FROM David Cho
Obama Picks a Fight with the Big Banks Former chair of the Federal Reserve, Paul Volker, is gaining clout with the Obama Administration, pushing a crackdown on Wall Street. Meantime the current chair, Ben Bernanke , may not have the votes to be reconfirmed when his term runs out in a little over a week. David Cho reports for the Washington Post . Segment image of yesterday's Obama-Volker. Official White House Photo: Pete Souza
Too Big to Fail...and Still Growing Banks that were rescued as “too big to fail” are now bigger than ever. JP Morgan Chase, Bank of America, Wells Fargo and Citigroup now issue half of America’s mortgages and two-thirds of its credit cards.
Too Big to Fail - and Still Growing Some banks are paying back their part of the $700 billion in TARP loans -- with interest. But challenging questions remain. America's banks that were rescued as "too big to fail" are now bigger than ever, but smaller banks are failing fast. What's the connection? With just four banks -- JP Morgan Chase, Bank of America, Wells Fargo and Citigroup -- now issue half America's mortgages and two-thirds of its credit cards, do consumers still have any choice? Are the institutions that put the entire economy at risk being rewarded? Will it be harder than ever for the government to wrestle them down to size?
New Rules on Executive Compensation The financial crisis was front and center today with the announcement of plans to tighten restrictions on compensation for executives of banks and other companies getting federal bail-out money. President Obama dismissed such rewards in the midst of the current economic crisis as “bad taste” and “bad strategy” that he would not tolerate. David Cho covers the Treasury Department and the financial crisis for the Washington Post .
Can Barack Obama Follow the Money? At Barack Obama's request, President Bush will ask Congress before he leaves office for the second half of the $700 billion financial bailout . But the first half was so badly spent that Congress may not go along.
Can Barack Obama Follow the Money? Lawmakers in both parties are outraged that the Bush Administration lost track of $350 billion, the first half of last year's massive financial bailout . Today, at Barack Obama's request, President Bush agreed to ask for the second half, so Obama will have it as soon as he takes office next week. We hear how banks refused to account for their use of taxpayer money, while there was no effort to prevent mortgage foreclosures. What's Obama saying to assure Congress he can do better?
White House budget proposal slashes and burns President Trump's first budget request is considered dead on arrival in Congress — a familiar development in Capitol Hill. We hear what it reveals about the priorities of the new administration. What's likely to die… and what might survive?
Ex-FBI Director Comey tells his side of the story Today, former FBI Director James Comey came close to calling the President who fired him a liar. The White House denied the claim and called it insulting, but Republican Senators did not challenge Comey’s truthfulness. Many questions remain: did the President try to obstruct a federal investigation? Later, we’ll go behind the “velvet rope” for a look at 5-Star health care for the richest Americans.
Venezuela spirals into economic and political chaos Venezuela, a country whose potential for prosperity is unmatched, finds itself on the verge of civil war. What sustains the repressive government? With time running out, guest host León Krauze looks at what the international community can do to pull the country from the edge of collapse.