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Business And Economy

The Takeaway

Libor Scandal Reaches United States

Wednesday, July 11, 2012

The Libor rigging scandal that started at Barclay's in London has landed, in its most recent episode, at the Federal Reserve Bank of New York. Reports that Barclay's met with the New York Fed about Libor in 2007 and 2008 implicate then-president Timothy Geithner. Nobody knows yet what those meetings were about, but the Treasury Secretary may now face grilling from some senators who want to know more.

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The Takeaway

How to Bounce Back

Tuesday, July 10, 2012

The first decade of the 21st century saw an untold number of crises and disasters, and they seem to be coming harder and faster than ever before. Andrew Zolli, author of "Resilience: Why Things Bounce Back," tells us what we can learn from these crises.

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The Takeaway

Norquist's Tax Pledge Loses a Republican Signer

Monday, July 09, 2012

Grover Norquist is the creator of the “Taxpayer Protection Pledge.” It’s an oath to never vote for any legislation that will raise taxes. More than 270 members of congress have pledged, and they’re all Republican. But now one Republican is taking his John Hancock off the oath. That Republican is Virginia Rep. Scott Rigell.

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The Takeaway

A New Plan for Fighting Foreclosure: Eminent Domain?

Friday, July 06, 2012

About half of the mortgages in San Bernardino County are underwater, and the county is looking for some way to help its residents. Now a venture capital firm has stepped forward with a controversial possible solution.

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The Takeaway

Countrywide Won Favor in Washington With VIP Loans

Friday, July 06, 2012

A new report found that Countrywide gave politicians and businessmen special, low-rate loans because Countrywide wanted preferential treatment. And Rep. Darrell Issa, chair of the committee that issued the report, says Countrywide got the preferential treatment they sought.

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The Takeaway

Making Sense of the Libor Scandal

Thursday, July 05, 2012

The Libor scandal is a complex and messy situation involving interest rates in the United Kingdom, and some critics of the banks say it cuts at the jugular vein of capitalism. But what happened to make everyone so mad?

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The Takeaway

Fixed Rates, Declining Trust

Wednesday, July 04, 2012

The Royal Bank of Scotland has become the latest bank to get hit with a fine for their role in an interest rate rigging scandal. William Cohan, a former employee at JP Morgan, says this sort of rate fixing undermines the public's faith in capitalism.

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The Takeaway

Barclays CEO Resigns

Tuesday, July 03, 2012

Barclays CEO Bob Diamond resigned this morning, the highest-profile casualty of an interest rate-rigging scandal that involves more than a dozen major banks around the world. The British banking giant is just one institution that is currently under investigation. 

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The Takeaway

Not Working: An Oral History of Our Troubled Economy

Tuesday, July 03, 2012

 

If the unemployment rate dips by a decimal or two in the upcoming employment report, it’ll be seen as an indicator that the economy is improving. But millions of Americans will remain without work. Journalist and documentary maker DW Gibson interviewed dozens of Americans who have found themselves out of work in the past five years.

 

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The Takeaway

"Dodgy" Bet Could Lose JP Morgan Up to $9 Billion

Thursday, June 28, 2012

Losses from the bet "gone wrong" at JPMorgan Chase could total as much as $9 billion. Last month, chief executive Jamie Dimon said the bank had lost $2 billion on a dodgy bet on credit derivatives. But according to our partner The New York Times, that's just the tip of the iceberg.

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The Takeaway

Nine Big Banks Prepare Their Living Wills for Regulators

Wednesday, June 27, 2012

Nine of America’s biggest banks are being asked to submit plans for how they could be dismantled by the government if the bank was near default. Will these "living wills" improve regulation and bank functioning?

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The Takeaway

Fire Trucks in Baltimore: Brought to You by...

Tuesday, June 26, 2012

What happens when a struggling city government seeks corporate sponsorship? Cities across the country are considering the question. For example, KFC has sold ads on manhole covers and fire hydrants in Indiana, Kentucky, and Tennessee to help cities to cover their infrastructure costs.

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The Takeaway

How Should We Balance Our Work and Personal Lives?

Tuesday, June 26, 2012

Last week, Anne-Marie Slaughter published an article called “Why Women Still Can’t Have It All.” It speaks to those men and women who would like to see more women on the Supreme Court, and in the State Department, and at the head of major corporations — and who would also like those women to be able to have families.

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The Takeaway

Health Insurance Plans Required to Pay Back $1.1 Billion in Customer Rebates

Thursday, June 21, 2012

The Health and Human Services Department has announced that health insurance plans will pay $1.1 billion in rebates this summer for 12.8 million Americans. The rebates, however, would be rescinded if the Supreme Court overturns the health care law, a decision that could come any moment.

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The Takeaway

Credit Card Complaints Have a New Home

Thursday, June 21, 2012

Frustrated with your credit card company? If you once felt like your complaints were going unheard, that may be changing. The Consumer Financial Protection Bureau launched a new website this week inviting the public to submit their complaints against credit card companies.

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The Takeaway

Greek Wine Exports Thriving Due to Internal Turbulence

Monday, June 18, 2012

Everyone is aware of the current Greek economic crisis, but they may be surprised to learn that the Greek wine industry is doing well. Because of the economic crisis and the recession in the domestic market, Greek wineries have started to export their wines.

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The Takeaway

Summer Jobs Dwindling for America's Teens

Friday, June 15, 2012

Today, fewer than three in ten American teenagers are able to find summer jobs. These figures have fallen off particularly quickly since 2000, and the number of 16- to 19-year-olds at work is at its lowest since World War II. Older workers, immigrants, and young college grads are now taking the low-level work formerly filled by America’s teenagers, and economists have suggested that this change might be permanent.

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The Takeaway

How Washington Mutual Went from Beloved to Bust

Wednesday, June 13, 2012

Washington Mutual, or WaMu as it was popularly known, once marketed itself as the bank of the little guy. But WaMu is no longer that bank around the corner. What happened?

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The Takeaway

Joseph Stiglitz on Spain's Bank Bailout

Monday, June 11, 2012

Nobel Prize winning economist and Columbia University professor Joseph Stiglitz responds to the bailout of Spanish banks. His new book is called the "The Price of Inequality: How Today's Divided Society Endangers Our Future."

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The Takeaway

How to Fix the Persistent Gender Wage Gap

Monday, June 04, 2012

American women continue to earn approximately 80 cents on every dollar their male counterparts make. The reason for this disparity is often debated: Is it simply gender discrimination? Do fewer women negotiate their salaries? Whatever the explanation, Senate Democrats believe they have a solution: the Paycheck Fairness Act.

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