The Education Department approved millions of applications for President Biden’s now-defunct student loan forgiveness program without checking to make sure the borrowers were eligible, Congress’ chief watchdog said in a new report.
Banking & Finance
The latest coverage of the banking and financial sectors.
Poor Black Friday. The discount shopping bonanza’s days are numbered. Retail analysts predict that visiting brick-and-mortar stores the day after Thanksgiving will vanish by 2043.
U.S. economy accelerated to a strong 4.9% rate last quarter as consumers shrugged off Fed rate hikes
The nation’s economy expanded at a robust 4.9% annual rate from July through September as Americans defied higher prices, rising interest rates and widespread forecasts of a recession to spend at a brisk pace.
The federal deficit leaped to $1.7 trillion for the just-ended fiscal year 2023, the Treasury Department announced, with President Biden’s team pinning blame on his predecessor’s 2017 tax cut package.
Sam Bankman-Fried authorized the illegal use of FTX customers’ funds and assets to plug financial gaps at an affiliated hedge fund from the exchange’s earliest days, FTX’s co-founder Gary Wang told a New York jury on Friday, as prosecutors pressed their case that Bankman-Fried was the mastermind behind one of the biggest frauds in U.S. history.
Tennessee Democratic state Rep. Gloria Johnson raised $1.3 million to kick off a 2024 U.S. Senate bid fueled by a failed Republican attempt to expel her, but GOP Sen. Marsha Blackburn more than doubled that haul and has millions more in the bank to defend her seat, the two campaigns said Wednesday.
The federal government spent billions furnishing agency offices during the pandemic despite most buildings sitting nearly empty as employees worked from home, according to a report released Tuesday.
The Consumer Financial Protection Bureau, Sen. Elizabeth Warren’s brainchild, fought for its life Tuesday at the Supreme Court, arguing there’s nothing unusual about Congress giving the Wall Street regulatory agency the power to set its own budget without having to ask lawmakers for money each year.
The Archdiocese of Baltimore filed for Chapter 11 bankruptcy protection Friday, less than 48 hours before a new Maryland law will end the statute of limitations for sexual abuse victims to sue the church and other institutions.
A judge has ruled that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
JPMorgan Chase reached an agreement with the U.S. Virgin Islands this week to settle a lawsuit alleging the bank enabled the sex crimes of Jeffery Epstein.
A New York judge peppered Donald Trump’s lawyers with questions Friday as they tried to persuade the court to throw out a civil lawsuit brought by New York’s attorney general accusing the former president and his company of deceiving banks, insurers and others by exaggerating his wealth.
The U.S. Treasury Department and China’s Ministry of Finance launched a pair of economic working groups on Friday in an effort to ease tensions and deepen ties between the nations.
The question before the justices is whether Congress can relinquish its power of the purse to another branch of government.