By Joseph Schuman - AOL NewsANALYSIS (April 27) -- An increasingly frustrated Republican Sen. Susan Collins wanted a yes-or-no answer. Did Fabrice Tourre, the Goldman Sachs executive accused of securities fraud in a government lawsuit against the firm, think Goldman owed a good-faith effort to all the company's investors? "I understand that you do not have a legal fiduciary obligation. But did the firm expect you to act in the best interests of your clients as opposed to acting in the best interests of the firm?" she asked during questioning about a series of deals that featured heavy investor losses on bonds backed ...
Wall Street Bailouts and 'Too Big to Fail' Words of Wisdom
By Daily Breakdown - Politics DailyToday, Professor Noble Shizintzski explores the meaning of the phrase "too big to fail." Click play below to watch, and click here for more Words of Wisdom. ...
Obama Hasn't Changed, but Where's the Country That Elected Him?
By Jill Lawrence - Politics Daily"Change you can believe in" on education, health, energy, climate change, Iraq, immigration, Wall Street, and Guantanamo Bay. Barack Obama ran for president on all of that, he won on it, and now he's trying to get it done. He hasn't changed. But the country that elected him has. We seem to have lost our collective nerve. We've lost our confidence in ourselves, our government, and our institutions. We've lost our taste for boldness, our eagerness to experiment, our openness to the future. Enough of us are in hunker-down or angry-protest mode that Obama faces a struggle for every approval ...
Goldman CEO Lloyd Blankfein and Al Sharpton Share a Moment in NYC
By Patricia Murphy - Politics DailyBefore President Obama delivered his tough talk to Wall Street Thursday, several executives had to wait patiently, with no VIP holding section in sight, while security teams swept the Cooper Union auditorium and waited for the president to arrive. The CEO of greatest interest to the assembled press, of course, was Lloyd Blankfein, the top man at Goldman Sachs. He will be on Capitol Hill next week to explain his firm's role in the 2008 financial meltdown (not to mention the fraud charge the SEC handed down last week for a junior executive there.) Like the other titans of the Street, Blankfein ...
Wide Range of Wall Street Reform Critics
By Steve Pendlebury - AOL News(April 22) -- Not all the criticism of the Democrats' plan for new financial industry regulations is coming from Capitol Hill Republicans. As President Barack Obama demands action, commentators from across the political spectrum are calling for changes in Senate Banking Committee Chairman Chris Dodd's bill. (Click here for summary in PDF.) Their complaints fall into three broad categories. It Won't Really End 'Too Big to Fail' and Bailouts The initial attack, led by Senate Minority Leader Mitch McConnell, claimed that Dodd's legislation would institutionalize "endless taxpayer-funded ...
Senatorial Standoff Over Wall Street Reforms
By Patricia Murphy - Politics DailyMore than 18 months after the U.S. economy nearly collapsed from dangerously over-leveraged investments at every level of the housing market, a standoff between Democrats and Republicans in the Senate is threatening to keep a bill designed to reform Wall Street from even being considered. At the center of the dispute is a bill from Sen. Chris Dodd (D-Conn.) that would put significant new regulations on many of the banks and financial institutions that were at the center of the 2008 economic meltdown. The crisis eventually resulted in the destruction of two of Wall Street's most storied ...
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