When the banking crisis crippled global markets seven years ago, central bankers stepped in as lenders of last resort. Profligate private-sector loans were moved on to the public-sector balance sheet and vast money-printing gave the global economy room to heal.Read More
A gunman killed during his attack on an Islamic prophet Muhammad art show in Garland, Texas, reportedly bought a pistol through a botched federal firearm sting.
Nadir Soofi bought a 9-mm pistol at a Phoenix gun shop in 2010, one report said, that sold illegal firearms through ATF’s heavily criticized Operation Fast and Furious to track firearms back to Mexican drug cartels.Read More
Beijing intensified efforts at the weekend to pull China’s stock markets out of a nose-dive that is threatening the world’s second-largest economy, with top brokerages pledging to buy massive amounts of shares and a report that the government has set up a market stabilization fund.
Beijing has also suspended new share offers in an attempt to take pressure off the market after a 30 percent plunge in three weeks, the Wall Street Journal said.Read More
The New York Stock Exchange (NYSE) abruptly halted trading of all securities shortly before noon local time, calling it an “internal technical issue.” The issue still hasn’t been resolved.Read More
The reputation of the banking industry took another hammering on Wednesday as the fines imposed on major banks – including Barclays and bailed-out Royal Bank of Scotland – for rigging foreign exchange markets topped £6.3bn.
The US Department of Justice accused the industry of “breathtaking flagrancy” as, along with other regulators on both sides of the Atlantic, it imposed a record $5.7bn (£3.7bn) of punishments on six banks. The new fines followed£2.6bn of penalties announced in November for manipulation of the £3.5tn a day currency markets.Read More