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IT was a blustery day in Washington on Jan. 20, 2009, as it often seems to be on the day of a presidential inauguration. As I stood with my 8-year-old daughter, watching the president deliver his inaugural address, I had a... Read More
AMID all the talk of debt and default in Washington last week, tiny Central Falls, R.I., went bankrupt. Joe Songer/The Birmingham News, via Associated Press "A protest of potential sewer rate increases... Read More
The day after Standard & Poor’s took the unprecedented step of stripping the United States government of its top credit rating, the ratings agency offered a full-throated defense of its decision, calling the bitter... Read More
The frustration in the air was palpable. Officials from the credit ratings agency Standard & Poor’s were meeting with Congressional leaders on a stifling late day in late July to discuss the thorniest issue in... Read More
"Bank of America, the lender that announced a $3 billion settlement with Fannie Mae and Freddie Mac this year, told investors that elevated claims from the firms may cost more than previously forecast. New... Read More
At the end of an ominous week for the global economy, Friday brought new signs that the world may not be ending after all — though even the good news came with asterisks. The United States managed modest job creation... Read More
"THESE are the worst of times for workers, and the best of times for companies. At least that is one way to read the newly revised national economic statistics." Read the full story at the New York Times... Read More
"One of the greatest casualties of the great recession may well be a decade of lost children." Read the full story at the New York Times  
The U.S. economy added more jobs than expected in July and the unemployment rate edged down, a move that should help ease concerns that a new recession may be around the corner. Nonfarm payrolls rose by 117,000 last month... Read More
Red ink continues to flow at Fannie Mae as the mortgage finance company struggles to digest a glut of defaulted mortgages and foreclosed properties. Fannie posted a net loss of $2.9 billion for the second quarter, up from a... Read More
"Talk of capitulation and a repeat of 2008 seem premature. Key market stress indicators are flashing amber rather than red. But that doesn't mean the crisis isn't critical; this time, sovereign-bond spreads may... Read More
Wells Fargo & Co. reached a $590 million agreement to settle claims with investors in Wachovia securities, another piece of fallout from the fallen bank's subprime-mortgage portfolio. Wachovia's auditor at the... Read More
LONDON—Banks in Italy and other ailing European countries are encountering challenges securing affordable funding, but the troubles haven't caused severe problems. Fearful about Europe's crisis spinning out of... Read More
Against the odds, the derivatives-trading business that nearly brought down American International Group Inc. has turned into a profit center. The New York-based insurer's once-struggling AIG Financial Products division... Read More
Federal criminal investigations of IndyMac Bancorp and New Century Financial Corp. have stalled and could result in no charges being filed, said people familiar with the situation. Separately, the U.S. Attorney's office... Read More
"U.S. stocks fell the most in 32 months this week, erasing the Standard & Poor’s 500 Index’s 2011 advance, as investors fled equities amid signs that the economy is stalling. An early rally faded... Read More
Standard & Poor’s removed the United States government from its list of risk-free borrowers for the first time on Friday night, a downgrade that is freighted with symbolic significance but carries few clear... Read More
Viewed from New York, the manner in which this eurozone story is playing out feels unnervingly similar to the pattern behind the American financial turmoil of late 2008…So will this now be followed, as it was in 2008... Read More
"The ringfence to be put around Britain's retail banking operations - the core recommendation of the government-appointed Vickers Commission - will be far stricter than many bankers had anticipated, according to... Read More
Investors are going to the mattresses, or the market equivalent of it. As fears mount over sputtering growth and the continued fallout from Europe's crisis, investors are moving heavily into cash. Read the full story at... Read More


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