Finance

10:36am

Tue April 17, 2012
The Two-Way

Former 'Car Czar' Rattner Gives Dodd-Frank A Qualified Endorsement

Steven Rattner — the "car czar" when the Obama administration was restructuring the auto industry in 2009 — today spoke in favor of the Dodd-Frank Wall Street Reform and Consumer Protection Act.

But it wasn't exactly a double thumbs up.

On a panel at an ideas conference in New York City, Rattner noted that before the financial crisis began in 2008, Wall Street was the "global leader in finance. ... But of course, it got out of control."

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12:53am

Wed April 11, 2012
Crisis In The Housing Market

Fannie, Freddie Weigh Mortgage Write-Downs

A pre-foreclosure sign is seen in front of a home in Miami. Supporters of a plan to reduce the principals owed by many homeowners facing foreclosure say it would prevent larger losses and keep people in their homes.
Joe Raedle Getty Images

Hundreds of thousands of homeowners facing foreclosure might get help by having the amount they owe reduced by Fannie Mae and Freddie Mac.

This is a hot topic in Washington, D.C., with many Democrats pushing for these so-called "principal reductions" to try to help the housing market. On Tuesday, a top federal regulator came a step closer to allowing the move.

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5:35am

Fri April 6, 2012
Planet Money

The Most (And Least) Lucrative Committees In Congress

Originally published on Mon April 9, 2012 9:19 am

Lam Thuy Vo The Sunlight Foundation

This story is part of Planet Money's series on money in politics. This post was originally published on March 30. It was updated on April 6.

Most of the nitty-gritty action in Congress happens in committees.

Not surprisingly, campaign contributions flow to members of the committees that big donors are really interested in — like, say, the ways and means committee, which oversees the tax code.

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2:02am

Mon April 2, 2012
All Tech Considered

You Should Keep Tax Records — But How, And For How Long?

Originally published on Mon April 2, 2012 8:01 am

A pile of IRS Form 1040 tax documents is seen in this file photo. Personal finance experts recommend keeping most records for three years after they're used in a tax return.
Tim Boyle Getty Images

Tax Day 2012 is looming — and after we file our returns, many of us will try to figure out what to do with the seemingly innocuous but possibly crucial documents we use to prepare our returns. Filing electronically can make those records easier to manage. But what should we really keep, and for how long?

Most experts recommend holding on to financial records for three years after they're used in a tax return — that's the amount of time the IRS has to audit taxpayers.

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1:54am

Thu March 29, 2012
Business

Former MF Global Exec Takes 5th At Hearing

Originally published on Thu March 29, 2012 9:28 am

Former MF Global Holdings Ltd. Chairman and CEO Jon Corzine testified on Capitol Hill in December. On Wednesday, a former executive at the company refused to answer lawmakers' questions about events in the run-up to the firm's collapse.
Susan Walsh AP

A former executive at the center of the meltdown of brokerage firm MF Global appeared before Congress on Wednesday to answer questions from lawmakers. Members of the House Financial Services Committee were hoping assistant treasurer Edith O'Brien would explain the actions of the firm's CEO, ex-New Jersey Gov. Jon Corzine.

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