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According to U.S. Treasury Secretary Timothy Geithner, the Federal Reserve should lose its ability to bail out “big, failing financial firms like AIG and Bear Stearns.”
He said, “Any firm that puts itself in a position where it cannot survive without special assistance from the government …

While it wouldn’t make a really good episode of the Mythbusters television show, there are myths that are prominent in the financial world that need to be debunked. Here are some of the myths that Kiplinger compiled:
Myth number 1: There is a hot market somewhere …

The finance chiefs from the G7 said yesterday that the worst of the recession of the global economy may be over. They also pledged to make sure that the big financial firms stick around.
Group of Seven finance ministers and central bankers said after a meeting …

The sinkhole known as General Motors has decided that it needs to borrow another $2 billion from the U.S. Treasury to remain liquid while it tries to “restructure.”
The latest injection of funding means to date GM has received $15.4 billion in funding.
In a statement, the …

Some feared that the money recovered from Bernard Madoff’s “fortune” would go to the U.S. Treasury, but today it was announced that those jilted investors would be getting the money.
The SEC along with federal prosecutors filed papers separately with a federal judge to ask for …