Battle Over Bailout Rules, Banks Skirt Supervision, New Era of Openness?
The Battle Over Bailout Rules » In a symbolic measure aimed at pressuring the Obama administration, the House yesterday overwhelmingly approved a plan to place strict new requirements on financial institutions that accept TARP funds. The Obama administration is set to revise the $700 billion financial rescue program, which has been the subject of widespread dissatisfaction as some powerful politicians have used their leverage to try to direct federal millions toward banks in their home states. — Washington Post, Wall Street Journal
Banks Skirt Supervision » At least 30 banks since 2000 have escaped federal regulatory action by walking away from their federal regulators and moving under state supervision, taking advantage of a long-standing system that allows banks to choose between federal and state oversight. — Washington Post
A New Era of Openness? » New lobbying and records rules issued by President Obama yesterday appear to go beyond changes implemented by previous presidents, and could usher in an era of openness in federal government, experts say. — Washington Post
Gitmo Plan Faces Hurdles » The Obama administration faces a host of legal, logistical and diplomatic challenges in its plan to close the military prison at Guantanamo Bay, Cuba, and if the effort stumbles, it could bring steep political costs. — Washington Post
Nadel Charged With Fraud » Federal securities regulators have charged a missing Florida hedge funds manager with fraud for allegedly misleading investors and overstating the funds' value by about $300 million. Arthur Nadel, 76, disappeared Jan. 14 after leaving behind a purported suicide note for his family. — USA Today
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