The Federal Reserve Bank of New York, under the leadership of future Teasury Secretary Tim Geithner, invoked "national security" as an excuse to conceal details of the taxpayer-funded bailout of American International Group, Reuters is reporting.
In an email sent out by the Fed in January 2009, the Fed and AIG cited "national security interests" as a reason to invoke "special security procedures" to hide details of the bailout from public view.
The Fed demanded "assurances" from the Securities and Exchange Commission that only a limited number of SEC employees would have access to information on the bailout and insisted on a public blackout of details.
With much of their country destroyed by a devastating earthquake, many Haitians look to America not only for help but also as a new home.
Many dream of relocating to America and hope their plight will open the door to allow them to do so.
It is a dream that is sure to ignite intense debate in the United States where immigration is already a hot political issue and where the influx of refugees puts a strain on an economy already weakened by demands of a poor economy.
Yet others will argue that Americans cannot look the other way at a poor nation in need. Read More
Ben Bernanke's nomination for a second term as U.S. Federal Reserve chairman, once seen a sure thing, appeared increasingly under threat on Friday after two Senate Democrats said they would vote against it.
"I believe there will be the votes to confirm him, but it's going to be very close," a senior Democratic leadership aide said.
With the U.S. job market in disarray, voters angry at Wall Street firms and members of Congress worried about their re-election in November, the Fed and its chairman have become targets for discontent.
Senators Barbara Boxer and Russ Feingold brought the total of known 'no' votes among the Democratic majority to four, while many others have said they were undecided.
Several Republicans also oppose him and some senators have moved to block his confirmation, forcing Senate leaders to secure a super-majority of 60 vote in the 100-member chamber to move the nomination. Read More
MSNBC's Howard Beale -- the bombastic Keith Olbermann -- weighed in on the Supreme Court's decision Thursday to open the floodgates for corporate money to flow into election campaigns, saying the move signals an end to freedom of speech and clears the way for corporate takeover of government.
While some may argue that business always controls government the Court's 5-4 decision to lift virtually all restrictions on corporate and union involvement in political campaigns makes it legal for business have lett many shaken and angry.
Does it signal the end of democracy? Obermann thinks so. Read More
Air America, the left-wing talk radio network that tried to compete with the more established right-wing icons of the airwaves, closed down Thursday -- a victim of dashed hopes, mangled programming and lofty goals that were never met.
In a statement posted on the network's web site, Air American said it ceased operations in the afternoon and will file for Chapter 7 bankruptcy liquidation.
While the failure was no surprise, the abrupt end did catch some by surprise. One moment, the network was on the air. A few minutes later, it was not.
Chastened by the Democratic Senate loss in Massachusetts, President Barack Obama and congressional allies signaled Wednesday they will try to scale back his sweeping health care overhaul in an effort to at least keep parts of it alive.
A simpler, less ambitious bill emerged as an alternative only hours after the loss of the party's crucial 60th Senate seat forced the Democrats to slow their all-out drive to pass Obama's signature legislation and reconsider all options.
The stunning Republican victory in Tuesday's Massachusetts Senate race will force Democrats to fundamentally rethink the meaning of Barack Obama's election to the presidency, especially the notion that Americans want more government help in matters such as obtaining health insurance.
Scott Brown's win in a liberal state will do more than vastly complicate Obama's bid to overhaul the U.S. health care system and pass climate-change legislation. It will prompt politicians of every stripe to redouble their efforts to understand voters' anger and desires ahead of the November elections for Congress, governorships and state legislatures.