The Special Inspector General for TARP, Christy Romero, has recommended that the Federal Reserve and the Treasury Department stop using LIBOR, the benchmark interest rate derived in such a slipshod way that it was rigged for years. But the Fed and Treasury aren’t taking Romero up on the request. The Treasury and the Fed should [...]

The fact that Tim Johnson would possibly replace Chris Dodd on the Senate Banking Committee is a testament to the recent axiom in Washington: “Everything is good news for the banks.” We’re about due for another round of inside stories about the banking lobby getting everything they want, so let me break them down for [...]