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White House unveils financial system overhaul

IceCreamYou's picture
Submitted by IceCreamYou on Thu, 03/26/2009 - 3:49pm
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<a href="http://news.yahoo.com/s/ap/20090326/ap_on_bi_ge/financial_regulation">Yahoo!</a> wrote:
The Obama administration on Thursday unveiled a sweeping overhaul of the financial system designed to impose greater regulation on major players like hedge funds...

The plan also includes a measure that Geithner and Fed Chairman Ben Bernanke discussed before the committee on Tuesday to give the administration expanded powers to take over major nonbank financial institutions, such as insurance companies and hedge funds that were teetering on the brink of collapse.

Madoff Fraud Loses $50B+ for Investors

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Submitted by IceCreamYou on Sun, 12/14/2008 - 12:12am
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Bernard Madoff admitted that the investment firm he runs, which manages a lot of money from other investment firms, essentially rests on a giant Ponzi scheme.  (A Ponzi scheme is a fraudulent practice similar to a pyramid scheme, where debts are continually paid back by creating new debt.)  That's $50 billion which is essentially now nearly worthless, including massive investments from Spanish banks among others.

Dodd Disses Automakers - oh, snap!

Cheeto's picture
Submitted by Cheeto on Tue, 11/18/2008 - 6:31pm
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Sen. Chris Dodd wrote:

[Automakers] have been devoid of vision. They have promoted and often driven the demand of inefficient, gas guzzling vehicles, and dismissed the threat of global warming.

Oh, snap!

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