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Michael Lewis on Greek default: It would be ugly for awhile

Financial journalist Michael Lewis appeared Monday on MSNBC’s The Rachel Maddow Show to explain Europe’s financial crisis and how it could effect the United States. He said that if Greece defaults on its debt and abandons the euro, countries across Europe may be forced to bail out their own banks…

Congress nixes chance of Obama recess appointments

WASHINGTON (AFP) – Republican senators on Friday forced the US Senate to stay in session over its week-long Memorial Day break in a bid to prevent President Barack Obama from nominating a controversial head of a new consumer protection bureau. Obama has the right to make so-called “recess appointments” any…

U.S. denies considering tougher visas for Chinese officials

WASHINGTON (Reuters) – The U.S. State Department denied a newspaper report on Wednesday that Washington could respond to a series of Chinese diplomatic snubs by making it more difficult for senior Chinese officials to secure visas. “The U.S. has not contemplated, nor is it considering any changes to our visa policies in China,” State…

US regulator warns of Facebook pre-IPO scams

WASHINGTON — A US financial regulator warned investors on Tuesday to be wary of con artists peddling non-existent shares in social media companies such as Facebook ahead of their going public. The Financial Industry Regulatory Authority (FINRA) said the scams involved offering investors’ access to private shares in social media…

Top 10 most shocking spending cuts Republicans voted for

WASHINGTON – House Republicans recently passed over $60 billion in spending cuts from current levels for fiscal 2011, pitched as necessary to reduce the massive budget deficit. From disaster relief funding to aid fr abused women, the GOP went after the government’s 2011 budget with a zeal it normally reserves…

Facebook tried to buy Twitter in 2008: report

The microblogging site Twitter turned down a 500 million dollar purchase offer from the social networking site Facebook in 2008, according to the Financial Times. In an interview with the British business daily published over the weekend, co-founder Biz Stone said Twitter wanted to become not just a popular site…

Debt collectors using Facebook to stalk and humiliate

It’s not just friends that are noticing your status updates on Facebook. Debt collectors are now combing through social networks to learn about the lives of those who owe them money in order to embarrass them into paying up. One woman in Tampa, Florida felt violated when she found out…

No change: Wall Street finds loophole in financial reform

NEW YORK — US banks have found a way to continue betting their own money on some investments, despite a new law’s restrictions on proprietary trading, the Financial Times reported on Thursday, citing Wall Street executives. The “Volcker rule” provision of the Dodd-Frank financial reform limits the extent to which…

Report: Bush thought United Flight 93 was shot down on 9/11

The first details about former President George W. Bush’s new book have begun to leak out. According to a report at Matt Drudge’s website, The Drudge Report, the new book Decision Points talks about topics including alcoholism, his order to shoot down planes on 9/11, Katrina and the financial crisis.…

Ethics panel: Charges filed against Rep. Waters

A House investigative panel has charged California Democratic Rep. Maxine Waters with violating ethics rules. Waters, a senior member of the House Financial Services Committee, would face a trial in the fall unless she negotiates a settlement. If the case goes to trial, Democrats would have the political headache of…

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