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The head of the world's largest bond fund said the Fed needs to take
additional steps to calm markets and instill confidence.
Bill Gross, managing director and co-chief investment
officer at PIMCO, said the Federal Reserve must act as a clearing house
for institutional transactions, buy commercial paper and cut the Fed
funds rate to 1.00%.
Neel Kashkari, former vice-president at Goldman Sachs and current
assistant secretary of international affairs at the U.S. Treasury, is
expected to become the interim head of the $700 billion
rescue package, according to anonymous sources who spoke to the
Washington Post and the Wall Street Journal.
The sources say the 35-year old Kashkari would…
Speaking at the Peterson Institute for International Economics in
Washington D.C. on Monday, World Bank President Robert Zoellick
said the G7 is "not working" and called for a new multilateral
network for the new global economy.
In a sweeping deal that could be worth more than $8.4 billion,
Bank of America Corp. has agreed to settle claims
brought by state Attorneys General regarding certain risky loans
originated by Countrywide Financial Corp. The move will diffuse
some of the legal problems Bank of America inherited with its purchase of
Countrywide Financial Corporation last July.
The new program will involve the creation of a proactive home
retention solutions expected to affect nearly 400,000 former
Countrywide customers.
