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Greg Gordon
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Attention readers: The RSS feed for the Greg Gordon section on McClatchyDC.com has moved here as part of an upgrade to improve service. Please update your subscription in your RSS reader. | 04/13/09 18:32:29 By -
Why didn't Fed force big banks to take less of AIG bailout?
The Federal Reserve Bank of New York opted in November not to pursue tough negotiations with large foreign and domestic banks and instead allowed them to receive 100 cents on the dollar in government funds to settle tens of billions of dollars of exotic financial bets guaranteed by AIG because the banks were hostile to taking less. It cost the government billions more. | 04/06/09 19:42:00 By - Greg Gordon and Kevin G. Hall
Wagoner's pension secure as GM's workers could be hit
Ousted General Motors Chief Executive Rick Wagoner is due to walk away with a pension and benefits that total $23 million. His successor may end up with a salary of just $500,000 annually, if the auto manufacturer gets more federal money in any restructuring plan. Bankruptcy would put GM workers' pensions at risk. | 03/30/09 20:22:00 By - Greg Gordon
Most electronic voting isn't secure, CIA expert says
The CIA, which has been monitoring foreign countries' use of electronic voting systems, has reported apparent vote-rigging schemes in Venezuela, Macedonia and Ukraine and a raft of concerns about the machines' vulnerability to tampering. | 03/24/09 15:53:00 By - Greg Gordon
AIG still a major threat to global economy, top official says
The operating chief of the American International Group unit whose collapse fueled Wall Street's meltdown said on Friday that the firm has made "enormous strides" in reducing its risky asset pool to $1.4 trillion, but it still poses major perils for the U.S. and global economies. | 03/20/09 19:13:00 By - Greg Gordon and Kevin G. Hall
Payback time for AIG: Treasury, Congress go after the bonuses
Amid the growing public outcry over American International Group's payment of $165 million in executive bonuses, Treasury Secretary Timothy Geithner said late Tuesday that the money would be deducted from the government's latest $30 billion infusion of bailout funds to the insurer. Separately, lawmakers in Congress sought to recoup the bonuses by taxing them. | 03/17/09 21:16:00 By - Greg Gordon and Kevin G. Hall
Regulatory reports show 5 big banks face huge loss risk
Their latest financial reports show that Citibank, Bank of America, HSBC Bank USA, Wells Fargo Bank and J.P. Morgan Chase have "current" net loss risks from derivatives — insurance-like bets tied to a loan or other underlying asset — of $587 billion as of Dec. 31. That's more than the banks' combined $497 billion in so-called "risk-based capital," the assets they hold in reserve for disaster scenarios. | 03/09/09 17:19:00 By - Greg Gordon and Kevin G. Hall
Watchdog: Bush FDA decision put patients in danger
The Food and Drug Administration put patients' lives at risk by halting enforcement of 30-year-old requirements that medical device makers meet federal laboratory standards prior to testing their products on humans, a watchdog group charges in a new report. | 02/18/09 00:05:00 By - Greg Gordon
Watchdogs: Government overpaid for Wall Street assets
The federal government overpaid by about $78 billion for stock and other troubled assets when it bailed out big banks last year, and it lacks sufficient internal controls to police and protect taxpayers' investment in the institutions, government watchdogs said Thursday. | 02/05/09 19:07:00 By - Kevin G. Hall and Greg Gordon
For bank execs, $500,000 a year is a big comedown
The chief executives of 10 banks that have gotten at least $161 billion in federal bailout money were doing swell the last year in which their income was publicly disclosed. Together, they earned more than $200 million in 2007. That could come to an end under limitations President Obama announced Wednesday. | 02/04/09 21:03:00 By - Greg Gordon
Questions, but few answers, about Geithner's finances
President Obama's nominee for Treasury secretary, Timothy Geithner, failed to pay self-employment taxes for four years, but little else is known publicly about his finances. As president of the Federal Reserve Bank of New York, Geithner wasn't required to file financial disclosure statements. His confirmation hearing is Wednesday. | 01/20/09 19:22:00 By - Greg Gordon
Bailed-out Wall Street helps float Obama inauguration
The watchdog group Public Citizen says nearly 80 percent of the $35.3 million raised by the Presidential Inaugural Committee to date has come from 211 wealthy donors, including a number from Wall Street firms benefiting from the mushrooming federal bailout. | 01/14/09 20:20:26 By - Greg Gordon
Internal probe slams Bush Justice official for illegal hiring
A former acting chief of the Justice Department's Civil Rights Division considered political affiliations in hiring and personnel actions — which is illegal — and lied in congressional testimony to conceal his misconduct, internal investigators say in a report that was made public Tuesday. | 01/13/09 11:51:00 By - Greg Gordon
Watchdog: Bush ex-officials used leverage in private sector
Shortly after leaving his job as U.S. energy secretary in early 2005, Spencer Abraham took a $60,000-a-year post as a director of Occidental Petroleum, which soon became the first firm in 20 years to ship oil to the U.S. from Libya. | 01/12/09 19:39:00 By - Greg Gordon
Obama to become president amid tightest security ever
Barack Obama will be sworn in as America's first African-American president under the tightest security ever, shielded by a new, heavily armored Cadillac limousine, bullet-resistant glass, fighter planes overhead and Secret Service SWAT teams toting automatic weapons. | 01/08/09 15:41:00 By - Greg Gordon
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