Saturday, May 18, 2013
Two Metro-North trains collided near Bridgeport, Connecticut, Friday during the height of the evening rush hour, injuring some 72 passengers, 3 critically. Train service to New Haven is suspended at least through the weekend, and Amtrak is suspending all Northeast Corridor between New York and New Haven indefinitely.
Wednesday, November 28, 2012
As they debate how to avoid going over the 'fiscal cliff" in Washington, New York Times columnist and Nobel Prize-winning economist Paul Krugman talks about what he thinks they should do to resolve it. Plus: charitable giving post-election and post-Sandy; journalist and author Pete Hamill on his new book of stories; why Intrade is shutting its doors to U.S. customers; the Mexican president-elect visits Washington; and the danger of consuming energy drinks.
Monday, October 22, 2012
In 1994, a group of young J.P. Morgan bankers met for a weekend retreat in the South Florida city of Boca Raton, a fateful trip during which the bankers first conceived of credit derivatives, a creative financial tool that helped hasten the recession. President Obama and Governor Romney debate in Boca Raton today. Financial Times editor Gillian Tett explores the beginning of the financial crisis.
Monday, December 13, 2010
Even as lawmakers implement the fiscal reform passed by Congress, a tiny handful of banks exert the lion's share of control over the lucrative derivatives market — and they do so both secretly and exclusively. As consumers, we pay for derivatives every day when we buy nearly anything, from food to airplane tickets to heat for our homes. A little regulation and transparency could reduce giant fees paid to banks, and put billions of dollars back into the economy. So why does the running of these markets remain so securely hidden?
Friday, June 25, 2010
Earlier, we told you about the deal reached in Congress this morning on legislation that will result in the most dramatic regulatory shakeup on Wall Street since the Great Depression. "All Americans have a stake in this bill," said Treasury Secretary Timothy Geithner. "It will offer families the protections they deserve, help safeguard their financial security and give the businesses of America access to the credit they need to expand and innovate."
From the Volcker rule to derivative regulaton to Consumer Financial Protection Bureau—a lot of new terms are about to enter the lexicon once President Obama signs the bill, which he expects to do by July 4th. But what do they all mean? If all Americans have a stake in the bill, as Secretary Geithner said, how will its expected passage impact your life?
Friday, June 25, 2010
It's an historic morning in America, as the House and Senate reached a deal on a bill that will be the most ambitious change in financial regulation in nearly eighty years. Congress is expected to pass the bill next week and will send it to President Obama to sign by July 4th.
The most sweeping overhaul of Wall Street rules since the Great Depression didn't come to fruition easily. A conference committee of House and Senate members were holed up for 20 hours while lawmakers hammered out an agreement on the bill, finally coming to a consensus at 5:39 this morning. Senate Banking Committee Chairman Christopher Dodd hailed the bill as a great success. "We found a way to end too big to fail bailouts," the Connecticut Democrat said in a statement, "ensuring that no financial institution will ever be capable of bringing down the economy."
Wednesday, April 21, 2010
The financial regulatory reform bill is moving quickly through Congress this week, having already passed the House. But Takeaway Washington correspondent Todd Zwillich looks at one of biggest flash points as the Senate debates the bill: Derivatives. It's an industry worth about $500-600 trillion and has remained largely free of regulation up to know. Todd explains how Congress is trying to bring sunlight to a typically murky practice.