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It has been teetering on the edge for a few months now, but yesterday CIT made it official when it filed for bankruptcy protection. The decision to file for bankruptcy was approved by the creditors of the company along with the board of directors. At …

If it is not bad enough that the Federal Reserve has almost unlimited control over money and interest rates and can totally control the market from an office building, the Obama administration is proposing that the Federal Reserve serve as a regulator to detect activities …

Goldman Sachs and Morgan Stanley have formally asked the Federal Reserve for permission to repay their shares of $20 billion combined bailout funds out of the $700 billion made available last year to ailing financial corporations. Goldman Sachs, Morgan Stanley, and JPMorgan Chase & Co. …

Today it was leaked to the New York Times that the Treasury Department has directed GM officials to lay the groundwork for a bankruptcy filing. The bankruptcy could be as short as a few weeks for portions of the company. The “less desirable” parts …

Freddie Mac reported a $50 billion loss last year and is now asking the government for nearly $31 billion in aid to help with the giant loss.
This also comes just a day after Bernake said that the government would not allow big banks to fail. …