May 14, 2010 at 1:27 p.m.
Filed under:
Banking,
Government
Dow Jones Newswires | Federal Reserve Bank of Chicago President
Charles Evans said Friday he’s confident the central bank will act to
keep inflation under control, although he also said he doesn’t expect
to see much in the way of price pressures, suggesting no urgency in
tightening policy.
“Policy is, appropriately, very accommodative,” Evans said, although
“eventually, we will have to return to a more normal stance.” The
official explained the decision to move away from the current zero
percent interest rate stance “will be based on careful monitoring of
business activity and an alert eye out for signs of changes in the
inflation outlook.”
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May 12, 2010 at 2:17 p.m.
Filed under:
Autos,
Banking,
Government
McClatchy/Tribune News | President Barack Obama on Wednesday
warned that exempting auto dealers from a new consumer protection agency
would hurt buyers and let dealers continue “deceptive practices.”
The nation’s 20,000 new-car dealers have blitzed Capitol Hill the last
two weeks, seeking to be cut free from the agency that would oversee
consumer lending, part of a package of financial reforms expected to
move through the Senate in the next several days. They’re backing an
amendment by Sen. Sam Brownback (R-Kan), that would exempt auto dealers’
lending from new oversight that would still apply to banks and finance
companies such as Ally Bank, the former GMAC.
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May 10, 2010 at 3:21 p.m.
Filed under:
Government,
Markets
Associated Press | Stocks rocketed higher and bond prices fell on Monday after investors were
reassured by a nearly $1 trillion plan to avoid a European debt crisis. The Dow closed up more than 400 points.
Get the full story: Stocks surge on plan to aid Europe.
May 10, 2010 at 7:48 a.m.
Filed under:
Autos,
Government,
Recalls
Associated Press | U.S. Transportation Secretary Ray LaHood said
Monday that Washington wants to see results from Toyota’s efforts to
improve safety, and more fines would be imposed if needed.
“If a fine is required, I think everyone recognizes now that safety is
our number one priority, and we will do all that we can to uphold the
laws in our country,” he said.
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May 6, 2010 at 4:38 p.m.
Filed under:
Advertising/Marketing,
Government,
Sports
By Ameet Sachdev | The Chicago Cubs gained initial clearance to erect a large Toyota
advertisement at Wrigley Field, but the future of the sign is muddled because the alderman whose ward includes the landmarked ballpark opposes
it.
After the Chicago Landmarks
Commission approved the Toyota ad, Ald. Tom Tunney, 44th, said that the Cubs are still required to go
before the buildings committee of the City Council to get approval
because of the size of the sign. Without his support, council
authorization may be in doubt.
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May 6, 2010 at 2:33 p.m.
Filed under:
Consumer news,
Government
Associated Press | Senate Democrats have rejected a Republican
consumer protection plan that would have diluted a central element of
President Barack Obama’s financial regulation package. Democrats and
the president argued that the GOP proposal would have “gutted” consumer
protections. The vote was 61-38.
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May 6, 2010 at 2:11 p.m.
Filed under:
Cell phones,
Government,
Telecommunications
By Wailin Wong and Monique Garcia | State
legislators approved Thursday a revised version of the Illinois
Telecommunications Act that is designed to bring regulations up to date
with broadband and mobile phone technology.
The Senate passed the bill with a unanimous 59-0 vote after sailing
through the House with a 118-0 vote on Wednesday. The legislation now
goes to the governor’s desk.
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May 6, 2010 at 6:24 a.m.
Filed under:
Government,
Internet
Associated Press | Federal regulators plan to change the way
they govern broadband services to ensure they can pursue their efforts
to bring high-speed connections to all Americans and require phone and
cable companies to treat all Internet traffic equally.
Federal Communications Commission Chairman Julius Genachowski on
Thursday will lay out a roadmap for regulating broadband that has been
eagerly anticipated since a federal court ruling last month cast doubt
on the agency’s authority over high-speed Internet access.
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May 5, 2010 at 4:10 p.m.
Filed under:
Bank failures,
Banking,
Government
By Becky Yerak | Midwest
Bank, a $3 billion-asset lender in danger of being seized soon by the
government, has mounted a long-shot effort to remain independent by
filing an application for “open-bank assistance” with U.S. banking
regulators, people familiar with the situation say.
Open-bank assistance hasn’t been used on a widespread basis since the
late 1980s by the Federal Deposit Insurance Corp., which in recent years
has built a large infrastructure to put banks into receiverships and
sell their assets to healthy banks. A major criticism of open-bank
assistance generally is that it benefits shareholders of failing banks.
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May 5, 2010 at 4:06 p.m.
Filed under:
Earnings,
Government,
Mortgages,
Real estate
Associated Press | Freddie Mac is asking for $10.6 billion in
additional federal aid after posting a big loss in the first three
months of the year. It’s another sign that the taxpayer bill for
stabilizing the housing market will keep mounting.
The McLean, Va.-based mortgage finance company has been effectively
owned by the government after nearly collapsing in September 2008. The
new request will bring the total tab for rescuing Freddie Mac to $61.3
billion.
Get the full story »
May 5, 2010 at 3:00 p.m.
Filed under:
Bank failures,
Government,
Investigations
Former executives James Cayne and Alan Schwartz testify before Congress Wednesday on the reasons Bear Stearns failed. (AP)
By Jim Puzzanghera
| Former executives of Bear Stearns Cos. on Wednesday defended the
investment bank’s practices and said the firm’s collapse was caused by
an unstoppable run fed by rumors as the financial markets began
spiraling downward in 2008.
But under questioning by the federal commission investigating the causes
of the financial crisis, former Chief Executive James Cayne admitted
that the company had taken on too much risk to handle a severe market
disruption it did not see coming.
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May 5, 2010 at 1:03 p.m.
Filed under:
Conventions,
Government
By Kathy Bergen |
Some of Chicago’s largest trade show organizers are warning legislative
leaders in Springfield against watering down exhibitor rights as they
craft a bill to overhaul McCormick Place operations.
“We need to stress that simply expanding exhibitor rights incrementally
will not help. This must be offered to all,” representatives of eight
major shows stated in an e-mail sent Wednesday to House Speaker Michael
Madigan (D-Chicago), House Republican Leader Tom Cross (R-Oswego) and
Senate President John Cullerton (D-Chicago).
Get the full story »
May 5, 2010 at 5:40 a.m.
Filed under:
Energy,
Government
Associated Press | ComEd has tossed a $500 million wild card on
the table in Springfield, where Gov. Pat Quinn and legislative leaders
were trying to complete a state budget before Friday’s expected
adjournment of the Illinois General Assembly. In Tuesday’s proposal,
the utility reportedly offered the cash-strapped state government $500
million upfront in exchange for guaranteed future profits on electrical
rates.
Get the full story »
May 4, 2010 at 4:32 p.m.
Filed under:
Bank failures,
Banking,
Government
By Becky Yerak | The Federal Deposit Insurance Corp. began seeking potential bidders late last week for ShoreBank, in case the ailing South Side lender is unable to raise capital on its own, according to sources familiar with the FDIC process.
The FDIC also is seeking a healthy bidder for the assets and deposits of troubled Midwest Bank, a midsized lender based in Melrose Park. It is allowing potential bidders for that more desirable franchise to link bids to ShoreBank, which has lent heavily in more hard-hit areas, sources say.
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From The Wall Street Journal | A Congressional committee faulted the Food and Drug Administration for not pursuing “specific and credible leads” to identify culprits in China during the 2008 crisis involving contaminated imported heparin.
Get the full story: wsj.com.
