financial crisis

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FDIC Launches 50 Criminal Inquiries of Failed Banks

But it won't name names yet

(Newser) - The FDIC has launched criminal investigations targeting around 50 executives, directors, and employees from banks that failed during the financial crisis. Regulators won’t say which banks or executives are under investigation yet, but did tell the Wall Street Journal that banks of all sizes from across the country are...

Tab for Fannie, Freddie Could Soar to $259B

That would be nearly twice what they've received so far

(Newser) - The government spelled out today just how much the most expensive rescue of the financial crisis will end up costing taxpayers—as much as $259 billion for mortgage buyers Fannie Mae and Freddie Mac. By contrast, the combined bailouts of financial companies and the auto industry have cost taxpayers roughly...

'Recovery' Looking Like 10-Year Recession

Uncertainty is the 'new normal' in America

(Newser) - For many Americans, "recovery" feels a lot like recession—and it may take a decade for that to change, finds the New York Times . At the current rate of job creation, for instance, it would take nine years to recapture jobs lost thus far. Home prices, meanwhile, are down...

Final Bailout Tab: $29B
 Final Bailout Tab: $29B 
Oct 6, 2010 7:52 AM CDT

Final Bailout Tab: $29B

Bank bailout is highlight of latest accounting

(Newser) - So it's not exactly zero, but the $388 billion the feds dumped into bailouts is going to end up with a final price tag of ... $29 billion, reports the New York Times. Most of Treasury's losses are focused in housing rescues ($46 billion) and the Detroit bailout ($17 billion), while...

SocGen Rogue Trader Guilty; Must Repay $6.7B

Kerviel will serve 3 years in prison in bank meltdown

(Newser) - A trader who brought Societe Generale to the brink of collapse in 2008 has been sentenced to three years in prison and ordered to repay the $6.7 billion his unauthorized trades cost the French bank. Jerome Kerviel, 33, was found guilty of breach of trust and computer hacking and...

Bailout May End Up Costing $0

Despised TARP expires Sunday

(Newser) - The terms "$700 billion" and "bailout" are paired as often as "Tea" and "Party," but it turns out that the government lifeline to banks and auto firms will only cost taxpayers a fraction of what was originally predicted. The hugely unpopular Troubled Asset Relief Program—...

Ex-World Leader Indicted Over Financial Crisis

Iceland's Geir Haarde says charge 'borders on political persecution'

(Newser) - Iceland’s legislature has decided to file charges against the country’s ex-prime minister over his role in the financial crisis. After a contentious vote yesterday, lawmakers voted 33-30 to refer charges against Geir Haarde to a special court, the AP reports. That’ll make Haarde the first world leader...

UC Berkeley Dumps Rugby, Baseball, Lacrosse Teams

Mounting debt triggers stunning move

(Newser) - In a shocking cost-cutting move, UC-Berkeley has dumped its baseball, gymnastics, lacrosse, and rugby teams. Rugby, the most successful team in the history of the university, will be turned into a club team, while the others will be completely eliminated. The rugby and baseball teams have existed at Berkeley for...

Jobless 'Wasteland': Europe, US on Brink of Social Revolt

Recession left 'gaping wounds' says IMF head

(Newser) - To those who think the worst of the recession is over, the head of the IMF has this to say: "We are not safe." An astounding 30 million jobs have been lost since the beginning of the financial crisis , three-quarters of those in richer economies, a new report...

Big Banks Still Think We're Chumps
 Big Banks 
 Still Think 
 We're Chumps 
OPINION
Sep 13, 2010 10:42 AM CDT

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its...

SEC: Citigroup Execs Lied
 SEC: Citigroup Execs Lied 
Sep 10, 2010 6:48 AM CDT

SEC: Citigroup Execs Lied

Former heads knew of losses, SEC claims

(Newser) - Citigroup 's top brass lied about their knowledge of the firm's subprime losses, the SEC alleges. Court fillings from the SEC suggest former chief executive Charles 'Chuck' Prince and former senior adviser Robert Rubin were well aware that the highest-rated segments of subprime mortgage-backed securities were the source of...

Bernanke: We Must Fix the 'Too Big to Fail' Problem

Fed chair defends financial crisis actions

(Newser) - The government must be ready to close even the biggest banks if they threaten to bring down the financial system, Ben Bernanke said today, in testimony before the Financial Crisis Inquiry Commission. "If the crisis has a single lesson, it is that the too-big-to-fail problem must be solved,"...

How Banks' Fake Daisy-Chains Led to Meltdown
 How Banks' Fake 
 Daisy-Chains Led 
 to Meltdown 



investigation
Aug 27, 2010 10:40 AM CDT

How Banks' Fake Daisy-Chains Led to Meltdown

Self-dealing artificially propped up market for CDOs

(Newser) - An extensive ProPublica investigation reveals what it calls “one of the greatest episodes of self-dealing in financial history.” Banks, most notably Merrill Lynch, set the stage for the economic meltdown by rewarding themselves for said “self-dealing” during the final two years of the housing bubble. They created...

Small Investors Flee Wall St. in Hordes

Investors are not sold on financial recovery, it seems

(Newser) - Americans love the stock market—that is, they used to love the stock market. But shaken by the financial crisis, investors withdrew $33.12 billion dollars from domestic stock market mutual funds in the first seven months of this year, finds the New York Times . Instead, they're putting their money...

US Bailout Funds Aided Foreign Firms

Watchdog says TARP spending aided France, Germany

(Newser) - A big slice of the $700 billion in bailout funds the US poured into the financial system ended up helping foreign companies, according to a report from a congressional watchdog agency. Because the Treasury Department failed to gather enough information on the flow of money, it ended up taking on...

The Crash Taught Us Nothing
 The Crash Taught Us Nothing 
Thomas Frank
Aug 11, 2010 9:50 AM CDT

The Crash Taught Us Nothing

How have Republicans revived their old, worn-out ideology?

(Newser) - Thomas Frank turns in his last column for the Wall Street Journal today, and he’s feeling a bit depressed. Back when he started writing for the paper, the financial crisis had just hit, and though it was a terrible time, he took solace that “at least we were...

Feds Slap Foot-Dragging Goldman With Subpoena
Feds Slap Foot-Dragging Goldman With Subpoena
EFFORT TO RUN OUT THE CLOCK
Jun 8, 2010 5:39 AM CDT

Feds Slap Foot-Dragging Goldman With Subpoena

Sachs stalls commission, then dumps millions of documents

(Newser) - Goldman Sachs is giving investigators the run-around in their probe into the roots of the financial crisis, a federal commission says. The Financial Crisis Inquiry Commission says the firm, asked for information on its dealings, first dragged its feet and then dumped hundreds of millions of pages of documents on...

Lehman Estate Sues JPMorgan for Billions

Suit: Firm 'held gun' to Lehman in massive ripoff

(Newser) - Lehman Brothers' bankruptcy estate has launched a huge lawsuit against JPMorgan Chase, accusing the bank of abusing its position to siphon off billions of dollars in Lehman's dying days. The suit alleges that JPMorgan used its inside knowledge of Lehman's troubles to hold a "financial gun" to its head,...

Germany OK's Eurozone Rescue Deal

Lawmakers say yes to $1 trillion bailout

(Newser) - The German parliament has approved the country's share of the huge euro-zone rescue package. Europe's biggest economy will contribute between $154 billion and $185 billion in loan guarantees. Without Germany on board, the nearly $1 trillion plan could have failed and kept the euro on its relative freefall. The move...

Congress Must Grill Bankers, Depression Style

US needs something like the combative Pecora Commission

(Newser) - In the wake of the 1929 stock market crash, bankers weren't just held accountable, they were humiliated. Writing for Vanity Fair , historian Alan Brinkley looks at the agent of that humiliation: the Pecora Commission, a nasty, combative affair. The brilliant cross-examiner Ferdinand Pecora grilled the likes of JP Morgan Jr....

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