Word: federales
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Van Conway, a turnaround expert with the firm Conway and McKenzie in Birmingham, Mich., says Ford's $26 billion debt could still prove troublesome, and hefty interest payments will cut into the company's ongoing profitability. But one antidote to heavy debt is a healthy stock price, which Ford increasingly...
A year ago today, the venerable investment-banking firm Lehman Brothers filed for bankruptcy protection after the Federal Reserve and the Treasury Department pointedly refused to bail the company out, and no other Wall Street outfit was willing to step into the breach. It was the largest bankruptcy ever in...
That brings us to lesson No. 2. In the early 1930s, powerful voices at the Treasury and Federal Reserve argued that the deep pain of financial crisis was a necessary economic corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover...
Then again, decisions made by Congress, the Bush and Clinton administrations and federal regulators in the years before the crisis also played a key role in allowing things to get so bad. From ill-considered deregulation of banking and derivatives to over-the-top encouragement of home ownership, Washington's...
President Barack Obama did warn in his speech to Wall Street on Monday that "normalcy cannot breed complacency." But normalcy is breeding complacency - perhaps because complacency is normal. Consider the financial reforms that the Obama Administration wants to push through Congress before year-end - creating a Consumer Financial Protection Agency...