LyrArc Article Gist
By a vote of 223 to 202 largely along party lines the House passed a bill that brings sweeping changes to the American financial regulatory system. The 1279 page bill creates anew federal agency for consumer protection, establishes a council of regulators to police the financial system for systemic risks, initiates oversight of the derivatives market, and gives the government power to wind down large firms that are in danger of collapse and pose systemic risk. The bill also gives sharehlders advisory say on executive compensation, increases transparency of credit rating agencies, and sets aside billions in governmet money to help unemployed homeowners.

LyrArc Article Gist
Jim Campbell will replace Dewar as head of Chevrolet. He reports to Susan Docherty, head of sales, service and marketing for GM.

LyrArc Article Gist
Daniel Howes makes a scathing indictment of the way in which the keepers of the city of Detroit's institutions have battled to preserve the status quo and prevent much needed changes in conduct at the mayoral offfice, the public schools, and in the auto industry, its unions and communities. He says the staus quo is broken and the city is coming apart.

LyrArc Article Gist
Compared to the larger banks which have 10%, the smaller banks have about 37% of their assets in commercial properties.

LyrArc Article Gist
Timothy Geithner in an interview with Bloomberg's Al Hunt. He is not sure aversion of the Tobin tax would work but is open to something that would achieve its objective. he is not sure a $5000 employer credit for each job created would create one and ahalf million jobs as Roger Altman and others have suggested. He thinks Congress should lould look at having the appointment of the New York Fed made directly by the President so as not to give the impression of influence by he financial community. At this time the appointment is made with influence by major banks. He says the problems America faces today stem not just from the recession but as he puts it from a"sustained period whee we saw public policy just not doing what needed to be done." He wants to see an end to an era of irresponsibly high bonuses and sees as spurious Goldman's claim that it would have survived the crisis. He says "we were in the middle of a classic bank run. I think the system was at risk and none of the big institutions would have survived a situation in which we let that fire try to burn itself out."...