Treasury Secretary nominee Jack Lew went before the Senate Finance Committee today for his confirmation hearing. The hearing was mostly deferential with Lew finding considerable agreement with the Republicans on the committee, particularly on trade and corporate tax policy, but Lew did face questions over his bonuses at Citigroup and tax shelters in the Cayman Islands.
|By: DSWright Wednesday February 13, 2013 12:10 pm|
|By: William Black Sunday October 21, 2012 1:59 pm|
Jeff Connaughton has authored a powerful, and chilling insider’s perspective on the financial crisis and the pathetic governmental response to it. The second part of his title sums up the result and the first half explains why Wall Street always wins. Many, perhaps most Americans are likely to agree with both parts of Connaughton’s title so this book will not transform the public’s view of the issues. The public largely has this set of issues correct. Connaughton gives the readers unique access to the facts because he had a front row seat to many of the key discussions and he has the analytical abilities and expertise to explain the significance of those facts.
|By: masaccio Sunday July 29, 2012 10:30 am|
It would be great if banks had a duty not to participate in fraud. But that would be an entirely different world, now wouldn’t it?
|By: Jon Walker Tuesday July 24, 2012 10:00 am|
Given that the United States debt is denominated in US dollars and our government can technically print as many US dollars as it needs, we should never default on our debt. The only way we could truly default would be if Congress, in an incredible act of stupidity, decided to vote to default and overrode a Presidential veto. Traditionally that seemed so obviously idiotic that markets had no fear it would happen. But that all changed last year when Republicans decided to hold the vote to raise the debt ceiling hostage to their budget reduction demands.
|By: Jon Walker Tuesday October 4, 2011 2:40 pm|
New documents obtained by ProPublica through the Freedom of Information Act provide new insights into what a complete disaster the Home Affordable Modification Program (HAMP) has been. HAMP was supposed to facilitate mortgage modifications but the Treasury apparently had little or no real oversight of the program that was rife with problems.
|By: masaccio Sunday August 7, 2011 10:30 am|
Maybe S&P is right to fear a tectonic adjustment in US economic policies.
|By: David Dayen Wednesday June 22, 2011 8:33 am|
Nearly nine months after its formation, a $30 billion government fund to foster small-business lending has yet to pay out a single dime, even as the nation struggles with traumatic levels of unemployment.
|By: David Dayen Tuesday June 21, 2011 9:05 am|
Lori Montgomery reports that the White House is “speeding up” debt limit talks, with an outline of spending cuts and deficit triggers in exchange for a debt limit increase. Montgomery breaks some news about one potential trigger, which would, according to Delaware Senator Chris Coons (D), lead to tax increases and specifically entitlement cuts, if annual targets for the deficit are not met. Coons thinks this would motivate both sides to get to the savings goals by other means, rather than whacking the safety net or raise taxes, but it sounds like a dangerous game.
|By: Jon Walker Wednesday March 2, 2011 7:15 pm|
The Home Affordable Modification Program (HAMP) has basically been a disaster since its start, and it remains one to this day. Roughly nine months ago, the Government Accountability Office examined the program, found many problems, and made several recommendations to improve it. Since then, the Treasury department has failed to make most of the needed changes.
|By: Scarecrow Wednesday December 29, 2010 4:30 pm|
At FDL News, David Dayen covers an article on Elizabeth Warren in which she argues, correctly, that if the new Consumer Financial Protection Bureau had been up and running years ago, much of the banking/mortgage fraud could/would have been prevented.
That’s fine as far as it goes. But there’s something missing from the polite Ms. Warren’s telling.