The Treasury Department said it will send proposals to Congress this week that would let it seize troubled non-bank financial firms, one day after Treasury Secretary Timothy Geithner called for expanded powers in order to avoid possible future bailouts. Geithner on Tuesday testified before lawmakers angry at big bonuses paid to executives of American International
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By Tim Gaynor Realtor and mortgage broker Jullisa Kalish thrived in the property boom. Now that it has turned to bust, she is back in college working toward what she hopes will be a more robust career — as a bookkeeper. "With an accounting degree … I can work in a lot of different places
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Organizers of the 2010 Winter Olympics have felt the pinch of the global credit crunch, but said on Wednesday that will not pose a problem because they are currently flush with cash. The Vancouver Organizing Committee agreed to a request from Royal Bank of Canada <RY.TO> late last year to temporarily cut its line of
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A key congressional committee on Wednesday approved a $3.45 trillion budget framework for next year that embraces many of President Barack Obama's priorities but spends slightly less than he sought. After a long debate that went well into the night, the House of Representatives Budget Committee approved the blueprint along party lines 24-15 in response
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By Matt Spetalnick Memo to Europe: Be careful what you wish for. Barack Obama, celebrated as the "anti-Bush" when he toured the continent last year as the Democratic presidential candidate, is headed back next week as U.S. president to attend summits in London, Prague and on the French-German border. After ordering the closing of the
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The U.S. government will propose tough new financial rules on Thursday as part of its push to stabilise the economy and curb excessive risk-taking that nearly wrecked its banks and set off a world financial crisis. The proposals follow some tentative signs that the world's biggest economy may have stopped shrinking and the announcement earlier
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British Prime Minister Gordon Brown said on Tuesday he was confident world leaders at a global financial crisis summit next week would do "whatever it takes" to create growth and jobs. He called on fellow Europeans to play a lead role in reforming the financial sector and leading the world out of economic crisis in
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Bank of England Governor Mervyn King warned Britain's government on Tuesday that its burgeoning budget deficit meant it would have to be cautious about any new fiscal stimulus package to boost the economy. Prime Minister Gordon Brown hopes to persuade other big developed and developing economies at a G20 summit on April 2 to agree
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Romania and the International Monetary Fund have agreed terms for a 20 billion euro aid package, a ruling coalition source said on Tuesday, in a bid to avert a financing crisis in one of the EU's poorest states. The deal, making Romania the third of the EU's eastern members to be bailed out in the
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By Claudia Parsons Cocaine and martinis On Wall Street? Nothing new there. Masters of the Universe admitting they have an alcohol problem? Not so common. Experts say more and more people in finance are seeking treatment for addiction as the global economic crisis sinks its teeth into a high-stakes industry where confidence is the name
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