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WASHINGTON (Reuters) - A U.S. Republican lawmaker involved in a congressional probe of government influence over Bank of America's purchase of Merrill Lynch has asked for more documents from the Treasury Department and the New York State Attorney General to shed light on government intervention in the banking system. Lawmakers have pressed the Treasury Department and the Federal Reserve for details surrounding Bank of America's <BAC.N> acquisition of Merrill late last year at the height of... Read Full Story
Floyd Mayweather Jr. has said rumblings about his financial troubles are nothing more than rumors, but public records obtained by The Associated Press show the boxer nicknamed "Money" owes about $6.4 million to the Internal Revenue Service and others. The IRS hit the former pound-for-pound boxing king with a lien in October for $6.17 million in unpaid taxes from 2007, according to the Clark County Recorder in Las Vegas. A New Jersey Superior Court judgment from the same year shows he owes... Read Full Story
Saudi Arabia and Gulf holders of billions of dollars of US debt will be seeking assurance on the US economy when Treasury Secretary Timothy Geithner visits the region this week, economists said Monday. Amid calls from China, Russia and now France for a new global reserve currency, Geithner will have to sell a vision of recovery even as the US economy continues to falter, they said. "Secretary Geithner's visit will be like a progress report on the state of the US economy," said veteran Riyadh... Read Full Story
Visiting US Treasury Secretary Timothy Geithner on Tuesday praised the massive investments by Arab countries of the Gulf aimed at helping to drive the global economy back to growth. Geithner, addressing Saudi businessmen, invited more Arab investments into the US economy stressing that the security issues which blocked the investment by Dubai Ports World into US ports three years ago had been addressed. "I think the world has yet to fully appreciate the scale of ambition and investment we... Read Full Story
The huge amount of money tied up in complex derivative transactions helped cripple the economy, Treasury Secretary Timothy Geithner told lawmakers Friday as he laid out a case for greater government control over a generally unregulated sector of the financial markets. "Establishing a comprehensive framework of oversight is crucial," Geithner said in his opening remarks to a joint hearing by the House agriculture and financial services committees. Despite apprehension among Republicans, the... Read Full Story
WASHINGTON (Reuters) - U.S. Treasury Secretary Timothy Geithner is set to propose on Friday giving securities and futures regulators authority to police the over-the-counter derivatives market, according to a document obtained by Reuters. "Our plan will help prevent market manipulation, fraud and other abuses by providing full information to regulators about activity in the OTC derivative markets," Geithner says in the testimony to be delivered to Congress. The $450 trillion privately-traded... Read Full Story
The government has tens of billions of dollars left in the eye-popping $700 billion bank bailout fund created last fall, prompting a debate in Congress over what to do with it. The Treasury Department wants to keep the money at its disposal in case the economy gets worse. But fiscal conservatives like Sen. Judd Gregg of New Hampshire and Rep. Spencer Bachus of Alabama want the money kept to pay down the national debt. Meanwhile, a group of liberal Democrats led by Massachusetts Rep. Barney... Read Full Story
Visiting US Treasury Secretary Timothy Geithner on Tuesday praised the massive investments by Arab countries of the Gulf aimed at helping to drive the global economy back to growth. "I think the world has yet to fully appreciate the scale of ambition and investment we are seeing in the (Saudi) kingdom and the Gulf region to lay the foundation for future growth," he said in a speech in Jeddah, Saudi Arabia. Geithner, on a visit to the oil-rich region to meet officials from key holders of... Read Full Story
US Treasury Secretary Timothy Geithner urged Gulf countries on Tuesday to invest in his country and praised their domestic investments for helping push the world economy back to growth. Addressing a group of Saudi businessmen in the Red Sea port city of Jeddah, he stressed that the security issues which blocked the investment by Dubai Ports World into US ports three years ago had been addressed. "Since the controversy surrounding the Dubai Ports deal in early 2006, our government has put... Read Full Story
PARIS (Reuters) - World leaders are bound to express the hope that the worst of the global economic crisis is passing when they meet this week, but they are now under pressure, too, to manage a Chinese challenge to dollar supremacy. Beijing, which has floated the idea of an alternative to the dollar as world reserve currency, wants the matter -- sensitive in financial markets wary of risks to U.S. asset values -- broached at a July 8-10 summit in Italy, officials say. Leaders from the... Read Full Story
