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...details of the government's role in keeping the lights on at what was once the nation's largest bank will again be on display on Thursday. For the first time, Citi's CEO will testify before the Congressional Oversight Panel (COP), set up by Congress to monitor the government's bailout of the financial system. Elizabeth Warren, a Harvard professor and longtime critic of the banking industry, heads the COP. Also testifying before the panel will be Herb Allison, who runs the Treasury Department's Troubled Asset Relief Program (TARP), the main vehicle the government has used to assist...
...option. If the owner sells the house on the open market or loses it in foreclosure before the eight-year waiting period expires, the person is out of luck - the put option becomes worthless. However, homeowners do have the option of opting out of the program in the first six years in exchange for handsome cash bonuses, ranging from 10% of the purchase price in year one to 3% in year six. Still, some analysts feel homeowners should be permitted to exercise the put - i.e., sell back the house at its original price - after three or four years. (See pictures...
Toprak believes that GM is moving to regain some of the ground it lost to rivals during the company's financial crisis. Ford Motor Co. actually sold more cars than GM in February, the first time that has happened since August 1998. GM also faces stiffer competition from beleaguered Toyota, which is launching a new wave of sales incentives...
...Spain - a global trade ban should significantly reduce pressure on the fish population, which is now at less than 15% of its estimated historical high. "This step will help fix a management system that is broken," says Mark Stevens, senior program officer for fisheries at the World Wildlife Fund. "First of all, we have to stop the overfishing pressure...
...artists such as Gorillaz and Beck. But Danger Mouse (whose real name is Brian Burton) is quick to point out that his latest collaboration, with Shins front man James Mercer, isn't a one-time experiment. He and Mercer have formed a fully realized band, Broken Bells, and their first album - also called Broken Bells - comes out March 9. (See the top 10 albums...