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Business and Financial
Feb 3, 2009
PHILADELPHIA - A criminal complaint¹ has been filed against Joseph Forte, charging him with mail fraud. According to the affidavit, Forte was the sole general partner of an investment fund, which he used as a pyramid or Ponzi scheme to…
Feb 3, 2009
CHARLOTTE, N.C., -- Bank of America unveiled the Lending & Investing Initiative, a comprehensive plan to track and report on Bank of Americas business activity in 10 areas key to reviving the nations economy. The initiative, which was presented to…
Jan 20, 2009
Phoenix, Arizona - Arizona Attorney General Terry Goddard, along with the Attorneys General of 21 other states and the District of Columbia, sent a letter to U.S. House and Senate Leadership advocating an amendment to the U.S. Bankruptcy Code to…
Jan 6, 2009
Washington, DC The Treasury Department and the Office of Management and Budget released the Fiscal Year 2008 Financial Report of the United States Government. The report details the U.S. government's current financial position, as well as its short-term and long-term…
Dec 16, 2008
With banks and the economy in the news so much lately, many people are thinking more about the safety of their money. The good news for consumers is that federal deposit insurance coverage has significantly increased, primarily as a result…
Dec 16, 2008
The FBI has identified a new technique used to conduct vishing attacks where hackers exploit a known security vulnerability in Asterisk software. Asterisk is free and widely used software developed to integrate Private Branch Exchange (PBX) systems with Voice over…
Dec 2, 2008
"3 Questions" is a new series from the MIT News Office that gives members of the community the opportunity to sound off on current events in their field of expertise. In this, the first installment, Michael Cusumano, the Sloan Management…
Nov 18, 2008
The Department of the Treasury, the Federal Deposit Insurance Corporation, and the Federal Reserve have recently put into place several programs designed to promote financial stability and to mitigate procyclical effects of the current market conditions. These programs make new…
Nov 16, 2008
The November 13 story in the Washington Post ("Bailout Lacks Oversight Despite Billions Pledged" - 11/13/2008) leaves out critical steps taken by Treasury to ensure that there is strong oversight in place as the Emergency Economic Stabilization Act is implemented.…
Nov 15, 2008
RICHMOND, Va. -- Circuit City Stores, Inc. (NYSE: CC) announced that it has filed a voluntary petition for reorganization relief under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Eastern District of…
Nov 15, 2008
In October 2008, a total of 8,210 resale homes recorded as sold. Foreclosure activity represented 47 percent (3,745 transactions) and 4,465 traditional market transactions. Foreclosed transactions represent home owners losing their property to successful individual bidders or the lender of…
Nov 12, 2008
Home loan modifications may be the best way to help homeowners stay in their houses and to get the economy back on track. Thats the word from a top expert whos testifying in front of Congress Friday about the bailout…