On the sidelines of protests, organizers are spreading the word about the role of banks in some of the worst chapters of U.S. history, from financing slaveholders to systemic discrimination in 20th century mortgage lending.
The program will purchase existing bonds on the open market, as opposed to newly-issued debt. The announcement boosted the stock market, which was already rebounding from early losses.
In the 10 weeks after the Paycheck Protection Program was launched, the SBA says it has processed 4.5 million loans worth $511 billion. But it has yet to reveal the recipients of taxpayer aid.
An investment group led by finance-industry veterans V.J. Dowling and David Delaney owns 7% of Protective’s voting stock and had proposed buying the remainder for more than $44 million.
The field of economics is facing an upheaval, with African American scholars decrying bias in the profession and presenting evidence that leading journals have failed to publish sufficient research that documents racial inequalities.
Chairman Jerome Powell stressed the Fed’s commitment to ultra-low borrowing rates for the foreseeable future. “We’re not thinking about raising rates,” he said. “We’re not even thinking about thinking about raising rates.”
The Federal Reserve is expanding the range of companies that will qualify for its soon-to-begin Main Street Lending Program, in which the Fed will lend directly to individual companies for the first time since the Great Depression.
The S&P 500 jumped another 2.6% after a report said the U.S. job market surprisingly strengthened last month, bolstering hopes that the worst of the recession may have already passed.
Sensing an investment opportunity—and a chance to do good—the four Litt brothers have set aside for investment a portion of the $40 million they reaped from the 2019 sale of their transportation-management firm, Reliable Source Logistics.
The firm, which had big growth plans, owes $23 million on a loan that is in default and is winding down operations.
Wall Street absorbed better-than-expected economic data: Private payrolls shed 2.76 million jobs in May, ADP reported Wednesday. Economists surveyed by Dow Jones had expected a drop of 8.75 million.
Federal Reserve Chair Jerome Powell acknowledged Friday that the Fed faces a major challenge with the launch in the coming days of a program that will lend to companies other than banks for the first time since the Great Depression.
The Dow Jones industrial average jumped 553 points Wednesday, about 2.2 percent. Financial stocks and beaten-up industrials helped power the blue chips—a comeback that signals confidence in the recovery.
Stocks surged on Wall Street in morning trading Tuesday, driving the S&P 500 to its highest level in nearly three months.
KAR Auction shares rose more than 9% Tuesday morning after the company announced the investment by London-based Apax Partners, a global private equity advisory firm, with participation by New York City-based Periphas Capital L.P.
Record unemployment caused by the coronavirus pandemic led to the largest one-month increase in mortgage delinquencies ever recorded.
Federal Reserve Chairman Jerome Powell said that while the Fed has received a “good deal of interest” in its lending programs, if not enough companies or state and local governments seek to borrow, the Fed would consider expanding their eligibility.
Experts say hotels of all sizes are under tremendous stress as revenue for many falls below the levels needed for debt payments.
The business—formerly Baldwin & Lyons Insurance—is one of central Indiana’s oldest public companies.
The banking industry, which argues that credit unions’ tax-exempt status gives them an unfair edge, objects to the trend.
