News -001 Congress Approves Budget (MSNBC News) "Acting in quick succession, the House and Senate approved budgets Thursday night drawn to President Barack Obama's specifications and pointing the way toward major legislation later this year on health care, energy and education." 04-09 -01-06-09 Debate Over Stimulus Package (New York Times) "A bipartisan group of senators worked furiously in backroom negotiations on Thursday to cut the cost of the more than $920 billion economic stimulus plan. Senate Democratic leaders said they would await the outcome of those talks before calling for a final vote on the measure, perhaps on Friday." 02-09 -02-06-09 Summary of the Stimulus Bill Under Debate (U.S. News) "The Democratic chairmen of the Senate Appropriations and Finance committees released a summary of the current version of the $888 billion stimulus bill, which is being called the American Recovery and Reinvestment Act of 2009." 02-09 -02-27-09 Denver's Rocky Mountain News Shuts Doors (CNN News) "After nearly 150 years in business, the Rocky Mountain News published its final edition Friday, the victim of a bad economy and the Internet generation." 02-09 -03-29-09 Head of GM Steps Down at White House Request (MSNBC News) "General Motors Corp. Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry." 03-09 -04-03-09 Jobless Rate Hits 8.5 Percent (New York Times) "The American economy shed another 663,000 jobs in March, the government reported Friday, bringing the toll of job losses during the recession to 5.1 million." 04-09 -05-29-09 GM Gets Ready for Bankruptcy (CBS News) "GM's new road map, outlined in a regulatory filing Thursday, would briefly send the automaker into bankruptcy protection, erase most of its debt and eventually have it emerge leaner and stronger." 05-09 -07-02-09 Jobless Rate Rises to a 26-Year High (MSNBC News) "Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy's road to recovery will be bumpy." 07-09 -07-25-09 Editorial: The Monster of Wall Street Lives (Newsweek.com) "Goldman Sachs and JPMorgan Chase have reported huge profits, the Dow has made it past 9000, and Barack Obama has moved on to health care. The horror show seems to be over. But as in one of those clichéd Hollywood endings, the monster in this story isn't really dead, even if most people think he is. Lost amid all the premature self-congratulation is the fact that the deepest underlying problem that caused the financial disaster is not being solved." "The problem: how to control and keep tabs on the market activities of giant firms that cause such a disruption to the system they can't be allowed to fail. Put simply, six months into the Obama administration there is as yet no coherent proposal for solving this issue, and serious differences remain between Tim Geithner's Treasury and Ben Bernanke's Fed." "For the most part, the current measures will make it easier to clean up after the next mess. But they won't prevent another mess from happening." 07-09 -07-30-09 Study: Bank Bonuses Far Exceeded Revenues (CBS News) "Several financial giants that received federal bailout money in the last year paid out bonuses to employees that greatly exceeding the amount of revenue generated by the banks, according to a study on executive compensation set to be released by New York Attorney General Andrew Cuomo Thursday." 07-09 -12-16-08 Madoff Pulls Off Possibly Largest Investment Fraud (The Wall Street Journal) "A judge ordered the U.S. operations of Bernard L. Madoff Investment Securities to be liquidated, as fresh details emerged of trading discrepancies that offer clues as to how he may have run the epic scam alleged by authorities." "WSJ reporter Amir Efrati says the Madoff scandal could go down as one of the biggest frauds in Wall Street history." 12-08 -12-29-08 Editorial: A Failure of Oversight and Madoff (Truthout.org) "I think we've had a collapse of the markets caused by three different factors. The three factors all point to the failure of regulatory entities to carry out their missions. One area is the liquidity and capitalization of the major banks, which SEC was supposed to keep an eye on. We've had one bank fail after another. When you look at the scope of those failures, and the magnitude of those failures, you have to ask yourself, how could anybody miss the red flags that these banks were in deep trouble." "The second factor is market manipulation and insider trading. It has been a colossal failure by the SEC. Its failure to investigate the big players gave them a sense they were invulnerable. So, they just got bolder." "The SEC seemed to be doing its best job on investment fraud, but some of the fraud that has surfaced before Madoff raised some questions about the SEC. Madoff is on a new scale." 12-08 02-24-09 Can Your Bank Pass the Stress Test? (Time.com) "In early February, Treasury Secretary Timothy Geithner, as part of his bank fix, said he will "stress-test" the nation's largest financial firms to find out which ones are fit and which ones are flatlining, and then apply the appropriate therapy — which we assume means anything from injecting capital to pulling the plug. By using a medical term, Geithner gave the impression that he had some fiscal electrocardiograph that could be strapped to banks to chart the strength of their accounts. But when it comes to a bank checkup, the actual test is far less scientific." 02-09 05-07-09 Results of Stress Tests of Banks Revealed (Time.com) "Citigroup (C), Wells Fargo (WFC), and Bank of America (BAC) are troubled, as the government sees it, and will have to improve their balance sheets by a combined total of almost $60 billion. JP Morgan (JPM) and Goldman Sachs (GS) passed the tests and are free from any additional obligations." 05-09

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