Nov 19 Joe Nocera's Economic 'Hall of Shame' By Paul Solman "We titled the book 'All the Devils are Here'," said Joe Nocera's co-author, Bethany McLean, "because in the wake of the crisis there has been this search for a simplistic answer. Ah! Fannie and Freddie, they must be the… Continue reading
Nov 19 President Obama Attends NATO Summit; Bernanke Addresses China Imbalances Members of NATO convene Friday in Portugal to formulate a common strategy for the war in Afghanistan and negotiate missile defense in Europe. President Obama will attend a marathon of meetings, hoping to shore up U.S.-European cooperation. Russia's… Continue reading
Nov 19 Republicans, Democrats Gearing Up for Showdown on Tax Cuts "The main thing we've learned is that we're united in recognizing that we have to protect the middle class," Sen. Harry Reid, D-Nev., said Thursday after the Democrats' caucus meeting. Photo by Bill Clark/Roll Call. Democratic leaders announced… Continue reading
Nov 18 Joe Nocera's Hall of Shame By Elizabeth Shell "We titled the book 'All the Devils are Here'," said Joe Nocera's co-author, Bethany McLean, "because in the wake of the crisis there has been this search for a simplistic answer. Ah! Fannie and Freddie, they must be the… Continue reading
Nov 18 Watch News Wrap: Rangel Faces House Vote on Censure Recommendation In other news Thursday, the House ethics committee recommended that Rep. Charles Rangel, D-N.Y., be censured -- the harshest punishment the House can give short of expelling a member -- and pay any unpaid taxes for financial and fundraising misconduct. Continue watching
Nov 18 The New GM: Good Bet for Long Haul? As soon as the stock market opened Thursday, there was plenty of excitement surrounding GM's initial public offering and its return to the open market, exceeding even the rising expectations of just a few days ago. But there's a big… Continue reading
Nov 18 Watch Ratings Agencies Among Top 'Devils' of Meltdown, Authors Contend Paul Solman speaks with Bethany McLean and Joe Nocera, authors of "All the Devils Are Here: The Hidden History of the Financial Crisis" about the villains of the financial crisis. It's part of his ongoing series, Making Sen$e of Financial… Continue watching
Nov 18 Watch GM Turns Corner With IPO, but Can It Maintain Momentum? General Motors made a strong return to the stock market Thursday, marking a major turnaround after declaring bankruptcy and receiving a $50 billion bailout. Jeffrey Brown speaks with Michael Robinet of research group IHS Automotive and Micheline Maynard of Changing… Continue watching
Nov 18 GM: Worthless to Record-Breaking By Elizabeth Shell Over a year ago, General Motors told investors its stock was worthless and to stop trading it. To say the company has experienced a turnaround is a bit of an understatement. After a month of speculation and a last-minute… Continue reading
Nov 18 General Motors Launches IPO; Ireland May Receive Massive Bailout Funds GM headquarters in Detroit. Photo by Bill Pugliano/Getty Images. Embattled automaker General Motors will once again be a publicly-traded company, with a stock offering that could be worth as much as $23 billion -- about $13 billion of… Continue reading