It’s not just the pain and anguish of the family members who lost loved ones in the crash of Malaysia Airliner 17 and caused an increase of conflict in Ukraine; it’s also the pain and anguish that could hit the gas pumps. When news broke that the Malaysian Airliner was brought down by a missile, […]
Officials and Citigroup, Inc. said in an effort to settle multiple state and federal government investigations, the company will pay $7 billion in consumer relief and cash regarding its sale of substandard mortgage investments during the subprime housing boom. The company is paying the amount as follows: $4 billion in civil fines and $500 million […]
U.S. Federal Judge Steven Rhodes announced on Tuesday that the City of Detroit, Michigan, met all of the criteria required for moving forward with its bankruptcy proceedings. The case will mark U.S. history as the largest city ever to seek relief from debt under Chapter 9 bankruptcy. Over the last four months prior to this […]
Banking giant JP Morgan had more added this week to its plate of woes when word was announced that U.S. Federal authorities are looking to criminally prosecute certain members of the corporation. Authorities allege that some members of JP Morgan knew about the activities of one of its clients, Bernard L. Madoff, and the Ponzi […]
Stock markets surged late Wednesday upon word that U.S. lawmakers were likely to reach a deal by the end of the day to reopen the government and raise the debt ceiling. The deal resulted in a continuing funding resolution for the government and a raise in the debt ceiling. However the solution is only temporary […]
U.S. stocks made a sharp drop on Tuesday amid speculation of a likely U.S. military strike against Syria for suspected use of chemical weapons. Oil, which typically is sensitive to Middle East crisis situations, saw its greatest jump in price since the year started because of fears that production will be disrupted due to the […]
President Obama met with financial regulators on Monday to stress the urgency for implementing all of the provisions of the Dodd-Frank Act of 2010. The Act was signed by the President in the same year yet regulators are behind in finalizing the rules that will carry out the provisions. The Act directs sweeping reforms on […]
After a long battle between the White House and Congress, a measure that links student loan interest rates to financial markets has passed the House, in a 392-31 vote. The compromising legislation is being sent to the president, who is expected to sign it into law. The move will temporarily bring the student loan rates […]
On Wednesday, the U.S. Congress passed the Bipartisan Student Loan Certainty Act of 2013 which lowers student loan rates by tying them to market conditions. President Obama has expressed that he will sign the bill as soon as it reaches him. The overwhelming vote in Congress was 392 for and 31 against. It resolves a […]
The Conference Board announced Tuesday that the consumer confidence index dropped in July to 80.3. The drop comes amidst a rise in home prices on the U.S. market. It is a slight drop compared to May’s index of 82.1 and still reflects the second-highest level since January of 2008. The Standard & Poor’s/Case-Shiller 20-city home […]