The Senate breathed new life into the government’s scuttled $700 billion bailout package this evening when it approved a modified version of the bill by a vote of 74 to 25.
Two days after the House rejected a $700 billion financial services bailout bill by a vote of 228 to 205, the Senate will be voting this evening on a slightly revised package in the hopes of pushing the controversial legislation forward.
Financial advisers, economists, and others fear that the country may plunge into a deep recession — and possibly even a depression — if congressional leaders don’t hammer out an alternative rescue plan following Monday’s failed vote.
“It matters little what path a bill takes to become law. What matters is that we get a law,” said President Bush today.
“We need to work as quickly as possible to get something done as soon as possible,” he told reporters at the White House after the financial bailout bill defeat yesterday.
Perhaps, but not without a strong sales job to overcome the inherent inertia
The proposal includes boosting FDIC insurance limits on bank deposits, changing the SEC rules on mark-to-market fair value accounting, launching a net worth certificate program, resurrecting the old security transfer tax and introducing a mechanism to stem to the flood of foreclosures.
For as long as I can remember, there has been a business in helping investors minimize taxes withheld on dividends.
Investors who maintain self-directed 401(k) accounts or individual retirement accounts are increasing their investments in exchange traded funds.
Sallie Krawcheck may have spoken up one too many times.
Spencer Green didn't anticipate the current financial crisis when he created MeettheBoss.com, but Wall Street's problems may help the new networking site take off.
InvestmentNews argued last week that the entire regulatory system for the financial industry needs to be revamped, after an independent commission has thoroughly reviewed the factors that contributed to the mess.
Wirehouse reps were breathing a bit easier last week as their employers were able to step back from the brink of financial collapse.
Where was all of Wall Street’s expensive, supposedly advanced technology when we needed it? Shouldn’t technology have helped to avert the current economic and financial mess?
The House of Representatives approved legislation yesterday that would relieve about 25 million middle-class taxpayers from paying the alternative minimum tax this year.
The Investment Company Institute and the Securities Industry and Financial Markets Association are launching a new research project to improve understanding of investors' use of individual retirement accounts.
Charles Schwab & Co. is taking advantage of the financial crisis by attempting to lure brokers from Merrill Lynch and Morgan Stanley and other wirehouse brokerage firms to go independent and use Schwab as their custodian.
Lauded for its ability to make use of advanced technology to make its website user-friendly, Fidelity Investments Institutional Services Co. of Boston was ranked as the financial intermediary with the best website by kasina LLC.
Massachusetts Secretary of the Commonwealth William F. Galvin today called on Congress to temporarily suspend the 10% penalty tax on early withdrawals from 401(k)s.
“The last six months ... have made abundantly clear that voluntary regulation doesn’t work,” Mr. Cox said in prepared testimony at a hearing of the Senate Banking Committee.
