Continue reading GOP's Gain Could Be First Solar's Loss, Warns JPMorgan

GOP's Gain Could Be First Solar's Loss, Warns JPMorgan originally appeared on BloggingStocks on Wed, 03 Nov 2010 13:30:00 EST. Please see our terms for use of feeds.

An audit memorandum prepared by Senator Claire McCaskill's staff puts the amount of money spent on reconstruction and redevelopment contracts in Afghanistan at $23 billion, with $1 billion of it waste. So, was $22 billion well spent?

The funds have been spent on a variety of projects, including the construction of roads and the development of power generation utilities to agriculture, urban development and water sanitation.

Continue reading Contractor Spending in Afghanistan Includes $1 Billion Wasted

Contractor Spending in Afghanistan Includes $1 Billion Wasted originally appeared on BloggingStocks on Fri, 18 Dec 2009 10:30:00 EST. Please see our terms for use of feeds.

The federal government is a step closer to having vast powers over financial services firms. The U.S. House of Representatives Financial Services Committee voted on Wednesday to give regulators the authority to carve up financial firms when economic stability is at stake. The bill would also open up the Federal Reserve to much more congressional oversight. This comes more than a year after firms such as AIG (AIG) and Citigroup (C) needed profound financial intervention to prevent a broad collapse of the global economic system.

Of course, the measure is getting mixed reviews. The Independent Community Bankers of America, a lobbying group for smaller entities, says it will "create a more equitable financial system and hold too-big-to-fail firms accountable for the risks they pose." Meanwhile, the Financial Services Roundtable, which represents larger banks, such as Bank of America (BAC), says it will "stifle creativity and the free-flow of ideas and capital."

Continue reading House votes on risk bill, bank breakup power included

House votes on risk bill, bank breakup power included originally appeared on BloggingStocks on Thu, 03 Dec 2009 11:20:00 EST. Please see our terms for use of feeds.

A new bill that would revamp student loan programs in the United States passed the House of Representatives. The proposed program, which would affect the largest change on college aid since they came into existence in the 1960s would push private lenders out of the business and put the U.S. government in control.

The new measure would end subsidies for private lenders, increase Pell Grants available for students in financial need, and create grants for community colleges. The proposal includes almost all of President Obama's key points on higher education from the campaign trail. It passed the House 253 - 171, with most representatives sticking to party lines.

Continue reading Government poised to take charge of student loan business

Government poised to take charge of student loan business originally appeared on BloggingStocks on Sat, 19 Sep 2009 16:10:00 EST. Please see our terms for use of feeds.

To put this in perspective, the Dow now trades 631 points below where it was on the morning of the record 778 point decline on Monday. That's when the House voted thumbs down on the original plan. I guess taxpayers will need to spend a few trillion dollars to get more of those triple digit gains.

Meanwhile, I think that unless the Treasury can solve the thorny problem of setting a price for the mortgage-backed securities (MBS) and collateralized debt obligations (CDOs), then it will fail to solve the real economic problem -- which is a lack of trust in the financial system. I've proposed what I thought would be a better solution.

Maybe we can try that one next week if stocks drop another 700 points. There seems to be no limit to the amount of taxpayer money the government is willing to throw at this financial crisis.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.

Market to $810 billion bailout plan: Yawn originally appeared on BloggingStocks on Fri, 03 Oct 2008 14:41:00 EST. Please see our terms for use of feeds.

Continue reading Bush announces new $3.1 trillion budget plan

Bush announces new $3.1 trillion budget plan originally appeared on BloggingStocks on Mon, 04 Feb 2008 16:01:00 EST. Please see our terms for use of feeds.