Fed chief says subprime losses could hit $100bn
Business Law
Total losses from the subprime mortgage meltdown may be in the order of $50bn to $100bn, according to estimates cited by Ben Bernanke in testimony to Congress on Thursday.
The Fed chairman said:"There clearly will be some significant financial losses associated with defaults and delinquencies on these mortgages."
Mr Bernanke also cautioned Congress against legislating narrowly on China's exchange rate, rather than addressing this in combination with the need for structural reform.
He said the exchange rate was "not a subsidy in the legal sense" but rather the cause of distortions in the Chinese economy that channel resources towards exports rather than production for domestic demand.
Related listings
-
Sony Settles $8.5 Million Class Action Suit
Business Law 06/29/2007[##_1L|1121971627.jpg|width="120" height="138" alt=""|_##]Sony Computer Entertainment America has settled an $8.5 million class action lawsuit with current and former employees, according to a statement issued by the law offices of Shapiro Haber &...
-
Colgate warns of fake toothpaste, maybe toxic
Business Law 06/14/2007[##_1L|1145481366.jpg|width="142" height="136" alt=""|_##]Colgate-Palmolive (CL) said Thursday that counterfeit "Colgate" toothpaste that may contain a toxic chemical has been found in discount stores in four states. "There are indications that this ...
-
Court date set for Wild Oats-Whole Foods case
Business Law 06/13/2007Wild Oats Markets Inc. and Whole Foods Market Inc. will go to court late next month in an attempt to keep the planned merger between the two companies alive. The Federal Trade Commission has raised concerns about whether the two natural foods grocers...
New York Commercial Litigation Law Firm - Woods Lonergan PLLC
Founded in 1993 by Managing Partner James F. Woods, Woods Lonergan PLLC has built a strong reputation as a resourceful and industrious firm that provides clients with clear, concise, and straightforward answers to their most challenging legal issues. Partner Lawrence R. Lonergan, who joined the firm in 2008, has been a friend and colleague to Mr. Woods for over 40 years and shares the same business philosophy. Woods Lonergan PLLC’s collective experience and expertise enables the firm to expeditiously and effectively analyze the increasing challenges clients face in an evolving business and legal world, in many instances, avoiding unnecessary time and expense to our clients. Our mission is simple: provide cutting-edge expertise and sound advice in select areas of the law for corporate and business clients. We thrive on providing each client with personalized attention, forceful representation, and a collaborative team effort that embraces collective knowledge.