A revamp of the financial system needs to be global in nature to prevent a repeat of the worst financial crisis in some 70 years, a top Federal Reserve policy maker said on Monday.
“Although the raging crisis appears to be over, our work is not close to being complete. Making sure this work keeps moving [...]
Posts Tagged ‘financial system’
Fed’s Dudley: Financial reform needs global scope
February 8th, 2010 by Financial Writer
Tags: Federal Reserve, financial crisis, financial reform, financial system, us financial system
more...US economic rescue failing to meet key goals:auditor
January 31st, 2010 by Financial Writer
The 700-billion-dollar US government effort to rescue the financial system has failed to meet key goals such as sparking lending and curbing risky activities by banks, a special auditor said Sunday.
The special inspector general for the Troubled Asset Relief Program said in a report to Congress that it is too soon to measure the overall [...]
Tags: auditor, banks, financial crisis, financial system, lending, us businesses, us economic, us government
Geithner says need to cut budget deficit
December 3rd, 2009 by Financial Writer
Treasury Secretary Timothy Geithner on Thursday said it was vital to get U.S. budget deficits down in order to spur private-sector growth that creates jobs and predicted it will begin happening in 2011.
But first the financial system must be stabilized.
“You cannot address those long-term deficits, you cannot put the government of the United States in [...]
Tags: budget deficit, business network, financial system, geithner, small businesses
Economy Has Not Turned Up
September 16th, 2009 by Financial Writer
The U.S. economy has not begun to climb out of the worst recession since the Great Depression, but the “terror” that followed last year’s near-collapse of the financial system is gone, due in part to government intervention, Warren Buffett told Reuters on Tuesday.
Buffett maintained a positive outlook on the government’s much criticized Troubled Asset Relief [...]
Tags: bank, depression, economy, financial system, recession
Hooray for banks that refused bailouts!
September 11th, 2009 by Financial Writer
A group of banks that turned down TARP funds have outperformed banks that received gobs of support. It just goes to show that not all banks needed a rescue.
It’s nearly one year after the big crash, and the financial system is still functioning.
Most banks didn’t go out of business or get taken over. Your ATM [...]
Tags: banks, business, financial firms, financial system
The British taxpayer was exposed to enormous risks
June 26th, 2009 by Financial Writer
UK Treasury Criticized over Northern Rock Failure
The British taxpayer was exposed to enormous risks when mortgage lender Northern Rock foundered because the Treasury had not prepared for a bank failure, a parliamentary committee said on Thursday.
The problem was evident from 2004, but had not been tackled three years later when the authorities stepped in with [...]
Tags: British taxpayer, financial system, UK Treasury Criticized
The future of the financial system (South Africa)
June 11th, 2009 by Financial Writer
While financial institutions in South Africa and around the world have been rocked by the global financial crisis, they need to move out of survival mode and start charting a course towards promoting long-term financial stability and growth.
That was the message from Rogan Davies, head of Financial Services at professional consulting organisation The IQ Business [...]
Tags: financial system, Global Recession, South Africa Finance