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Detroit News – President Barack Obama is ready to roll out an overhaul of the intricate rules and systems that govern America’s troubled financial institutions, proposing the most ambitious revision since the Great Depression.
The goal is to prevent a recurrence of the economic crisis that erupted in the United States and exploded last fall with devastating consequences still reverberating around the world.
Unlike the government’s temporary ownership stake in automakers and major financial companies, the regulatory changes set to be announced Wednesday are designed to be permanent. They could result in a major realignment of power and authority among government agencies that set the rules for banking, lending and investing and touch American lives through daily transactions, from credit cards to mortgages and mutual funds.
The Business Insider – Barack Obama’s decision to paint the hedge funds in the Chrysler case as anti-American obstructionists is prompting death threats against them.
That’s at least what their lead laywer Thomas Lauria is saying, reports The Detroit News. He said in court that the threats have been turned over to the FBI.
We assume Lauria is being honest — you don’t say this stuff in court and turn it over to the FBI if it’s rubbish — though we’ll note that Lauria is being pretty provocative in his attempt to win the war of public opinion in the Chrysler case. He’s of course been airing the complain that one redoubt, Parella Weinberg, only decided to go along with the Rattner plan upon receiving thuggish threats of intimidation.
Detroit News – Several top officials in the Obama administration will tour the Washington Auto Show this week, getting a firsthand look at the auto industry’s newest offerings at a time when they are considering significant auto regulations.
Environmental Protection Agency Administrator Lisa Jackson, Transportation Secretary Ray LaHood and Carol Browner, White House coordinator for climate and energy policy, are to tour the show and meet with top auto industry officials, the White House confirmed late Sunday.
Rep. Ed Markey, D-Mass., chairman of the House Select Committee on Energy Independence and Global Warming, and Mary Nichols, chairwoman of the California Air Resources Board, also will attend, spokesmen for the pair confirmed. Sen. Barbara Boxer, D-Calif., chairwoman of the Environment and Public Works Committee, is also expected to attend.
