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Do banks have something to hide?

01.11.09

The banks have taken some lumps since the economy went bad. But some believe their biggest headaches are yet to come.

Jan. 9 Profits are down at Hillenbrand, America's largest maker of caskets. Admittedly, this fact sounds like the setup for a punch line, but the cause of the shortage in stiffs contains lessons for politicians and business leaders alike. The dollar weakened against major currencies Thursday as the pound got a lift from the Bank of England's rate cut and investors considered bleak economic news from Europe. The Bank of England lowered its key interest rate by half a percentage point to 1.5% Thursday, the lowest rate in the bank's 315-year history.



He famously stirred controversy with his observations about women and science while running Harvard, but in his current post as director of the White House's National Economic Council, Larry Summers received a warm welcome from the female power brokers at Fortune's summit. The hard-hit city of Pontiac, Mich., is auctioning off the Silverdome, a stadium of more than 80,000 seats that once played host to the Super Bowl. Wall Street's key volatility measure soared to a 13-month high Friday as stocks continued their slide, a day after computer glitches caused erroneous trades that prompted a huge sell-off in equities.

The president wants to get tougher on the nation's financial institutions, but can he? Six top money minds weigh in on his plans to regulate risk, control executive pay and protect consumers.

The U.S. economy grew at a 3.5% annual rate in the third quarter, ending a string of declines over four quarters that resulted in the most severe slide since the Great Depression. Another sobering government labor report released Friday showed the economy lost 524,000 jobs in December, bringing 2008's total job loss to just below 2.6 million.

Shares of BB&T Corp. shot higher after reports that it might be scooping up the remains of Colonial BancGroup. A top White House adviser said Friday that business opponents of President Obama's plan to create an agency to protect financial consumers are trying to "scare people." The number of Americans filing for initial unemployment insurance were little changed last week, the government said Thursday, with a total figure that missed analysts' expectations.



Consumer credit rebounded in March, blowing past economists' expectations, according to a government report released Friday. Hey there risk. Welcome back. What's shaking? Retail sales showed weakness in April, after March's data posted the biggest single monthly gain on record thanks to a shift in the Easter holiday.

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