Why Citi Turned Around on Mortgage “Cramdowns”

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The latest data show one out of ten homeowners in the United States is either late in making a mortgage payment or in such serious arrears as to risk foreclosure. Last week, congressional Dems breathed a sigh of relief when Citigroup dropped its opposition to a proposed change in the bankruptcy laws allowing distressed homeowners [...]

Holiday Gloom in Silicon Valley

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by Carl Bloice – A couple of days before Thanksgiving one of my downstairs neighbors matter of factly told me he had lost his job. He’d been abruptly laid off by a local information technology startup company. “They let go so many people I don’t know how they are going to get the work done,” [...]

A Bottom-Up Bailout Rather Than Trickle-Down

Hank Paulson has just about burned through $300 billion, and it’s not clear what the public has got out of it. Perhaps things would be worse without the bailout but they’re certainly no better. Wall Street banks have not significantly stepped up their loans to small businesses, college students, car buyers, or distressed homeowners. Much [...]

Bloomberg Sues The Fed For Disclosure

by Charley James – Lost in the wake of Henry Paulson’s announcement Wednesday that Treasury is “changing direction” in how it doles out money in the bank rescue plan is a little-noticed lawsuit filed last Friday by Bloomberg LP, the business news wire service. It is suing the Federal Reserve Board’s governors for public records [...]