The government’s $25 billion settlement Thursday with banks over fraudulent foreclosure practices begins a long-promised reckoning with the financial industry over its role in the worst economic crisis since the Great Depression, officials said. Read full article > >
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Settlement launches foreclosure reckoning
ROME — Former Italian prime minister Silvio Berlusconi has declared he is “stepping aside” from frontline politics, revealing he has no intention of running again for his old post. In his first interview since resigning amid turmoil over financial markets in November, Berlusconi spoke to the Financial Times at his Rome residence on a range of subjects, including what he called a media-inspired furor over his “bunga bunga” parties, his anger at “left-wing” magistrates hounding him in the courts and his drive to promote political and judicial reforms. Read full article > >
ROME — Former Italian prime minister Silvio Berlusconi has declared he is “stepping aside” from frontline politics, revealing he has no intention of running again for his old post. In his first interview since resigning amid turmoil over financial markets in November, Berlusconi spoke to the Financial Times at his Rome residence on a range of subjects, including what he called a media-inspired furor over his “bunga bunga” parties, his anger at “left-wing” magistrates hounding him in the courts and his drive to promote political and judicial reforms. Read full article > >
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Italy’s Berlusconi to quit frontline politics
On a day when valuation is in the news (ahem, Facebook ), let’s look at a new analysis of the economic worth of what we used to call “keeping house.” This week, the editors at Mint , the financial services Web site, released a breakdown of the value of different homemaker duties. They found that if the job were salaried, it would draw, on average, close to six figures: $96,261. Read full article > >
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A homemaker’s real salary
Technically, the financial crisis began in late 2008, with the collapse of Bear Stearns and Lehman Brothers. But 2009 was the year we really felt it. It was in 2009 that we lost more than 5 million jobs — the majority of the total job losses caused by the recession. By 2010, we seemed to turn the corner. The economy added more than a million jobs. Growth returned. The financial markets stabilized. Many forecasters looked to 2011 with real optimism. Read full article > >
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2011 in economic policy: The year of the aftershocks
Technically, the financial crisis began in late 2008, with the collapse of Bear Stearns and Lehman Brothers. But 2009 was the year we really felt it. It was in 2009 that we lost more than 5 million jobs — the majority of the total job losses caused by the recession. By 2010, we seemed to turn the corner. The economy added more than a million jobs. Growth returned. The financial markets stabilized. Many forecasters looked to 2011 with real optimism. Read full article > >
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2011, the year of the aftershocks
Rarely has the financial divide appeared so wide, or the public contrast so stark, between lawmakers and those they represent.
New rules to stop the resurgence of risky mortgage lending are likely to be imposed in 2013 by the financial regulator.
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Stricter mortgage rules outlined
Since the financial crisis of 2008, state and local budgets have been tightened in new ways that are being felt in courthouses and communities across the country.
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Budget Cuts for State Courts Risk Rights, Critics Say
So, what should be occupied next? No doubt, the Occupy Wall Street protesters were right to target the financial industry first. Soaring Wall Street pay has been a key force behind America’s income disparities over the past three decades , and banks have yet to be held accountable for the destruction they wrought in recent years. Read full article > >
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Occupy this: Six culprits for economic injustice and inequality in America
More than 4 million borrowers who have faced foreclosure since early 2009 will have the chance to have their cases reviewed for potential wrongdoing, federal regulators and some of the nation’s largest mortgage servicers announced Tuesday. The reviews stem from a deal forged earlier this year in which 14 servicers agreed to hire independent consultants to evaluate whether borrowers suffered financial injury during the foreclosure process. If a review finds errors or abuses by the financial firms, the consultants will determine what recompense wronged homeowners deserve. Read full article > >
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4 million borrowers eligible for foreclosure review
The third quarter was a rough one. Between July and September, the United States’ credit rating was downgraded, Europe teetered on the brink of catastrophe and the financial markets entered a dangerously volatile phase. Yet, it appears to have been the strongest quarter this year for U.S. economic growth, according to projections for a key indicator due out Thursday morning. Read full article > >
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GDP: good expectations for growth
Despite frosty relations with the titans of Wall Street, President Obama has still managed to raise far more money this year from the financial and banking sector than Mitt Romney or any other Republican presidential candidate, according to new fundraising data. Obama’s key advantage is his ability to collect bigger checks from fewer donors, because he raises money for both his own campaign committee and for the Democratic National Committee, which will aid in his reelection effort. As a result, Obama has brought in more money from employees of banks, hedge funds and other financial service companies than all the other GOP candidates combined, according to a Washington Post analysis of contribution data. Read full article > >
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Obama has more cash from financial sector than GOP hopefuls combined, data show
David Cameron urges Europe’s leaders to take “decisive steps” to solve the financial crisis that is sweeping through the eurozone.
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Cameron urging action in eurozone
Better late than never, the movement to take America back from Wall Street has arrived. On Wednesday, the ranks of the Occupy Wall Street encampment will swell as MoveOn.org members, union activists and ordinary disgruntled citizens join the demonstration against our financial sector’s misrule of the American economy. What’s more, long-planned anti-bank demonstrations in major cities this week are growing beyond their organizers’ fondest hopes as the Wall Street protest movement catches fire. Read full article > >
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Rescuing America from Wall Street
Occupy this: Six culprits for economic injustice and inequality in America
Friday, November 4th, 2011Obama has more cash from financial sector than GOP hopefuls combined, data show
Wednesday, October 19th, 2011
