The former treasury secretary says his close ties to ex-Citigroup executive Robert Rubin ‘tempered my skepticism’ about the bank’s health in the years before the financial crisis hit. ... Read more»
On March 11, 2008, Christopher Cox, former chairman of the Securities and Exchange Commission, said he was comfortable with the amount of capital that Bear Stearns and the other publicly traded Wall Street investment banks had on hand. Days later, Bear was gone, becoming the first investment bank to disappear in 2008 under the watch of Cox’s SEC. By the end of the year, all five banks supervised by the SEC were either bankrupt, bought or converted to bank holding companies.... Read more»
Florida Sen. Marco Rubio and Kentucky Sen. Rand Paul made misleading or exaggerated claims in their responses to President Barack Obama’s State of the Union address.... Read more»
As Washington tries to hash out a deal, we've taken a step back to break down the numbers behind our deficit — how it grew so big, why it is actually shrinking and whether a deal can bring it under control.
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Treasury Secretary Timothy Geithner said the U.S. government is poised to hit the $16.4 trillion debt limit on December 31 and that his team put in place a plan two months ago to avoid a crisis.... Read more»
A fog of misinformation has settled on the fiscal cliff, as both House Speaker John Boehner and Treasury Secretary Timothy Geithner have traded conflicting, misleading and false statements in recent days on the president’s deficit-reduction plan.... Read more»
In President Obama's second term, financial regulation would finally appear to have the leverage. Wall Street spent zillions on Mitt Romney, who had promised to roll back financial reform, and lost. Elizabeth Warren now sits in the world's greatest deliberative body.... Read more»
With the deadline looming for Americans to file their income taxes, Democrats and Republicans in Congress have scheduled votes this week on their competing tax plans.... Read more»
The gross domestic product of the United States grew by an annual rate of 2.8 percent in the last three months of 2011, the Department of Commerce said Friday.... Read more»
Two House members who collected large campaign donations from the financial industry are pushing legislation to block an IRS plan to discourage foreign tax evaders and money launderers from stashing money in U.S. banks. ... Read more»
Treasury Secretary Timothy Geithner notified members of Congress this week that, until they raise the federal debt limit, he would tap one of their retirement funds — known as the “G Fund”— to keep the government running, but it's a hollow threat.... Read more»
As you may have heard, the federal government hit its $14.3 trillion debt limit Monday—something the Treasury has been warning Congress about for months. There are a lot of good explainers out there about what this could mean. Some dig into what actions the Treasury might take; others into the oh-so-exciting history of the debt limit.... Read more»
Think again: It should surprise no one to see that most in the mainstream media saw fit to treat the issue of America's decaying infrastructure as an almost purely political skirmish—cast exclusively in the narrative over the election-year fight over jobs.... Read more»
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