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Financial Crisis Report Spreads Blame Far and Wide for Meltdown
By Tom Kavanagh - Politics DailyThere's plenty of blame to spread around -- and the financial crisis was avoidable. In a nutshell, that's the conclusion of a report released Thursday by the Financial Crisis Inquiry Commission, a congressionally appointed body that explored reasons for the 2007-08 meltdown that led to the worst economic crisis since the Great Depression. From government regulators and policymakers to Wall Street's power players, the 633-page report cites a vast of array of contributors to the near-disaster, the effects of which still grip the nation. "A crisis of this magnitude cannot be the work of a few ...
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, ...
Bank of America CEO Tells of Fed Threats to Buy Merrill Lynch
By Patricia Murphy - Politics DailyTestifying before the House Oversight Committee today, the CEO of Bank of America, Ken Lewis, said that federal regulators threatened to fire him and the bank's board of directors if the bank failed to complete a planned acquisition of then-teetering investment bank, Merrill Lynch. Lewis testified that during Bank of America's purchase of Merrill in December 2008, a last-minute report of massive losses at the investment bank raised enough red flags for the bank's leadership that it began a legal process to back out of the purchase, but federal officials objected. "If we went through with the ...
Bernanke Demands Bank Exec Lie to His Shareholders
By Dave - Politics DailyFrom the Wall Street Journal, this morning, a shocking revelation. At least this is shocking to me, something I thought would be impossible. The setup is this, Bank of America as part of something called a "Material Adverse Clause" needed to tell their shareholders that merging with Merrill Lynch would damage Bank of America and cause a loss. Anyway this is from testimony from Bank of America CEO Ken Lewis before the New York Attorney General as part of an investigation: Mr. Lewis: I remember, for some reason, we wanted to follow up and see if any progress -- as I recall, we actually, had not ...
Fundamentally McCain
By David Knowles - Politics DailyAs the stock market continues its plunge over the failure of Merrill Lynch, Lehman Brothers, and AIG, "Hardball" reminds us that, until yesterday afternoon, John McCain believed that the "fundamentals of our economy" were strong. Though the writing has been on the wall for months, if not years, McCain clung to his old positions as if they were "fundamental" truths. Now that McCain has changed his tune, and has offered the vague promise to "clean up Wall Street," it's worth remembering that over the past twenty years, almost no one has advocated policies of deregulation more than McCain. And it ...
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