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Paul Kiesel

Fed Backed Bear Stearns Deal to Prevent a "Contagion"

On Friday, the Federal Reserve released documents showing why, in March, it chose to save Bear Stearns from bankruptcy. Ultimately, the Fed felt compelled to do something because of fear that immediate failure within Bear Stearns would cause [...]
Paul Kiesel

IndyMac may be the Next Mortgage Lender on the Brink of Failure

U.S. Senator Charles Schumer asked U.S. regulators to analyze the financial health of Indymac, as Schumer believes the company may be on the brink of failure. The FDIC, the Office of Thrift Supervision, the Federal Housing Finance Board and [...]
Paul Kiesel

75% of Americans and a Growing Number of Republicans Blame Bush for Failed Economic Policies, Foreclosure Crisis

There has been a sharp increase in economic pessimism over the last year, and three out of four Americans blame President Bush for ushering in one of the more turbulent economic periods, particularly for the middle-class, over the last thirty [...]
Paul Kiesel

UBS Misled Customers

Two subsidiaries of the Swiss bank UBS, earlier today, were accused of misleading investors about how safe auction rate securities were. The complaint was filed by William Galvin, Massachusetts’ top securities regulator, and he accuses [...]
Paul Kiesel

California and Illinois AGs Sue Countrywide Over Mortgage Loans, Borrowers Misled

California Attorney General Jerry Brown filed a complaint today in Los Angeles state court claiming that Countrywide Chief Executive Officer Angelo Mozilo and a unit specializing in loans to consumers with poor credit used deceptive marketing [...]
Paul Kiesel

Jardine Enterprises–Baby Crib Recall

In what is being called “ the largest crib recall in the nation’s history ” the Federal Product Safety Commission announced that Jardine Enterprises of Taiwan’s cribs manufactured and sold over the last six years were [...]
Paul Kiesel

$800 Billion in Mortgages are at Moderate to High Risk of Defaulting

The New York Times, on February 23, 2008, published an article that elaborated on a Bank of America sponsored housing relief package that was being proposed to Congress, in order to curb further losses for lenders and homeowners. After reexamining [...]
Paul Kiesel

The Subprime Mess and Phil Gramm: An Experiment in Deregulation

In 1933, a few years following the stock market crash, Congress passes the Glass-Steagall Act, in hopes that regulating banks will help prevent market instability, particularly amongst Wall Street banks. The purpose of the act is to separate [...]
Paul Kiesel

Bank of America May Have Influenced Dodd-Shelby Housing Bailout Package

A House staffer told Examiner.com, demanding anonymity, that the Dodd-Shelby Senate housing bill is beginning to be referred to as the “Bank of America bill on steroids.” The Dodd-Shelby bill (Sen. Richard Shelby is a Republican [...]
Paul Kiesel

States to Help Rescue Homeowners from Foreclosures

As Congress continues to talk about providing a federal response to the foreclosure crisis, which has been going on for almost a year, attorneys general, like New York Attorney General Andrew Cuomo, are busy helping troubled homeowners at the [...]