Moody’s Corp. and Standard and Poor’s triggered the worst financial crisis in decades when they were forced to downgrade the inflated ratings they slapped on complex mortgage-backed securities, a U.S. congressional report concluded on Wednesday. In one of the most …
The Federal Reserve Bank of New York is planning two auctions of risky mortgage-backed securities from its Maiden Lane II portfolio next week, the bank’s website indicated Friday. The sales would be the Fed’s second and third from the portfolio …
Insurer American International Group Inc. paid Goldman Sachs Group Inc. $2.9 billion for the investment bank’s own account, a report said Thursday, adding new fuel to old accusations that AIG’s rescue was a backdoor bailout for Goldman. A report from …
The taxpayer bailout of giant American International Group (AIG) became necessary largely because of AIG’s poor risk management of its financial products and because deregulation of over-the-counter derivatives, including credit default swaps, let the company get away with its risky …
A deeply divided U.S. investigative panel issued a scathing critique of the culture of deregulation championed by Former Federal Reserve Chairman Alan Greenspan, saying the government had ample power to avert the financial crisis of 2007-2009 and chose not to …
The new council of U.S. regulators will face a major test on Tuesday when it unveils recommendations on how to enforce one of the most recognizable, if inscrutable, aspects of the six-month-old Wall Street reform law: the Volcker rule. The …
