The flames of the Libor scandal have been creeping up under the feet of Treasury Secretary Timothy Geithner. Evidence showed that the New York Fed found out about the rate-rigging from Barclays and other banks in 2007, when Geithner was still the bank President. This appeared to display regulatory impotence in the face of massive fraud. Geithner had to respond. And he did with a classic version of CYA.
|By: David Dayen Friday July 13, 2012 6:40 am|
|By: David Dayen Tuesday May 8, 2012 2:40 pm|
The Senate failed to advance a bill today that would have kept the interest rate on Stafford federal student loans from doubling to 6.8% by this June. The vote was 52-45. Republicans and Democrats now profess to support averting the change, but they differ on how to pay for the extension.
|By: David Dayen Wednesday April 4, 2012 10:00 am|
Leading Democrats and the White House have taken note of the threat of a doubling of the student loan interest rate by June 30 (from 3.4% to 6.8%), and are working on steps to prevent it. However, they have to contend with a stingy House GOP that isn’t interested in finding the $6 billion or so annually that would stop the interest rate increase. This occurs as US borrowing rates to fund worthwhile investments are near zero.
|By: David Dayen Tuesday March 20, 2012 6:30 pm|
The Senate plan for the JOBS Act today, a financial deregulation bill that would weaken investor protections with no economic benefit, was for three cloture votes – an amendment to add investor protections to the bill, an amendment to attach a reauthorization of the Export-Import Bank to the bill, and, if those failed, a cloture vote on the bill itself.
|By: David Dayen Saturday March 17, 2012 10:00 am|
It appears a few Democrats have finally gotten around to reading the JOBS Act, the financial industry deregulation bill that would bring back penny-stock scams and remove investor protections. Multiple Democrats in the Senate have proposed changes to the legislation, which breezed through the House with ample Democratic support.
|By: David Dayen Wednesday November 30, 2011 10:30 am|
Eric Schneiderman’s has gone where federal regulators fear to tread, to actually do the jobs of the federal government should do. In foreclosure fraud, he undertook the investigation that the feds would not. Now he is applying that to foreclosures on active-duty military service members.
|By: David Dayen Thursday September 9, 2010 3:27 pm|
On a conference call about the small business bill today, Senators Jack Reed (D-RI) and Jeff Merkley (D-OR) both strongly supported the Bush tax cut plan put forward by the President, and rejected any proposal for extending the tax cuts at the high end. They also said that the votes look to be there for the small business package when it gets a vote next week, though anything else in the September work period would be very difficult.