Eurozone finance ministers on Friday approved the terms of a bailout for Spanish banks and agreed to set aside €30 billion in emergency funds.
Spain is to be offered an initial 30 billion euros (US$36.9 billion) to bail out its troubled banks following an emergency meeting of Eurozone finance ministers.
updated: Tue Jul 10 2012 03:56:00
Spain's economy minister will formally request EU funding to help bail out Spanish banks. CNN's Al Goodman reports.
updated: Mon Jul 09 2012 06:23:00
Spain requests aid for its troubled banking sector, as CNN's Al Goodman reports.
Spain is ready to create a single "bad bank" to house the distressed assets of its teetering financial sector, as it prepares to finalise terms of an EU bailout that is dividing the eurozone and spooking markets.
Asian stock markets forged higher Monday following Spain's move to seek a ?100 billion euro ($125 billion) credit line to strengthen its troubled banking system.
Even as his campaign portrays him as a champion of the middle class and a crusader to keep Wall Street from melting down as it did three years ago, President Barack Obama was set to leave New York Monday with a sizable haul of cash from industries whose excesses he decries from the stump.
The Consumer Financial Protection Bureau announced Tuesday that it's considering new rules aimed at mortgage servicers to help protect consumers against "costly surprises."
When it came to reforming the global financial system, regulators focused on the banks. Weakened by the 2008 crisis, destabilised by the eurozone sovereign debt mess and then hit with higher capital requirements, traditional lenders are on the retreat.
For the first time in history, debt collectors -- the guys who hound you over unpaid bills -- are about to get a tough federal regulator scouring their own books.
The euro slid to a one-month low Thursday, after Moody's put a number of European financial firms up for review.
Financial industry spending to influence Washington topped $150 million for the second year in a row, with emphasis shifting to regulators of the Dodd-Frank reform law, according to watchdog groups.
The Consumer Financial Protection Bureau's new director -- armed with the bureau's full powers -- has set his top priorities for what to do first.
The Federal Reserve on Tuesday released a set of proposed rules governing how much reserve capital big banks will need to keep on hand in the future.
Banking regulators said Thursday that European banks need to raise nearly €115 billion by June as pressure mounts for political leaders to come up with a workable plan to resolve the debt crisis.
It's time for Bank of America to start wrestling with some existential questions.
All of the post-mortems on the CNBC Republican debate have focused on the sad, but hilarious, senior moment Gov. Rick Perry suffered when he couldn't remember the third federal agency he wants to eliminate.
Executives at Fannie Mae and Freddie Mac need big pay packages to protect taxpayers from losing more of the billions spent to rescue the mortgage finance companies, according to the head of the agency that sets pay at the beleaguered firms.
Mortgage finance giants Fannie Mae and Freddie Mac received the biggest federal bailout of the financial crisis. And nearly $100 million of those tax dollars went to lucrative pay packages for top executives, filings show.
Europe's big banks will be forced to find ?108bn ($150bn) of fresh capital over the next six to nine months under a deal to strengthen the banking system agreed by European Union finance ministers.
updated: Sun Oct 23 2011 01:31:00
Just talking about the possibility of leaving the euro has potentially devastating consequences. Nina dos Santos explains.
A conservative critic of "too big to fail" banks has been tapped for a key position to do something about them.
Finance ministers from the world's largest economies pledged Saturday to take "all necessary actions" to stabilize global financial markets and ensure that banks are well capitalized.
The board of the Federal Deposit Insurance Corp. on Tuesday approved a draft version of a rule aimed at cracking down on big banks that make risky bets with their own money or own hedge funds.
Banking regulators this week are expected to finally release a draft rule intended to take risky bets out of the financial system in hopes of preventing another crisis.
The Occupy Wall Street protests have sparked another fight -- between Republicans and President Obama.
European Union finance ministers are examining ways of co-ordinating recapitalisations of financial institutions after they agreed that additional measures were urgently needed to shore up the region's banks.
U.S. Treasury Secretary Tim Geithner warned Saturday that the sovereign debt and banking crisis in Europe represents "the most serious risk now confronting the world economy."
Finance ministers and central bankers from the world's largest economies reiterated their pledge to stabilize the global economy, but they failed to impress investors, who are eager for the Group of 20 to take action.
A coordinated move by five major central banks Thursday helped calm fears in global financial markets about the shaky European banking system.
With the eurozone's financial health hanging in the balance, U.S. Treasury Secretary Timothy Geithner huddled with European finance ministers in Poland Friday in search of a way out of a debt crisis that is imperiling economies worldwide.
updated: Fri Sep 16 2011 09:13:00
Europe's leaders and U.S. Treasury Secretary Tim Geithner are meeting in Poland amid a deepening debt crisis.
Treasury Secretary Timothy Geithner is attending a meeting of finance ministers in Poland on Friday amid growing concern over the worsening debt crisis in the eurozone.
JP Morgan Chase chief Jamie Dimon calls new bank rules being developed by global finance ministers "anti-American," and says the United States should consider pulling out, according to an interview published Monday.
David Cameron has given the strongest signal yet that he will back recommendations to build a firewall around Britain's retail banking operations, but he wants to delay the implementation of the structural upheaval for a number of years.
updated: Fri Jul 22 2011 15:19:00
President Obama appoints Richard Cordray as Consumer Protection Bureau chief.
While President Barack Obama battles with Republicans and Democrats over raising the debt ceiling, Americans should be preparing themselves to take on the shady special interests and the members of Congress who carry their water in their effort to scuttle the Consumer Financial Protection Bureau.
Federal regulators on Thursday updated senators on the progress of financial system reforms that went into law a year ago, and they defended against criticisms about the pace at which reforms are being implemented.
A year after Congress enacted the most sweeping changes in financial regulation since the 1930s, Wall Street is still waiting for the full impact.
Wall Street will be awash in corporate news this week, as some the nation's largest and most influential companies report their quarterly results.
The chairman of the FDIC is not usually a household name. But the last few years have been anything but usual.
The outgoing chief of the Federal Reserve Bank of Kansas City said Monday that the new Wall Street reform law doesn't do as much to keep big banks from threatening the financial system as a New Deal law repealed a decade ago.
President Obama will nominate Martin J. Gruenberg, currently vice chairman of the Federal Deposit Insurance Corp., to succeed Sheila Bair as chairman of the banking regulator, the White House announced Friday.
Bank stocks have gotten beaten up lately, as more signs emerge that the economy is on a slow track to recovery.
JPMorgan Chase CEO Jamie Dimon is still griping about financial reform, and this time, he took his complaints straight to the top official at the Federal Reserve.
Treasury Secretary Tim Geithner called out Wall Street and lawmakers on Monday for trying to undermine last year's landmark financial reform law.
House Republicans on Wednesday detailed a new barrage of legislative measures they plan to pursue that would dilute, delay and curtail powers of the new Consumer Financial Protection Bureau (CFPB).
This article is adapted from "Banktown: The Rise and Struggles of Charlotte's Big Banks" by Rick Rothacker, published by John F. Blair, Publisher (Winston-Salem).
Pressure continues to mount on President Obama to select Elizabeth Warren as the nation's first consumer financial protection regulator.
Almost two years after the near collapse of the U.S. financial system, a sweeping reform package has finally been signed into law. Now the real work begins.
The financial industry has spent $251 million on lobbying so far this year as lawmakers hammered out new rules of the road for Wall Street, according to the latest lobbying reports compiled by a watchdog group.
Elizabeth Warren doesn't look or sound scary. She's a 61-year-old Harvard Law School professor from Oklahoma who has written personal finance books, some with her daughter.
Earlier this year, Senator Evan Bayh of Indiana stunned Democrats when he announced that he wouldn't seek reelection in November, making it likelier for his party's command of the Senate to fade come fall.
Morgan Stanley rebounded from a year-earlier loss in the second quarter, reporting a profit of $1.4 billion, even as recent market tremors upended the results of close rivals.
After more than a year of effort by its advocates, President Obama signed the Wall Street reform bill into law Wednesday, promising that the measure will put an end to taxpayer-funded bailouts of failed banks.
As soon as President Obama's name showed up on the Dodd-Frank Wall Street reform law Wednesday, the way the financial industry does business changed.
updated: Wed Jul 21 2010 03:17:00
The President praised Congress for passing "unprecedented" Wall Street reform.
President Obama will sign into law Wednesday the Wall Street reform bill -- the most-sweeping set of changes to America's financial regulatory system since the 1930s.
Bank of America's fears about Wall Street reform are giving the whole banking industry a case of the jitters.
Better-than-expected profits from Bank of America ultimately proved a major disappointment for investors Friday as its results revealed a number of festering troubles at the nation's largest bank.
Citigroup posted second-quarter earnings of $2.7 billion Friday, marking its second consecutive profit and beating Wall Street expectations, thanks to improving credit trends.
The Senate on Thursday afternoon passed the most sweeping set of changes to the financial regulatory system since the 1930s, sending the Wall Street reform bill to President Obama.
After more than a year of work, the most sweeping reform of Wall Street reform since the New Deal is on the verge of becoming law.
Wall Street appears to have beaten Washington to the punch.
For the nation's top banks, their latest results may be more about their ability to deliver answers rather than actual profits.
Two key Republican senators announced their support for the Wall Street reform bill Monday, placing Senate Democrats days away from winning the final vote to passing the most sweeping set of changes to the financial system in decades.
In Washington, there's a code phrase for the middle ground that lawmakers find after a torrent of industry lobbying or partisan debate: "Let's do a study."
The House voted 237-192 Wednesday to pass a sweeping package of reforms to the financial regulatory system, moving the bill a step closer to the finish line.
After more than a year of work and two weeks of negotiations, lawmakers finished melding different versions of Wall Street reform. And the House passed the bill on Wednesday.
Lawmakers came up with an alternative plan to pay for Wall Street reform, attempting to save the sweeping measure from falling short of the votes necessary to pass in the Senate.
Bank stocks tumbled Tuesday on the heels of negative global economic data and concern that a financial reform bill won't pass in the Senate.
One of the best pieces of advice I ever got was from a former editor, who told me how to handle topics that were likely to annoy the powerful. "Don't nibble at their toes," he told me. "Go for their throat."
Predatory lending would likely become a thing of the past if proposed regulatory reform rules are put into practice. And that may mean that mortgages get more expensive and more difficult to get, lenders warn.
Remember the early 1980s? Thanks to government credit policies, you paid 20 percent interest to buy a house. Back then, the longtime West Virginia banker Julius "Jay" Stern didn't need a foreclosure crisis to tell him there was a problem. A small-town banker of the George Bailey mold, Jay knew his customers and their parents and grandparents, too.
Financial shares rallied Friday on relief that the new version of the Wall Street reform bill is less restrictive than had been expected, but the broader market was mixed at the end of a down week on Wall Street.
It's a brave new world for the derivatives market. Or is it?
Congress and the White House finally got what they've wanted since the financial collapse of September 2008: tough Wall Street reform.
After a grueling 20-hour session, lawmakers early Friday finished melding the House and Senate Wall Street reform bills, bringing Congress closer to passing the most sweeping changes to the financial system since the New Deal.
updated: Fri Jun 25 2010 09:50:00
CNN's Maggie Lake discusses how financial reform could occur in the U.S.
The Democrats have a lot riding on Sen. Susan Collins (R-Maine.) The low key, pragmatic New Englander is shaping up as the go-to Republican vote on the Wall Street reform bill.
Lawmakers are closing in on melding two different versions of Wall Street reform.
With one day to go, lawmakers are nearing the finish line for melding two different versions of Wall Street reform.
President Obama wants to slow Europe's headlong rush to austerity. But right now he looks like little more than a speed bump for the cutback crowd.
The nation's top banking regulators issued final guidelines Monday aimed at making sure that compensation practices at financial institutions do not encourage excessive risk taking.
On Wednesday, fifteen leading academic economists unveiled a succinct, slender and, for the most part, readable volume containing their consensus recommendations on how to fix our financial system.
One Federal Reserve governor thinks the Wall Street reform bill hands big banks a sweet deal. A Nobel Prize winning economist thinks regulators get too much discretion. And a high-profile investment strategist dubs the whole thing "wimpy."
In a speech on regulatory reform, Federal Reserve chairman Ben Bernanke said Wednesday that regulators should have a broader perspective of the financial system, and ensure that tax payers are sheltered from risky behavior on Wall Street.
Bank stocks have been among the biggest losers during the market's slump of the past month or so. Despite that, many professional investors still don't think banks have hit bottom just yet.
As lawmakers began the final push Thursday on a comprehensive Wall Street reform bill, lobbyists also made their final push -- in congressional hallways, on BlackBerrys and cell phones, and at restaurants and bars near Capitol Hill.
Wall Street reform negotiations officially kick off Thursday, when lawmakers are expected to start merging two different versions of sweeping changes to the financial system into one final bill.
Since financial reform debates started heating up on Capitol Hill in 2009, financial companies have hired nearly 1,500 former federal employees as lobbyists, a congressional watchdog group said Thursday.
While private equity fund managers work to come up with ways to avoid higher taxes, they can take comfort in the fact that new financial regulations could create some new business opportunities.
Hedge funds have nowhere left to hide.
During the next banking crisis, we will need speed. Remember how floundering financial firms, like Lehman Brothers, AIG, and Fannie Mae, contributed to fear and uncertainty - creating problems for their customers, counterparties, and the markets? Many commercial and investment banks panicked, stopped extending credit, and greatly damaged our economy and financial system.
While it's a bit like predicting a winner as the horses go into the final stretch, there's a handful of companies that may do well when financial regulatory reform eventually becomes law.
With Congress perhaps just weeks away from finishing Wall Street reform, the key financial players are just now realizing who's poised to win and lose from the legislation.
Introspection is a difficult task, even for the most self-assured among us. In fact, it can be most difficult precisely for the self-assured. It should come as no surprise, then, that the Wall Street crowd, never known to lack self-confidence, has emerged from the recent crisis with a self-regard that remains relatively unscathed.
On Sept. 15, 2008, America woke up to its worst financial meltdown in generations.
With any luck, Wall Street can still escape two of the harshest elements of Washington's reform efforts.
Now that Wall Street reform has passed both chambers of Congress, the next step for lawmakers is to work out the differences.
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