Financial Crisis

The latest data from the U.S. Bureau of Labor Statistics (BLS) shows that while the unemployment rate ticked slightly up this past August, 9.5 percent to 9.6, the private sector actually added about 67,000 jobs, the eight straight month in a row this has happened. By contrast, government employment fell, mainly due to the shedding of about 114,000 temporary census jobs.

The sentencing for David G. Friehling, the auditor of notorious Ponzi schemer Bernard Madoff, has been delayed until March 18, 2011, according to a spokesperson for U.S. District Court Judge Alvin K. Hellerstein in Manhattan.

American International Group (AIG), the too-big-to-fail insurance giant saved from collapse in 2008, announced on Monday that it will be devoting $3.9 billion generated from a recent debt sale to paying down some of the $85 billion that was used to bail out the failing company at the height of the financial crisis.

Six Democratic senators asked U.S. Securities and Exchange Commission (SEC) Chair Mary Schapiro in an Aug. 6 letter to require more disclosure about debts and assets from U.S. companies.

Riding nearly 20 years of continuous economic growth fueled by a powerhouse manufacturing sector (and some rather questionable monetary policies), the People’s Repu

Three in four CPAs are pessimistic about U.S. business conditions being able to bounce back to pre-recession levels until 2012 or later, according to the latest Quarterly Economic Outlook Survey released by the AICPA and the University of North Carolina’s Kenan-Flagler Business School.

Concerned with the slowing pace of the economic recovery, the Federal Reserve announced today that it will be taking the money it made from buying $1.25 trillion worth of mortgage backed securities during the financial crisis and reinvesting it in long-term treasury bonds.

The Government Accountability Office (GAO) released a report Tuesday that outlined new guiding principles for the current and future government intervention in private sector companies.

Treasury Secretary Timothy Geithner told big Wall Street firms that they shouldn’t fear the new financial reform law, saying that the new rules and regulations will form the basis for a stronger and more robust economy than the one that existed under the previous set of rules.

Senate Republicans stopped the progress of H.R. 5297, Small Business Lending Fund Act of 2010, a bill designed to cut taxes and ease credit for small businesses, voting 58-42 on Thursday to end debate on the bill.