This week, full of news of financial reforms, started out with Treasury Secretary Tim Geithner and White House economic adviser Larry Summers’s op-ed in the Washington Post , outlining some of those reforms the Obama Administration is proposing. One idea is creating a sort of financial czar to oversee the sector and prevent a future crisis.
Also heavily covered this week was health care. President Obama was in Chicago Monday, appearing in front of the American Medical Association, trying to win the organization’s support for his ideas of reforming the health care system. The reforms he would like to see in place are intended to provide insurance coverage for Americans who don’t have it.
Oil prices, which have been hitting recent highs, fell Monday, taking the Dow down with them. The average fell 187 points, closing at 8612.
Langone on Charitable Giving
Langone on Health-Care Reform
Cavuto's Deal: Big Deals Stink
Cavuto's Capper: Shrek vs. Iran
Nationwide Average
$2.69 a gallonTuesday
The producer prices report was released Tuesday, showing that prices rose 0.2% in May, lower than the expectation of a 0.6% increase. Compared to last year’s number for the same month, however, they fell the most in 60 years. A significant portion of the increase can be attributed to energy costs, which rose 2.9%.
GM Brands Being Sold Dept.: General Motors (GM) said it reached an agreement to sell its Saab brand to a consortium led by Swedish company Koenigsegg. Interestingly, Koenigsegg is a pretty small company compared to the Saab brand. The deal is expected to be finalized by the third quarter, but details on pricing were not released.
The first estimate of health-care reform legislation’s cost puts it at $1 trillion over the next 10 years. That’s according to the Congressional Budget Office and is just an initial estimate for parts of a plan put together by Sen. Ted Kennedy (D-Mass.) aimed at cutting the number of uninsured people in the country by about a third.
Madoff Victims Ask Judge for Max Ruling
Future of BofA’s Blackrock Stake
Cavuto’s Deal: Democrats Are Worried
Capper: Congress in Driver’s Seat
Wednesday
The consumer price index report was released Wednesday, showing that prices were slightly up 0.1% in May. This was below expectations of a 0.3% increase. But at an annual pace, they have fallen at a rate not seen in almost 60 years.
Meanwhile, President Obama continued touting his proposals for reforming the nation’s financial system with new regulations. Some of his plans would include doing away with the Office of Thrift Supervision and creating a new agency to protect consumers. The President said these changes are intended to bolster the free markets, not impede them.
TARP Repayment Dept.: Several big banks announced they had paid back the federal loan money they received under the Troubled Asset Relief Program Wednesday.
These included:
Goldman Sachs, which repaid $10 billionU.S. Bancorp, which repaid $6.6 billionBB&T Corp, which repaid $3.1 billionMorgan Stanley, which pad back $10 billionAnd JPMorgan Chase, which repaid $25 billion
Spitzer: Wouldn't Have Been for Bailout
Spitzer: We All Make Mistakes
Cavuto's Deal: It's Not Just Business
Cavuto's Capper: Fair and Balanced
Thursday
Geithner took over President Obama’s beat Thursday, urging quick action on financial regulatory reform. He was testifying in front of the Senate Banking Committee, addressing the administrations proposals. This was one of several appearances he will make before the committee. Democratic leaders in Congress say they plan to pass reform legislation by the end of the year.
FOX Business obtained a copy of a letter former billionaire Stanley Chais wrote accusing Goldman Sachs (GS) of not complying with agreements to release funds. Chais was a victim of Bernard Madoff’s scheme. His Goldman Sachs account was frozen by bankruptcy trustee Irving Picard, despite that there was no court order to do this. Because of this, he hasn’t been able to pay for medical and living expenses.
Health Care's Expensive Twists and Turns
Beck Brings 'Common Sense'
Richard Simmons: The 'Fat Czar'
Cavuto's Capper: Rewarding Ben?
Friday
Friday was Apple’s (AAPL) big day, as the company officially launched its iconic iPhone 3G S, the newest version of the smartphone. There certainly wasn’t any less hype over the phone this year, but lines and crowds were less than last year’s when many customers had to wait weeks before getting their hands on one. This time around Apple and its exclusive U.S. carrier AT&T allowed customers to pre-order the phone. Some even had it shipped directly to them from Apple on the release date.
Allen Stanford Dept.: The Texas Billionaire Allen Stanford, as well as four co-conspirators, was charged with 21 counts of fraud, said the Department of Justice. Among the co-conspirators are: Laura Pendergest-Holt, the chief investment officer; Gilberto Lopez, chief accounting officer; Mark Kuhrt, global controller; and Leroy King, former chairman of Antigua’s Financial Services Regulatory Commission;
Who’s the joke on now? World Wrestling Entertainment (WWE) and General Electric (GE) may be liable for breaking securities law after the USA Network, owned by GE, put out a fake press release that could have caused shares of WWE to fall 6% on Tuesday. USA Network said one of WWE’s shows was sold to Donald Trump as a joke.
Negotiating Severance Pay
Should Small Biz Rely on Government?
DOJ Tells SEC to ‘Back Off’ Stanford Case
TARP CEO’s Flying on Your Dime?
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