Sen. Mitch McConnell, the top Republican in the Senate and a longtime member of the Senate Appropriations Committee, announced Monday that he will support a ban on earmarks, or pork barrel projects, in the 112th Congress. McConnell has long defended the practice, in which a member of Congress sends federal money to a specific project, [...]
By MICHAEL J. de la MERCED 6:53 p.m. | Updated The Ambac Financial Group, the bond insurer waylaid by the financial crisis, moved closer to a bankruptcy filing on Monday, announcing that it plans to skip an interest payment on some of its bonds. Ambac said that it is seeking support for a prepackaged bankruptcy [...]
European Union finance ministers agreed Tuesday on rules to allow foreign hedge funds to do business across the 27-nation bloc — a deal that came as a relief to Britain, home of the European hedge fund industry, James Kanter reports in The New York Times. The agreement, which still needs final approval of the European [...]
The Irish government, bowing to market fears that its escalating banking losses might cause it to default, said Wednesday that it would split the Anglo Irish Bank into two entities, one of which would eventually cease operations, The New York Times’s Landon Thomas Jr. reported. The move represents a backtracking of sorts for the government, [...]
Sweden’s Financial Supervisory Authority revoked HQ Bank’s license to operate and applied for its liquidation, saying the company broke regulations. “HQ Bank has demonstrated serious deficiencies in its trading operations,” the F.S.A. said Friday in a statement on its Web site. “HQ Bank has overvalued its trading portfolio for a long time” and reported its [...]
Democratic state Treasurer Frank Caprio has moved into the lead over Republican-turned-independent Lincoln Chafee for the first time in the Rhode Island governor’s race, according to a Rasmussen Reports poll conducted Aug. 17. The seat is currently held by Republican Donald Carcieri who can’t run again because of term limits. Caprio leads Chafee by 38 [...]
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