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AIG Congressional Hearing: "They Were Getting Manicures... While American People Were Footing The Bill"

Huffington Post | Dave Burdick | Posted 05.25.2011 | Business

Today, the Committee on Oversight and Government Reform explores the causes and effects of the AIG bailout. THE AIG LUXURY RETREAT At one point, Rep...

Stocks tumble as Street worries about financials

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — The misery worsened on Wall Street Tuesday, with stocks piling on losses late in the session and bringing the two-day decline in the ...

Bernanke: Crisis could prolong economic pain

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — Federal Reserve Chairman Ben Bernanke warned Tuesday that the financial crisis has not only darkened the country's current economic...

Bank of America reports profit drop, capital raise

AP | MADLEN READ | Posted 05.25.2011 | Business

NEW YORK — Bank of America Corp. on Monday reported third-quarter results earlier than planned, revealing a wider-than-expected profit drop and ...

Fed move boosts European stocks

AP | PAN PYLAS | Posted 05.25.2011 | Business

LONDON — World stock markets on Tuesday recovered some of their hefty losses from the previous day, helped by a steady opening on Wall Street af...

Federal Reserve Unveils Short-Term Loan Plan

AP | JEANNINE AVERSA | Posted 05.25.2011 | Business

WASHINGTON — The Federal Reserve is providing more details about when it will make billions of dollars in short-term loans available to squeezed...

Lehman's Richard Fuld Punched In Gym: CNBC's Vicky Ward Confirms Story

Business & Media Institute | Jeff Poor | Posted 05.25.2011 | Business

It seems anxiety from the financial crisis is reaching new highs, but the tipping point for one individual came at the Lehman Brothers gym in the ...

Countrywide Mortgages To Be Modified To Provide Relief

AP | CHRISTOPHER WILLS | Posted 05.25.2011 | Business

SPRINGFIELD, Ill. — Facing a lawsuit over deceptive mortgage practices, Bank of America Corp. is agreeing to pay more than $8 billion to modify ...

Wachovia, Citigroup, Wells Fargo Drama Worries Fed

Dave Burdick | Posted 05.25.2011 | Business

Last week, Citigroup and the FDIC seemed to be close to a deal to acquire the troubled Wachovia Corp. Then, on Friday, Wells Fargo swooped in and made...

Dow 10,000: As World Stocks Sink, Dow Jones Drops To Lowest Since 2004

Huffington Post | Dave Burdick | Posted 05.25.2011 | Business

For the first time since October of 2004, the Dow Jones Industrial Average has dropped below the 10,000-point mark. It has dropped as many as 700 poin...

New York Psychiatrist Uses Verbal Abuse On Wall Street Clients

The Daily Beast | Dr. Stephen Josephson | Posted 05.25.2011 | Business

A New York psychiatrist says caustic verbal abuse is the best treatment for traumatized Wall Street jocks. Last week the bottom dropped out of the fi...

World Markets Plunge On Crisis Fears

AP | EMILY FLYNN VENCAT | Posted 05.25.2011 | Business

LONDON — Asian and European stock markets plunged Monday as government bank bailouts in the U.S. and Europe failed to alleviate fears that the g...

Richard Fuld's Congressional Hearing To Explore Causes And Effects Of Collapse (VIDEO)

New York Times, Reuters, AP | Posted 05.25.2011 | Business

**UPDATE** FULD WONDERS WHY LEHMAN WASN'T BAILED OUT When Lehman CEO Richard Fuld was asked whether there was a substantial difference, from a busin...

Hedge Fund Performances Leaked (VIDEO)

CNBC | Posted 05.25.2011 | Business

CNBC's Vicky Ward talks about leaked hedge fund performances, year-to-date. A lot funds have had a pretty rough year of it so far. Follow the link to ...

Life After Merrill Buyout: "I Was Shocked I Would Be Joining A Lower-Tier Commercial Bank"

IvyGate | Dan Haley | Posted 05.25.2011 | Business

George, an Ivy-educated pseudonymous banker working as an analyst at Merrill Lynch, describes how he found out about Bank of America's buyout of Merri...

Daily Show Calls Paulson "Baron Von Moneypants" (VIDEO)

Comedy Central | Posted 05.25.2011 | Business

Desperate times call for ridiculous Photoshopping of extremely important people, or so goes the digital age's comedy mantra. For such Photoshopping, w...

Ron Paul's Bailout Criticism: Illiquid Assets Are Illiquid For A Reason (VIDEO)

CNBC | Posted 05.25.2011 | Business

Rep. Ron Paul, the Republican from Texas whose primary presidential campaign sparked a huge Internet following, let loose on Federal Reserve Chairman ...

Will Main Street Stock Portfolios Decrease? (VIDEO)

CNBC | Posted 05.25.2011 | Business

Federal Reserve Chairman Ben Bernanke is testifying before Congress today on the proposed $700 billion bailout plan, meeting much skepticism. What fol...

Ned Lamont On Wall Street Crisis: "This Is Our Katrina"

Wall Street Journal | Robert Frank | Posted 05.25.2011 | Business

"It's the human toll that is frightening," said State Rep. Livvy Floren, a friend of Mr. Fuld. "Dick Fuld has spent 39 years of his life doing this. I...

Stocks end lower amid worries after House OKs plan

AP | TIM PARADIS | Posted 05.25.2011 | Business

NEW YORK — In the end, congressional approval of the government's $700 billion financial rescue plan Friday did little to lift the financial mar...

TRY THIS TRUE-FALSE TEST

Jim Randel | Posted 05.25.2011 | Business
Jim Randel

In my last post, I whined that no one in government was doing an adequate job of educating the public about the arguments for and against the bailout ...

Wachovia, Wells Fargo Deal Ends Talks With Citigroup

AP | SARA LEPRO | Posted 05.25.2011 | Business

NEW YORK — A battle broke out Friday for control of Wachovia, as Wells Fargo agreed to pay $14.8 billion for the struggling bank, while Citigrou...

If The Bailout Passes... Then What?

Fortune | Colin Barr | Posted 05.25.2011 | Business

NEW YORK (Fortune) -- After much ado, the government appears ready to toss a lifeline to Wall Street. But with policymakers frantically battling to ke...

Do Bailouts Work? Analysts Explore Which Do And Which Don't

Clusterstock | Henry Blodget | Posted 05.25.2011 | Business

Do banking-system bailouts work? Yes. But some work better than others. They're also mind-bogglingly expensive. Unfortunately the current Hanke-Panke...

Playboy Seeking Wall Street Women

BloggingStocks | Posted 05.25.2011 | Business

BloggingStocks reports that Playboy has some work of the XXX variety for out-of-work Wall Streeters of the XX-chromosome variety: If you've recently ...