Saturday, January 9, 2010
Under-performing banks that are politically connected received more bailout funds, according to a study by the University of Michigan’s Ross School of Business.
According to the report (.pdf), banks located in districts with House members serving on financial committees had a 26 percent increase in the funding they received under the Troubled Asset Relief Program. Likewise, [...]
Today, a Bloomberg story revealed that under Timothy Geithner’s leadership, the Federal Reserve Bank of New York told AIG to withhold details from the public about its payments to banks during the crisis. This information was discovered when emails between the company and the Fed were requested by representative Darrell Issa, ranking member of the [...]
Wednesday, January 6, 2010
In 2005, Mr. Bernanke — then a Bush administration official — said a housing bubble was “a pretty unlikely possibility.” As late as May 2007, he said that Fed officials “do not expect significant spillovers from the subprime market to the rest of the economy.”
The fact that Mr. Bernanke and other regulators still have not [...]
Wednesday, December 2, 2009
Sen. Bernie Sanders (I-Vt.) today placed a hold on the nomination of Ben Bernanke for a second term as chairman of the Federal Reserve.
“The American people overwhelmingly voted last year for a change in our national priorities to put the interests of ordinary people ahead of the greed of Wall Street and the wealthy few,” [...]
Friday, November 20, 2009
On The ED Show, Rep. Alan Grayson discusses the bill to audit the Fed, which passed out of the Financial Services Committee on November 20, 2009.
Rep. Alan Grayson, on November 19, 2009, argues in support of the Paul-Grayson amendment, which would subject the Federal Reserve to a complete audit. The amendment later passed the House [...]
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