Economic Glance
"There is no poster child [for the housing scandal] because you need to investigate, and you need to bring cases and we haven't done either against the major players," says William Black, Associate Professor of Economics and Law at the University of Missouri — Kansas City and a former federal regulator.
Black, who was counsel to the Federal Home Loan Bank Board during the S&L Crisis and blew the whistle on the "Keating Five" in 1989, says investigations have shown fraud incidence of 50% at (once) major subprime lenders like IndyMac and Countrywide.
Former Regulator: Clear Fraud in Financial Crisis -- Why Isn't Anyone in Jail?
World leaders dine in style as they discuss financial crisis
The global economy may be undergoing a significant downturn, but the White House's dinner budget still appears flush with cash.
After all, world leaders who are in town to discuss the economic crisis are set to dine in style Friday night while sipping wine listed at nearly $500 a bottle.
According to the White House, tonight's dinner to kick off the G-20 summit includes such dishes as "Fruitwood-smoked Quail," "Thyme-roasted Rack of Lamb," and "Tomato, Fennel and Eggplant Fondue Chanterelle Jus."
Humbled US agrees to share world's financial top billing
THE world's international financial institutions will be reshaped and worldwide regulatory and accounting rules reformed as a result of the G20 meeting.
The global leaders' 11-page statement spoke of broad principles, leaving the details to be worked out by aides before another summit meeting in April, after Barack Obama assumes the US presidency.
Chrysler leaders get millions
As Detroit's crumbling auto industry asks Congress for a bailout, Chrysler is in the awkward position of paying about $30 million in retention bonuses to keep top executives while the company cuts thousands of jobs.
Documents obtained by the Free Press show that at least six Chrysler executives are due to receive bonuses of more than $1 million apiece to stay through August 2009, the two-year anniversary mark of when private equity firm Cerberus Capital Management bought an 80.1% stake in Chrysler.
GM Spends $17 Million Per Year on Viagra
Lifestyle drugs -- chiefly Viagra -- are costing General Motors $17 million dollars a year and the cost is passed along to car, truck and SUV consumers. The blue pill is covered under GM's labor agreement with United Auto Workers, as well as benefit plans for salaried employees.
GM executives estimate health care adds $1,500 to the price of each vehicle but they do not break out how much of the premium is caused by erectile dysfunction expenses. GM provides health care for 1.1 million employees, retirees and dependents and is the world's largest private purchaser of Viagra.
Insurance Company Tactics Add to Americans' Financial Hardships
Insurers are increasingly using tough tactics against cash-strapped consumers to boost profits, according to a new report that investigates claims data, policies, and news accounts.
The report details tactics that target policyholders, insurance companies that are engaging in these practices, and what consumers can do to prevent abuses and fight back.
The current economic turmoil, which is greatly affecting the insurance sector, will likely spark insurers to use these tactics to maximize their bottom lines.
"Insurance companies are preying on cash-strapped consumers with tough tactics to increase profits," said American Association for Justice CEO Jon Haber. "The current challenges facing American families are only compounded when their insurance company plays hardball in their greatest time of need."
Another AIG Resort "Junket": Top Execs Caught on Tape
Even as the company was pleading the federal government for another $40 billion dollars in loans, AIG sent top executives to a secret gathering at a luxury resort in Phoenix last week.
Reporters for abc15.com (KNXV) caught the AIG executives on hidden cameras poolside and leaving the spa at the Pointe Hilton Squaw Peak Resort, despite apparent efforts by the company to disguise its involvement.
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