Word: bankses
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But there is the beginning of an attempt to do so. Over the years, the judgment of ratings agencies has become enshrined in countless laws and private contracts; ratings are a key yardstick in how state and federal regulators determine the safety of banks, insurance companies, money-market mutual funds...
The TARP oversight committee appointed by Congress has already signaled some hostility about how the program has been managed which will not help Allison do his job. Elizabeth Warren, chairwoman of the Congressional Oversight Panel, has expressed grave concern about whether banks which received government money are setting exorbitant fees...
With charges financial firms misusing the money that the government has given them and concerns that they will be poor stewards of capital that they might receive once the results of the Administration's "stress test" of banks is done, Allison might as well stay at Fannie Mae.
So far, the firm's bets are paying off. On Monday, Goldman said that it had made nearly $2 billion in the first three months of this year alone. But some analysts say Goldman, which received $10 billion from the government through the Troubled Asset Relief Program, is generating most...
There are no strict limits as to how banks are supposed to use the government assistance they receive. Lawmakers, who passed the $700 billion financial relief fund in October, originally pressured banks to use government money to make loans. But as the banks' conditions deteriorated and the economy worsened, those...