China's President Hu Jintao has urged the global community to fight the forces of protectionism in the aftermath of the global financial crisis.
Now that we're officially (if barely) out of the Great Recession, it's time for our nation's elected officials to get down to serious business -- that of taking credit, assigning blame, and calling each other liars.
The Federal Reserve threw a lot of money at the crisis to get the gears of the economy turning again -- but it may soon be time to collect on the bill.
Are you finally ready for some good news about the recession? As it turns out, a shaky economy might actually be good for your health.
Anderson Cooper, Ali Velshi and the CNN Money Team hosted a special "CNN Money Summit: Money & Main St." Thursday night, September 17. Here's a transcript of the show:
With apologies to the Beatles, the list of the best-performing Fortune 500 stocks in the year after the collapse of Lehman Brothers reads like a stroll down Penny Lane.
Finance ministers from the G-20 nations meeting in London have reiterated their commitment to coordinated action to tackle the global economic crisis and agreed on the need for tougher rules on banking bonuses.
For an academic from Dillon, S.C., Ben Bernanke is an unlikely gunslinger.
An unexpected rebound in French and German growth helped push the eurozone to the brink of economic recovery in the second quarter, delivering a further signal that the worst of the global crisis may be coming to an end in Europe.
Fannie Mae, the government-controlled mortgage insurer, said Thursday that it needs another $10.7 billion from the Treasury Department to stay afloat.
China's President Hu Jintao has urged the global community to fight the forces of protectionism in the aftermath of the global financial crisis.
Now that we're officially (if barely) out of the Great Recession, it's time for our nation's elected officials to get down to serious business -- that of taking credit, assigning blame, and calling each other liars.
The Federal Reserve threw a lot of money at the crisis to get the gears of the economy turning again -- but it may soon be time to collect on the bill.
Are you finally ready for some good news about the recession? As it turns out, a shaky economy might actually be good for your health.
Anderson Cooper, Ali Velshi and the CNN Money Team hosted a special "CNN Money Summit: Money & Main St." Thursday night, September 17. Here's a transcript of the show:
With apologies to the Beatles, the list of the best-performing Fortune 500 stocks in the year after the collapse of Lehman Brothers reads like a stroll down Penny Lane.
Finance ministers from the G-20 nations meeting in London have reiterated their commitment to coordinated action to tackle the global economic crisis and agreed on the need for tougher rules on banking bonuses.
For an academic from Dillon, S.C., Ben Bernanke is an unlikely gunslinger.
An unexpected rebound in French and German growth helped push the eurozone to the brink of economic recovery in the second quarter, delivering a further signal that the worst of the global crisis may be coming to an end in Europe.
Fannie Mae, the government-controlled mortgage insurer, said Thursday that it needs another $10.7 billion from the Treasury Department to stay afloat.
The pace of economic decline slowed substantially in the second quarter, as the U.S. economy shrank at an annual rate of 1 percent, far less than it did in the first quarter, according to a government report released Friday.
Cleaning up after bank failures is one chore you won't hear bankers complaining about.
The government's economic recovery efforts have brought many new and unfamiliar financial terms into the conversation. Here's a list of some we think are vital to understanding the recession and the government's attempts to fix it:
The first big government bailout of the financial crisis -- the takeover of mortgage finance giants Fannie Mae and Freddie Mac -- is poised to be the most expensive and complicated to complete.
The independent overseer of the $700 billion bailout has caused a ruckus over an important question: How much do taxpayers have on the line?
It's noon in New Haven, and Yale economist Robert Shiller and I are leaving his office to walk down the block for pizza. It was a damp morning, but now the sun is breaking through the clouds. "Do we need an umbrella?" he asks. I say I don't think so. But a few steps outside his office, he turns around to get one. "It's better to be safe," he says.
The global economy is nearing the bottom of its worst financial crisis in 60 years, according to the latest assessment from the Organization for Economic Cooperation and Development (OECD).
Should the Federal Reserve be more worried about the threat of inflation on the long-term horizon, or deflation in the short-term?
The recession began in December 2007. Did it end sometime this spring?
The stock market's rally serves as "broad validation" of the Obama administration's financial rescue efforts, Treasury Secretary Tim Geithner said Monday.
The government bailout of banks, lenders, Bear Stearns and AIG brought in billions of dollars to the Federal Reserve in the first quarter of 2009.
We're about to mark the second anniversary of the financial meltdown. But don't expect to see any clinking of champagne glasses, because except for a handful of prescient (or lucky) speculators, it's been a ghastly two years. The nightmare started June 12, 2007, when news broke that two Bear Stearns hedge funds speculating in mortgage-backed securities were melting down. That was the precursor to the panics and collapses that have led to a worldwide recession and the fall of mighty institutions like Bear, AIG, Lehman Brothers, and Royal Bank of Scotland.
The worst troughs of the global economic downturn could be over, although there remain risks ahead, according to the man who spearheaded perhaps the most complete study yet of the genesis of the current financial crisis.
The Obama administration must break up the biggest financial firms if the nation is to return to economic health, three prominent bailout skeptics told a congressional panel Tuesday.
Leaders of the world's largest economies agreed on Thursday to a package worth more than $1 trillion to tackle the global economic crisis.
World leaders agreed Thursday to tighter regulation of the global financial system and pledged more than $1 trillion to bolster lending by the International Monetary Fund to nations in need.
This week's London Summit brings together the leaders of the world's 20 largest economic powers, known as the Group of 20, to discuss the global financial crisis and decide new measures to set the world on a more stable economic footing.
Asia's economic growth will tumble to the slowest pace since the 1997-1998 Asian financial crisis, the Asian Development Bank (ADB) said in a report released Tuesday.
On the wall of his office overlooking the Pacific Ocean, Bill Gross has hung a poster of Jesse Livermore. In the early decades of the last century Livermore made and lost several fortunes on Wall Street before killing himself in 1940. Alongside the picture is an adaptation of a quote from the deceased: "An investor has to guard against many things and most of all against himself."
This week's London Summit brings together the leaders of the world's 20 largest economic powers, known as the Group of 20, to discuss the global financial crisis and decide new measures to set the world on a more stable economic footing.
Is this the worst economy since the Great Depression? And what are the chances of the economy falling into another depression?
The Treasury Department unveiled its long-awaited plan to remove many of the troubled assets from banks' books Monday, representing one of the biggest efforts by the U.S. government so far aimed at tackling the ongoing financial crisis.
The global economy will shrink up to 2 percent, and rapidly approved stimulus plans worldwide could spark another crash in financial markets, World Bank President Bob Zoellick projected at a forum in Belgium Saturday.
It is axiomatic that to solve a problem, one must first understand it. To that end, I have devoted my spare time in recent months to studying our financial crisis - unearthing its root causes, delving into its manifold consequences and pondering its far-reaching implications.
A year after the government rescued Bear Stearns, the economy has stumbled badly.
The U.S. government, saying it needed to prevent broad damage to the financial system, announced Monday that it was again restructuring the bailout of American International Group after the battered insurer reported a staggering $62 billion quarterly loss.
The government has a new remedy for sickly financial giants -- but signs of healing remain scarce.
Global stock markets were reeling Monday as U.S. insurance giant AIG revealed losses of $62 billion -- the largest quarterly loss in corporate history.
Troubled insurer American International Group is looking for more help from the federal government as it struggles to sell off assets and keep its core businesses afloat.
On Friday, Feb. 20, investors watched in horror as shares of Bank of America plunged below $3 and Citigroup's stock broke $2, giving the two pillars of U.S. banking a combined market value of $26 billion - far below that of Kraft Foods.
Hammered by the ailing housing market, mortgage finance giant Fannie Mae said Thursday it would tap its lifeline from the Treasury Department after reporting $58.7 billion in losses for 2008.
It's not as if U.S. Treasury Secretary Tim Geithner doesn't have enough to worry about. Now, American International Group is back. The struggling insurer said on Monday that it continues to "work with the U.S. government to evaluate potential new alternatives". Unfortunately, Geithner is already familiar with the most likely not-so-new scenario.
The government may again have to overhaul its bailout of troubled insurer American International Group.
The Treasury Department offered up details Tuesday for 23 regional banks that received a combined $365 million in the latest round of government bailout funding.
Citigroup may be on the verge of nationalization. But what exactly that means remains to be seen.
Citigroup Inc. is in discussions with regulators about a plan for the federal government to take a larger ownership stake in the bank, according to published reports.
The stock market crashed. Wall Street panicked. People stashed silver and gold under mattresses while businesses shut doors across America.
The White House is using only $50 billion from the $700 billion financial industry bailout package to fund the foreclosure prevention program, a senior administration official clarified Friday.
What does it mean to nationalize a bank, anyway?
Obama administration officials are hammering out the details of a $50 billion foreclosure prevention program that the president is set to unveil Wednesday in Arizona, sources said.
So much for change you can believe in.
On a day in early February when incoming White House officials under previous administrations would have just been learning how to use their office phones, the Obama economic team is already racing against the clock.
The Obama administration has promised to fix big financial firms with a helping of "tough love." But even stronger medicine -- such as breaking up troubled banks and starting new ones -- may be necessary.
The Obama administration finally unveiled its plans to fix the ailing banking industry Tuesday. Too bad Wall Street hated it.
Stocks slumped Tuesday, with the Dow industrials ending at a 3-month low, as the government's bank rescue plan failed to reassure investors burned by the 14-month old recession.
Treasury Secretary Tim Geithner defended his financial stabilization plan Tuesday, telling senators it is "fundamentally different" than the one pursued by his predecessor, Henry Paulson.
The federal government's bank bailout just got a lot more complicated.
Treasury Secretary Tim Geithner failed Tuesday to persuade Wall Street that he will succeed where his predecessor Henry Paulson failed.
Federal Reserve chairman Ben Bernanke was questioned by lawmakers from both parties Tuesday about whether the Fed should continue to have as much broad powers over the economy.
Bank may be the dirtiest of four-letter words these days. A close second is the acronym TARP. Several top banks have taken billions of dollars in government aid from the Troubled Asset Recovery Program during the past few months but there has been little evidence that they have used the funds to boost lending to consumers and businesses.
Treasury Secretary Tim Geithner sketched out the broad strokes of the latest government attempt to stabilize the financial sector Tuesday morning.
The Obama administration's long-anticipated overhaul of the banking bailout is finally near.
Treasury Secretary Tim Geithner is expected Tuesday to start laying out the Obama administration's long-awaited plans to address the foreclosure crisis.
Fixing the banks is only the start.
Financial shares rallied Monday, but the broader market struggled as the announcement of the overhaul of the bank bailout was delayed and Congress continued to squabble about the stimulus package.
The "massive overhaul" of the banking bailout will be announced a day later than expected.
This much we know -- the Obama administration wants to set aside between $50 billion and $100 billion to address the foreclosure crisis.
The Obama administration is about to face its first significant financial test.
This week, the Obama administration launched an angry campaign (and rightly so) targeting the greed of the financial services industry.
So far the Obama Administration's talk about fixing the economy through buying toxic assets, creating a bad bank, and deploying more TARP funds has left many financiers cold. That's why some leading Wall Street heavyweights including Thomas Flexner, the global head of real-estate investment banking at Citigroup, Wes Edens, the CEO of Fortress Group, and Barry Sternlicht, CEO of Starwood Capital Group, have been quietly circulating their own proposal. FORTUNE recently obtained a copy.
The Obama administration is planning a separate financial stability plan that could cost hundreds of billions of dollars on top of the massive stimulus package the Senate is struggling with, two senior administration officials said.
The Treasury Department overpaid for the assets it purchased as part of the $700 billion financial sector bailout, according to testimony of a bailout oversight official before Congress on Thursday.
The $700 billion financial sector bailout needs an oversight makeover, according to a report that an oversight official will present to Congress on Thursday.
The chairman of the House Financial Services Committee, Rep. Barney Frank, D-Mass., invited CEOs from the first eight companies that received bailout funds to testify in an accountability hearing on the Troubled Asset Relief Program.
Citigroup offered its first glimpse Tuesday into how it is spending the $45 billion in government bailout money that the ailing bank has received in recent months.
Business may be slow for the nation's big banks -- but their public relations departments sure are busy!
The Treasury Department on Tuesday detailed 42 local banks that recently received a combined $1.15 billion in government bailout funds.
Punxsutawney Phil saw his shadow this morning. Does that mean another six weeks of horrific stock-market losses? The worst January for stocks in history is over. But so far, February is looking no different, with the Dow and S&P 500 each falling about 1% early Monday morning before recovering as the trading session wore on.
The government forced Citigroup to cancel its order for a brand new $50 million corporate jet. Now, two Congressmen are hoping that the Obama administration will convince the beleaguered bank to scrap its naming rights deal with the New York Mets.
On Sept. 15 last year, Bank of America CEO Ken Lewis triumphantly unveiled his $50 billion deal to buy Merrill Lynch, an American icon. Lewis, 61, had coveted Merrill for years, and he planned nothing less than a cultural revolution. The steady, watch-the- nickels branch banker from Charlotte would impose commonsense discipline on the wounded bull, banishing the profligate practices he'd long reviled, especially inflated pay and the high-risk trading that had landed Merrill in so much trouble.
The Obama administration is intent on fixing the banks. But doing so won't be simple or cheap.
It is hard to ignore the reality that the banking crisis is experiencing another significant flare-up. Headlines are becoming scary again, with questions now raised about the future of institutions (see Bank of America) that had been somewhat shielded from the brunt of the initial storm that broke out last September.
The Obama administration is trying to fix the bank bailout process. But they have their work cut out for them.
Citigroup CEO Vikram Pandit downplayed the notion that his bank, or any other major financial institution for that matter, would be taken over the by the U.S. government.
Citigroup reversed course Tuesday, a day after a Treasury Department official called the struggling company and "told them it was unacceptable" to accept delivery of a new $42 million corporate jet, a senior administration official said.
The cost of the bank bailout is likely to be much higher than $700 billion.
Senate lawmakers voted Monday to confirm Tim Geithner as the next Treasury secretary amid ongoing uncertainty about the nation's economic future.
Credit markets remain under pressure as the weak economy and ongoing turmoil in the banking sector continue to take a toll on lending confidence.
Treasury Secretary-designate Tim Geithner called for bold action to blunt the economic downturn and promised to tighten the terms for companies getting federal financial help.
Government debt prices fell Tuesday as Barack Obama was sworn in as the nation's 44th president, with the struggling economy - and government efforts to revive it - serving as a backdrop.
We know this much about how Barack Obama plans to govern: He will deploy the fattest checkbook ever at the disposal of an incoming American president.
The scope and intensity of problems facing President Obama are similar only to those that Franklin D. Roosevelt faced in 1933.
Can anything satisfy banks' appetite for capital?
Have the Brits found the way to unclog a backed-up banking system?
Let us now consider a famous business convulsion. A year ago the largest banking company in the world, Citigroup, was weeks into one of its best quarters in history. It was invincibly marching toward $6.2 billion in profits for the period, a matter so heartening for Citi's oft-maligned CEO, Charles O. Prince III, that as early as May he was astonishingly inviting reporters (like this writer) to come around and chat.
Prices for U.S. Treasurys fell Friday as the government's latest efforts to stabilize the shaky financial services sector outweighed grim economic data and weak corporate results.
Bank of America has received another $20 billion from the federal government's bailout fund, along with guarantees on $118 billion of assets at the bank, to absorb its recent purchase of the ailing Merrill Lynch.
The success of President-elect Barack Obama's fiscal stimulus plans may hinge on fixing the banking system - again.
Financial markets must be made more transparent - with closer attention paid to risk management - in order to prevent another global economic collapse, according to a report released Thursday by a body of top economists led by former Federal Reserve Chairman Paul Volcker.
Rarely has the potential for lower prices been so scary.
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