financial system

Bernanke was named "Person of the Year" by Time magazine

December 16, 2009 - 3:06pm | News | Other themes

Time magazine named Federal Reserve Chairman Ben Bernanke "Person of the Year" on Wednesday, a sign of support at a time he seeks to repel proposals that would erode authority and independence of the central bank.
Time credited Bernanke with creative leadership that ensured 2009 would be a year of recovery, however weak, rather than a catastrophic second Great Depression.

Ben Bernanke | central bank | Crisis | financial system | Time magazine

1 point

Talks on new global currency: SDR? RMB? Why are nations lingering so far?

November 17, 2009 - 5:00am | Analytics | News

The head of the International Monetary Fund Dominique Strauss-Kahn said that as the world needs more stability in the global currency area it can no longer rely on a currency issued by a single nation as it has been the case since the countries declined the gold standard. The IMF head repeated that the new currency unit can come from the Special Drawing Right as it was also proposed by China.

"That probably has to be a basket," Strauss-Kahn said of the eventual replacement for the U.S. dollar.

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Lehman collapse and world crisis happened because Buffett cannot read voice mail

September 16, 2009 - 7:44am | Analytics | News

In a taped interview with Squawk Box's Becky Quick a prominent billionaire Warren Buffett said he had no regrets about any of the decisions he made over the weekend one year ago in September, 2008, when the financial crisis was at its worst.

One September Friday night Buffett had a telephone call when he was offered to buy AIG's property casualty operation in the range of $20 billion to $25 billion, but he declined the proposal.

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5 lessons on how to strengthen finances and limit damage in next crisis

September 10, 2009 - 3:00am | Analytics | News

One year ago a perfect storm on Wall Street nearly destroyed your portfolio - and our financial system. Now it's time to take stock.
Even one year later, the speed with which America's financial system unraveled last September still boggles the mind.

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Judge declines to support Fed’s denial to provide information to Bloomberg

August 25, 2009 - 10:21am | Law aspects | News

Efforts of the US Federal Reserve to prevent disclosure of companies that participated in and securities covered by a series of emergency funding programs as the global credit crisis began to intensify were halted by the ruling of a federal judge on Monday.

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Volcker says money-market mutual funds pose risk to the U.S. financial system

August 25, 2009 - 8:57am | Analytics | News

According to Bloomberg, quoting former Federal Reserve Chairman Paul Volcker as saying in an interview, money-market mutual funds undermine the strength of the U.S. financial system and should be regulated more like banks.

"Banks remain the functioning heart of the financial system, and they are protected and regulated," Volcker, an economic adviser to the Obama administration, told the news agency.

banks | competitors | financial system | Money-market mutual funds | Reserve Primary Fund

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US budget deficit to jump to $9 trillion, Obama promises to cut it half

August 24, 2009 - 8:40am | Analytics | News

According to Reuters, president Barack Obama's domestic policy proposals will face the reality of skyrocketing deficits on Tuesday when the White House budget office and the Congressional Budget Office release updated economic forecasts and deficit estimates, providing further fiscal fodder to opponents of Obama's nearly $1 trillion healthcare overhaul plan.

budget deficit | Domestic policy proposals | economic forecast | financial system | healthcare costs

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“We must urgently address structural weaknesses in the financial system”

August 21, 2009 - 12:34pm | Analytics | News

On Friday the Federal Reserve Chairman Ben Bernanke said that the United States are now closer to the long waited recovery from the worst of the crises that have occurred since the Great Depression. Addressing the annual Fed conference in Jackson Hole Bernanke said in a speech that economic activity in both the U.S. and around the world appears to be "leveling out," and "the prospects for a return to growth in the near term appear good.”

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Bank failures “cleanse the system” and help “get lending started again”

August 20, 2009 - 11:29am | Analytics | News

Ex- FDIC Chairman Bill Isaac said that banks in the US will continue to crash at a steady rate over the next two years which not necessarily means a bad thing for the economy, reported CNBC. Isaac told that there remains a large amount of contagion in the system that needs to be removed.

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More stimulus is key for sustainable recovery of the world economy, Krugman

August 10, 2009 - 5:43am | Analytics | News

Nobel laureate and professor of economics Paul Krugman told CNBC on Monday that the world economy needs a second stimulus if it is to avoid the fate of Japan in the 1990s when the country was stuck with years of sluggish growth. "The good news is that it does not look like the 2nd great depression. For a few months it did," Krugman said.

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Barack Obama to introduce earlier announced plan to restructure the Fed

June 15, 2009 - 8:45am | Law aspects | News

Far-reaching reform of financial-market supervision is expected to be introduced by President Barack Obama on Wednesday. The projected reform is aimed at changing the powers of the Federal Reserve.

It is expected that Obama would call for allowing the Fed to supervise the biggest financial players and to give the government the power to unwind and break up systemically important companies.

Bailout | Federal Reserve | financial system | financial-market supervision | Obama

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JPMorgan helps customers get back on their track with the new website

May 28, 2009 - 10:04am | Banks and internet banks | News

JPMorgan Chase declared the starting of a new The Way Forward website that offers news, guidance insight on key issues affecting the American financial system.

The information is accessible to the public in one location including the following features:
• Information on finding a local Chase Homeownership center where homeowners can receive assistance on modifying their mortgage payment

bank | financial system | JPMorgan | The Way Forward | website

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What caused the U.S. crisis: deregulation or overregulation?

April 28, 2009 - 3:26am | Analytics | News

On Monday at the 2009 Milken Institute Global Conference on Monday the CEO of Bank of New York Mellon Corp Robert Kelly noted that American companies are controlled today by too many regulators which could undermine the U.S. recovery. He said that the country needs a lot fewer regulators in fact.

-1 points

How financial system should be overhauled? Henry Paulson

March 19, 2009 - 10:07am | News | Other themes

In Tuesday article of the Financial Times former U.S. Treasury Secretary Henry Paulson stressed the urgency of altering the existent financial regulation reiterating his previous plan he proposed last March. The article with the speech of ex secretary comes just in time when his successor Timothy Geithner is expected to reveal a plan to set up a so-called systemic risk regulator to monitor and manage risk in the financial sector.

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