June 18, 2009 |
At its core, President Obama's overhaul of regulations for the financial industry seeks a fundamental change: Make the federal bureaucracy work for consumers, not just Wall Street. And Wall Street, not surprisingly, doesn't like it. Striking a populist tone, Obama complained in a White House speech Wednesday that average Americans were often baffled by such intricacies as the terms of credit cards, home loans and other financial products.
June 17, 2009 |
The financial regulation plan that President Obama will roll out today will impose stricter and broader government oversight of the nation's banking system -- including tough new requirements on companies whose failure would threaten the economy, and creating new agencies to regulate banks and to protect consumers.
June 3, 2009 |
Several large banks may get government approval to repay billions of dollars in federal aid next week after completing a series of tests to prove they can stand without crutches. JPMorgan Chase & Co., Goldman Sachs Group Inc. and American Express Co. are among the most likely candidates to get the Treasury Department's blessing, according to financial analysts. Together they owe the government $38.4 billion. Other banks bidding for approval include credit card giant Capital One Financial Corp.
May 28, 2009 |
Senior administration officials are considering the creation of a single agency to regulate the banking industry, replacing a patchwork of agencies that failed to prevent banks from falling into the worst financial crisis since the Great Depression, according to three people familiar with the matter.
May 20, 2009 |
The Obama administration is actively discussing the creation of a regulatory commission that would have broad authority to protect consumers who use financial products as varied as mortgages, credit cards and mutual funds, according to several people familiar with the matter. The proposed commission would be one of the administration's most significant steps yet to overhaul the financial regulatory system.
April 9, 2009 |
The Obama administration's plan for a sweeping expansion of financial regulations could have unintended consequences that increase the very hazards that these changes are meant to prevent. Financial experts say the perception that the government will backstop certain losses will actually encourage some firms to take on even greater risks and grow perilously large. Although some financial instruments will come under tighter control, others will remain only loosely regulated, creating what some experts say are new loopholes.
March 25, 2009 |
Chief executives from four U.S. stock exchanges sent a joint letter to the Securities and Exchange Commission seeking to have new rules instituted to restrict short selling. In a letter to SEC Chairwoman Mary Schapiro, the heads of NYSE Euronext, Nasdaq OMX Group Inc. and two smaller exchanges proposed a rule that would curb "abusive" short selling, which "destroys the overall confidence in our capital markets." The new rules would go beyond the previous "uptick" rule curbing short selling, which had been in place since the 1930s until being rescinded in 2007.
March 14, 2009 |
A growing number of healthy bank chains across the country are bailing out of the $700-billion federal banking bailout program, saying it has tarnished the reputation of banks that took the money and tangled them in unwieldy regulations. When the program began last fall, it was billed by then-Treasury Secretary Henry M. Paulson as an investment in strong banks to make them even stronger.
February 23, 2009 |
For weeks, President Obama has been pushing hard on his plan to revive the nation's economy, driving the $787-billion stimulus package through Congress, following up with a plan for homeowners facing foreclosure and readying a strategy for reviving the moribund credit system.
CALIFORNIA | LOCAL
February 16, 2009 |
To find ground zero of L.A's outdoor advertising wars, a good place to start is the Los Angeles City Council's 5th District -- or more specifically, a two-mile stretch of Westwood Boulevard. Your first stop would be Westwood at Wilshire Boulevard, where supergraphics -- large vinyl images -- are stretched across opposite sides of a 12-story medical building.