Word: oversights
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...alleged to have committed. Since AIG's collapse last September, sources tell TIME, Greenberg has worked with the Federal Reserve and Treasury Department on a plan to rebuild the company. And today, the 84-year-old tycoon is scheduled to appear as the star witness at a House Oversight Committee hearing on AIG's fall and its economic repercussions. A committee aide called him "an investigative asset" who can further understanding of what happened to the corporate colossus that has received $170 billion in government bailout funds. (See the five lessons to learn from the AIG bonus blowup...
...cash payments to CDS [credit-default swap] counterparties should never have occurred," Greenberg told a House oversight committee. Greenberg is not alone is raising questions about profits that financial firms have been making on the unwinding of AIG's derivative bets. Last week New York attorney general Andrew Cuomo said he was looking into AIG's trading records to examine whether the payments the company made to other financial firms were improper. (Read "How to Know When the Economy Is Turning...
...disagree with Gingrich's article. in President Barack Obama's two months in office, Gingrich says, he "has so far failed to turn around the economic decline." It took the Republicans eight years to get us into this mess with their nonexistent oversight and their allowing the deficit to balloon to $10 trillion. All Gingrich can offer as an answer is Contract with America 2.0 - which consists mostly of tax cuts. It's the old trickle-down economics with a fresh paint job. I'd much rather have tax-and-spend Democrats than borrow-and-spend Republicans. David Ingram...
...populist issue addressed may make the meeting an easier sell for the participants back home: executive pay. The leaders accepted a series of recommendations by their finance experts that would lead to sharper oversight of compensation and bonuses and tie them more specifically to long-term performance. In other words, there was something for everyone. Rudd's conclusion, echoed by many other delegates: "People beforehand said there would be a divide, but in fact there was an overwhelming drive toward achieving real action, real commitments and real timelines." Or as Obama put it: "I think...
...dawning for largely unregulated financial institutions, and rightly so. The huge systemic risks associated with hedge funds and other unregulated firms in the financial system have a ruinous potential in our economy. Yet these bodies have been allowed to operate with a minimal level of oversight for years. Treasury Secretary Timothy Geithner’s call for an expansion of financial regulation and increased transparency faces a long struggle through Congress but will prove a crucial framework for promoting future economic stability. Mangers at hedge funds and other unregulated market players are often reluctant to open their bets to scrutiny...