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Alphonso Jackson resigned today as Secretary of Housing and Urban Development, becoming the latest Bush administration official to leave under a cloud. No word on a replacement.

Jackson, who most Americans couldn't name in a bar bet, is under investigation by the FBI. He allegedly helped a friend who was paid $392,000 by HUD in New Orleans after Hurricane Katrina and allegedly punished the Philadelphia Housing Authority (PHA) for nixing a deal with another friend, the record producer/developer Kenny Gamble, according to The Associated Press. The PHA filed a lawsuit.

"At a congressional hearing this month, Jackson repeatedly refused to answer questions about the Philadelphia redevelopment deal," the story said. "Last year, the inspector general at Jackson's department found what it called 'some problematic instances' involving HUD contracts and grants, including Jackson's opposition to money for a contractor whose executives donated exclusively to Democratic candidates."

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HUD Secretary Jackson resigns under a cloud originally appeared on BloggingStocks on Mon, 31 Mar 2008 10:58:00 EST. Please see our terms for use of feeds.

Read | Permalink | Email this | Comments]]>alfonso jacksonAlfonsoJacksoneconomyfeaturedhousingHUDreal estateRealEstatesubprimesubprime mortgagesSubprimeMortgagesMon, 31 Mar 2008 10:58:00 EST<![CDATA[Newspaper wrap-up: Paulson leads charge over government role in financial markets]]>http://www.bloggingstocks.com/2008/03/31/newspaper-wrap-up-paulson-leads-charge-over-government-role-in/http://www.bloggingstocks.com/2008/03/31/newspaper-wrap-up-paulson-leads-charge-over-government-role-in/http://www.bloggingstocks.com/2008/03/31/newspaper-wrap-up-paulson-leads-charge-over-government-role-in/#commentsFiled under: , , ,

MAJOR PAPERS:
  • Treasury Secretary Henry Paulson will today outline a new plan to better organize the overall bureaucracy that oversees financial markets, the Wall Street Journal reported. Paulson's new proposals include merging or eliminating all together institutions such as the SEC.
  • According to people familiar with the matter, the Wall Street Journal also reported that Alphonso Jackson, the Housing and Urban Development secretary, is expected to today announce his resignation, a move which could deal a blow to the Bush administration's efforts to combat the crisis in the housing markets.
  • The Financial Times reported that Bank of America Corporation (NYSE: BAC) may take its equity prime brokerage business off the market after receiving weak interest from potential bidders. People close to the situation emphasized that no final decision has been made on the unit.
WEB SITES:
  • Bloomberg reported that Citigroup Incorporated (NYSE: C) will set up an independent credit card unit, according to sources. The rest of the consumer division, mainly bank branches and non-bank lending, will be divided into five regional groups, according to the inside sources.

Newspaper wrap-up: Paulson leads charge over government role in financial markets originally appeared on BloggingStocks on Mon, 31 Mar 2008 07:15:00 EST. Please see our terms for use of feeds.

Permalink | Email this | Comments]]>Alphonso JacksonAlphonsoJacksonBACbank of americaBankOfAmericaCcitigroupcitigroup inc.citigroup inc. (c)CitigroupInc.CitigroupInc.(c)Hank PaulsonHankPaulsonHenry PaulsonHenryPaulsonHUDPaulsonprime brokeragePrimeBrokeragetreasury secretaryTreasurySecretaryMon, 31 Mar 2008 07:15:00 EST