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By Eileen Ambrose, The Baltimore Sun | September 22, 2013
The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit. The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever. As he walked into the client's house, he avoided shaking her hand. "My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors.
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NEWS
November 26, 2013
The Sun's editorial ("JPMorgan's money is not enough, http://www.baltimoresun.com/news/opinion/editorial/bs-ed-jpmorgan-20131119%2C0%2C276037.story Nov. 19) is on target by saying the "Justice Department should push ahead with its criminal probe of JPMorgan to determine whether certain individuals should be prosecuted for wrongdoing. Recognizing that the $13 billion fine is significant, it's only two-thirds of JPMorgan's yearly profit of $21 billion and minuscule next to its $2.5 trillion worth.
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BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,chicago tribune | November 16, 2008
Investors have been fixated on Humpty Dumpty. Or at least it appeared that way last week, after Treasury Secretary Henry M. Paulson Jr. left the impression that perhaps all the kings' men weren't sure how they were going to put the economy back together again. Paulson said he changed his mind about how to use some of the $700 billion Congress provided for an emergency rescue of the financial system. Instead of using the money to buy the tainted mortgage-related securities that have infected the worldwide financial system, Paulson said he needed to apply quicker medicine and decided to pump money into financial companies instead.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | September 22, 2013
The excited voices on CNBC radio riveted financial adviser John Bacci's attention as he drove to Chestertown five years ago for a routine client visit. The stock market was in freefall that Sept. 29 after Congress rejected a $700 billion rescue of the financial industry and the Dow Jones industrial average plunged 778 points — the largest one-day point loss ever. As he walked into the client's house, he avoided shaking her hand. "My hands were clammy," said Bacci, president of the Linthicum firm Foundation Financial Advisors.
NEWS
By Josh Meyer and Josh Meyer,LOS ANGELES TIMES | November 2, 2006
WASHINGTON -- For three years, the Bush administration has waged a campaign to choke off North Korea's access to the world's financial system, where U.S. officials say the Asian nation launders money from criminal enterprises to fuel its trade in missile technology and its plans to build a nuclear arsenal. That effort has started to pay off. U.S. pressure forced Macao to freeze North Korean assets in one of its banks this year, then foiled North Korea's panicky attempts to find friendly bankers in Vietnam, Mongolia, Singapore and Europe.
NEWS
By David Cho and David Cho,The Washington Post | March 23, 2009
WASHINGTON -The Treasury Department will unveil the next step in its financial rescue efforts today, announcing that it intends to create a government body called the Public Investment Corp. to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources. The plan calls for the new entity to combine its resources with the Federal Deposit Insurance Corp., the Federal Reserve and private investors to buy those loans and other assets.
BUSINESS
June 16, 2009
Monday downturn raises questions about market CHICAGO - The stock market's 187-point nose dive Monday abruptly ended the Dow's brief foray into positive territory for 2009, leaving stock-watchers to ponder whether an unexpectedly strong spring rally will survive into summer. Plenty of evidence suggests the bull market may be done, or at least out of momentum, after 14 weeks on the upswing. The economy remains fragile, investors are increasingly worried about the prospect of rising interest rates, gas prices are climbing again, and a market correction was probably overdue.
NEWS
November 26, 2013
The Sun's editorial ("JPMorgan's money is not enough, http://www.baltimoresun.com/news/opinion/editorial/bs-ed-jpmorgan-20131119%2C0%2C276037.story Nov. 19) is on target by saying the "Justice Department should push ahead with its criminal probe of JPMorgan to determine whether certain individuals should be prosecuted for wrongdoing. Recognizing that the $13 billion fine is significant, it's only two-thirds of JPMorgan's yearly profit of $21 billion and minuscule next to its $2.5 trillion worth.
NEWS
By From Sun news services | November 24, 2008
WASHINGTON - The government unveiled a bold plan last night to rescue troubled Citigroup, including taking a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets. The action, announced jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already crippled financial system and the U.S. economy. The sweeping plan is geared to stemming a crisis of confidence in the company, whose stocks has been hammered in the past week on worries about its financial health.
NEWS
By The Washington Post | January 26, 2009
WASHINGTON - Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve the authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis. But the initiative, which could be made final in the House by spring, is raising concerns about whether it would muddy the Fed's traditional mission and concentrate too much power in a single federal body. The legislation envisioned by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system, Frank and other congressional sources said.
BUSINESS
By Steve Kilar, The Baltimore Sun | July 14, 2012
Two huge civil cases led by Baltimore — one that ended last week as the other gained momentum — spotlight City Hall's emerging role as an aggressive watchdog against the misdeeds of multinational banks. On Thursday, Wells Fargo settled a nationwide suit launched by the city four years ago that alleged the bank discriminated against black and Latino mortgage borrowers. Baltimore is also the lead plaintiff in a class action suit against a group of financial firms worldwide it accused of conspiring to keep a key interest rate benchmark low — and thereby siphon off money from the city treasury.
BUSINESS
By Jim Puzzanghera and Los Angeles Times | December 12, 2009
The House voted 223 to 202 Friday to approve the most sweeping overhaul of financial regulations since the Great Depression, a sprawling measure that would create a new agency to protect consumers and give the government broad new powers to dismantle large companies that pose risks to the economy. The nearly 1,300-page bill also would make other major changes to federal oversight of the financial system. Those include outlawing many predatory and abusive loan practices, imposing new restrictions on the largely unregulated market of complex financial derivatives, giving shareholders the right to nonbinding "say-on-pay" votes and reining in the authority of the Federal Reserve.
BUSINESS
June 16, 2009
Monday downturn raises questions about market CHICAGO - The stock market's 187-point nose dive Monday abruptly ended the Dow's brief foray into positive territory for 2009, leaving stock-watchers to ponder whether an unexpectedly strong spring rally will survive into summer. Plenty of evidence suggests the bull market may be done, or at least out of momentum, after 14 weeks on the upswing. The economy remains fragile, investors are increasingly worried about the prospect of rising interest rates, gas prices are climbing again, and a market correction was probably overdue.
NEWS
By David Cho and David Cho,The Washington Post | March 23, 2009
WASHINGTON -The Treasury Department will unveil the next step in its financial rescue efforts today, announcing that it intends to create a government body called the Public Investment Corp. to finance the purchase of as much as $1 trillion in soured loans and toxic assets from ailing banks, according to sources. The plan calls for the new entity to combine its resources with the Federal Deposit Insurance Corp., the Federal Reserve and private investors to buy those loans and other assets.
NEWS
By The Washington Post | January 26, 2009
WASHINGTON - Congress is moving to create strong new oversight of the financial sector that would likely give the Federal Reserve the authority to examine the workings of a wide range of companies in an attempt to address one of the key failures that led to the financial crisis. But the initiative, which could be made final in the House by spring, is raising concerns about whether it would muddy the Fed's traditional mission and concentrate too much power in a single federal body. The legislation envisioned by House Financial Services Committee Chairman Barney Frank, a Massachusetts Democrat, would put the Fed, or less likely another government agency, in charge of protecting the stability of the entire system, Frank and other congressional sources said.
NEWS
By From Sun news services | November 24, 2008
WASHINGTON - The government unveiled a bold plan last night to rescue troubled Citigroup, including taking a $20 billion stake in the firm as well as guaranteeing hundreds of billions of dollars in risky assets. The action, announced jointly by the Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corp., is aimed at shoring up a huge financial institution whose collapse would wreak havoc on the already crippled financial system and the U.S. economy. The sweeping plan is geared to stemming a crisis of confidence in the company, whose stocks has been hammered in the past week on worries about its financial health.
BUSINESS
By Jim Puzzanghera and Los Angeles Times | December 12, 2009
The House voted 223 to 202 Friday to approve the most sweeping overhaul of financial regulations since the Great Depression, a sprawling measure that would create a new agency to protect consumers and give the government broad new powers to dismantle large companies that pose risks to the economy. The nearly 1,300-page bill also would make other major changes to federal oversight of the financial system. Those include outlawing many predatory and abusive loan practices, imposing new restrictions on the largely unregulated market of complex financial derivatives, giving shareholders the right to nonbinding "say-on-pay" votes and reining in the authority of the Federal Reserve.
NEWS
By Maura Reynolds, Richard Simon and Nicole Gaouette and Maura Reynolds, Richard Simon and Nicole Gaouette,Los Angeles Times | September 30, 2008
WASHINGTON - The historic effort to rescue the U.S. financial system was thrown into doubt yesterday after the House rejected a $700 billion emergency plan, sending stocks to their deepest one-day point loss ever. Stunned leaders of both parties and the White House scrambled to put together a new effort to bolster confidence in the U.S. financial system after the legislation that was widely expected to pass the House fell victim to partisan acrimony.
BUSINESS
By Gail MarksJarvis and Gail MarksJarvis,chicago tribune | November 16, 2008
Investors have been fixated on Humpty Dumpty. Or at least it appeared that way last week, after Treasury Secretary Henry M. Paulson Jr. left the impression that perhaps all the kings' men weren't sure how they were going to put the economy back together again. Paulson said he changed his mind about how to use some of the $700 billion Congress provided for an emergency rescue of the financial system. Instead of using the money to buy the tainted mortgage-related securities that have infected the worldwide financial system, Paulson said he needed to apply quicker medicine and decided to pump money into financial companies instead.
NEWS
October 14, 2008
The Brits had the right idea: Pump capital directly into a handful of big banks to get credit flowing. And the Bush administration deserves credit for moving in the same direction, despite complaints that it amounts to a partial government takeover of banks. That worry should be the least of our concerns right now. Infusing cash into troubled banks may be the quickest way to ease the credit crunch, which is threatening to stall the economy. The robust recovery of stock prices yesterday was a welcome sign that investors felt buoyed by the government's new thinking.
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