Question/Comment: When people speak of the Fed funds rate being zero, does that mean that banks are literally making short-term loans to other banks for NO INTEREST WHATSOEVER? Why would any bank do that, since there is some risk of … Continue reading
Chrysler LLC is closing all 30 North American manufacturing plants for at least a month, the company’s latest cost-cutting move as the big three auto makers struggle to stay afloat while waiting for a government decision on aid to the industry. Continue reading
Armed with $500 worth of beans, two women founded a non-profit group in Denver to empower impoverished women by teaching them workplace skills and providing jobs to the chronically homeless and unemployed. Spencer Michels reports. Continue reading
The SEC chairman has criticized his own agency’s failure to investigate warnings about Bernard Madoff, who is accused of a massive fraud scheme. Analysts examine the SEC’s inquiry. Continue reading
The Los Angeles Museum of Contemporary Art (MOCA) is struggling to keep its doors open and hold onto one of the world’s best collections of post-World War II art.
Oil prices fell to their lowest level in four years Wednesday, despite news that the Organization of the Petroleum Exporting Countries agreed to a larger-than-expected oil production cut of 2.2 million barrels per day. Continue reading
Question/Comment: How is the Bernard Madoff financial fiasco tied to the global economic meltdown? Is it just a timely coincidence? The thought of a connection somehow seems important. Paul Solman: Let’s see if I can resist the urge to make … Continue reading
The Securities and Exchange Commission issued an unusual rebuke of its own regulators Tuesday night over its failure to investigate Wall Street money manager Bernard Madoff, now accused of widespread fraud that bilked investors of billions. Continue reading
On Tuesday, Dec. 16, Paul Solman looked at the psychological causes and effects of low consumer confidence through the holiday season.
The size of the scandal surrounding Wall Street trader Bernard Madoff’s alleged fraud continues to unravel, drawing in charities, foundations and top investors. Mort Zuckerman, the head of a charitable trust caught up in the schemes, and an SEC analyst offer insight. Continue reading