World Bank president says he opposes giving more authority to Federal ReserveWASHINGTON — The president of the World Bank says he opposes giving more authority to the U.S. Federal Reserve, arguing instead that the Treasury Department is better suited to manage financial crises. FACT CHECK: In health debate, Obama’s stories of hardship don’t always hold up to scrutinyWASHINGTON — One of President Barack Obama’s health care “horror stories” is about a woman who, he says, lost her health insurance on the verge of breast cancer surgery because she didn’t disclose a case of acne to the insurer. That’s not what happened. Bank of America suspends dealings with ACORN housing entity amid controversy over videotapesWASHINGTON — Bank of America Corp. is suspending its work with the housing affiliate of embattled community organizing group ACORN. FDIC chair calls for federal regulation of bank overdraft feesNEW YORK — Several of the country’s biggest banks unveiled consumer-friendly makeovers of their overdraft programs last week. The changes may be too little, too late. FDIC plan for insurance fund is no long-term fix, but it won’t likely inhibit banks’ lendingWASHINGTON — A plan that regulators proposed Tuesday to have banks prepay $45 billion in insurance premiums won’t provide a long-term fix for the shrinking fund that insures bank deposits. High costs force some people to roll the dice on health care coverage, opt out of insuranceNEW YORK — Call it a health care gamble: the decision by some people to opt out of health insurance, paying cash for routine care while playing the odds that an accident or catastrophic illness won’t plunge them into financial ruin. Public plan debate to take center stage as Senate Finance goes back to work on health careWASHINGTON — Democrats sought to give government the right to sell insurance in competition with private industry Tuesday as the Senate Finance Committee opened a second week of debate over massive health care legislation. Liberals fail to win government-run insurance option in Senate health care billWASHINGTON — In a long-anticipated showdown, liberal Democrats twice failed on Tuesday to inject a government-run insurance option into sweeping health care legislation taking shape in the Senate, despite bipartisan agreement that private insurers must change their ways. JPMorgan Chase shuffles management of investment banking team, names Jes Staley CEO of unitNEW YORK — JPMorgan Chase is shuffling the management duties of its investment bank and asset management units. Liberal Democrats twice fail to inject gov’t-run insurance option in Senate health care billWASHINGTON — In a long-anticipated showdown, liberal Democrats twice failed on Tuesday to inject a government-run insurance option into sweeping health care legislation taking shape in the Senate, despite bipartisan agreement that private insurers must change their ways. FDIC: bank failures to cost deposit fund $100 billion, seeks prepayment of $45 billion in feesWASHINGTON — Federal regulators expect bank failures to cost the deposit insurance fund about $100 billion in the next four years and the fund to be running at a deficit Wednesday. Get older, pay higher health premiums: Congress tries to figure out a fair equationWASHINGTON — Old people get sick more than young people, and in most states that adds up to them paying a lot more for their health insurance premiums. FDIC likely will require banks to prepay fees to replenish dwindling deposit insurance fundWASHINGTON — The Federal Deposit Insurance Corp. may take the unprecedented step of ordering banks to prepay about $36 billion in premiums to shore up the shrinking deposit insurance fund. Broad market rally gives mutual funds hefty 3rd-quarter returns as hopes for economy growNEW YORK — As the third quarter ends, the performance of many mutual funds confirms that investors have regained their taste for risk amid more signs of an economic recovery. Obama says world leaders united and confident after bringing economy out of crisisPITTSBURGH — World leaders on Friday issued sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. President Barack Obama said actions taken so far “brought the global economy back from the brink.” Disappointing economic reports signal bumpy recovery as government supports winds downWASHINGTON — A reminder that the path to an economic recovery will be a slow and bumpy one emerged Friday from weaker-than-expected data on durable goods orders and new home sales. G-20 leaders pledge ambitious financial overhaul, stop short of details on how to get therePITTSBURGH — World leaders lined up Friday behind sweeping promises to fix a malfunctioning global economic system in hopes of heading off future financial meltdowns. For now, they said, they would keep stimulus programs going “until recovery is assured.” Fed members walking fine line in remarks on economy, some say mixed signals being sentWASHINGTON — The Federal Reserve’s high-wire act in easing the extraordinary support it has provided the economy was on display Friday. Fed Chairman Ben Bernanke said a key consumer lending program is still needed, while one of his colleagues talked about acting forcefully when the time comes to boost interest rates. Regulators close Georgian Bank in Atlanta; 95th US bank closed this yearWASHINGTON — Regulators on Friday shut down Atlanta-based Georgian Bank, the 95th U.S. bank to fail this year as loan defaults rise in the worst financial climate in decades. Stocks fall as durable goods orders, new home sales lag expectations; Dow loses 42 pointsNEW YORK — Investor confidence suffered another blow Friday as disappointing reports on manufacturing and home sales stirred worries that the economy will struggle to recover. Meltdown 101: Navigating bank overdraft fees, and understanding the changes down the roadNEW YORK — Overdraft programs for checking accounts are now an industry standard, meaning most bank customers can accidentally spend more money than they have — and will be charged a fee when they do. Officials consider fresh bailouts from $700 billion fund to prop up struggling community banksWASHINGTON — Treasury officials and regulators are weighing a fresh round of bailouts for banks that were deemed too risky to qualify for earlier aid. Pelosi says House will consider Senate funding scheme for health careWASHINGTON — House Democrats are considering a tax on high-cost insurance plans to help pay for health care overhaul that tops President Barack Obama’s domestic agenda. Commercial banks earned $5.2 billion trading derivatives in 2nd quarter; signs of risk easeWASHINGTON — U.S. commercial banks earned $5.2 billion trading derivatives in the second quarter, as the level of risk eased in the global market for the complex financial instruments, according to a government report released Friday. Officials consider bailouts from $700 billion fund to prop up struggling community banksWASHINGTON — Federal regulators and lawmakers are weighing a fresh round of bailouts for banks that were too small or too risky to qualify for earlier aid. G-20 leaders take global board-of-directors role and pledge reform agendaPITTSBURGH — Major world leaders formed themselves into a new board of directors for the global economy Friday, vowing to overhaul lax financial regulations and work harder to control dangerous imbalances that contributed to a financial meltdown. House lawmakers vow to shine light on secrets of the Federal Reserve in bipartisan pushWASHINGTON — House lawmakers want to pry open the books of the famously secretive Federal Reserve with legislation that would subject the central bank to a sweeping congressional audit. Regulators say lenders expected to lose $53 billion in 2009 on loans larger than $20 millionCHARLOTTE, N.C. — U.S. regulators said total losses from large loans at banks and other financial institutions nearly tripled to $53 billion in 2009, due to a deteriorating economic environment and continued weak underwriting standards. Simmons plans to file for Ch. 11 bankruptcy protection as part of restructuring planATLANTA — Simmons Co., the maker of Beautyrest mattresses, said Friday that it plans to file for Chapter 11 bankruptcy protection, a move that will put new owners in charge of the bedding unit and significantly lower the company’s debt. Government-sponsored health insurance plan to face crucial Senate committee votesWASHINGTON — Advocates for a public insurance plan — the idea that has generated the most passion in the high-decibel health care debate — are pressing for a crucial test vote in the Senate Finance Committee. |
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