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Thursday, April 23, 2009

Great Recession Roundup — April 23, 2009

Items of Interest:

Stephen Labaton / NY Times:
Obama Pressures Credit Card Companies on Rates-- The administration threw its support behind legislation that would adopt new restrictions on credit cards...

Credit Slips / Economics Roundtable: Finally, Some White House Interest in Credit Card Abuses
Michael Fowlkes / BloggingStocks: Obama takes on the credit card companies
Joe Weisenthal / Clusterstock: A Case For Capping Credit Card Rates

Michael D. Shear and Nancy Trejos / Wash Post Business:
Obama Seeks Reform of Credit Card Firms' Practices — President Obama emphasized to credit card executives today that he intends to back efforts to crack down on what lawmakers consider to be deceptive practices, even as the industry criticizes proposed legislation in the House of Representatives as dangerous to the nation's hopes for an economic recovery...

ABC News:
Obama: End 'Abusive' Credit Card Lending — Both Trish McComas, 69, of Indianapolis and Daniel Doucette, 54, of suburban Cincinnati, have recently seen their credit card interest rates spike above 20 percent -- 29.4 percent for McComas and 23.9 percent for Doucette -- even though both say they're always on time with their payments...
New York Times:
U.S. Is Said to Prepare Filing for Chrysler Bankruptcy — The Treasury Department is preparing a Chapter 11 bankruptcy filing for Chrysler that could come as soon as next week, people with direct knowledge of the action said Thursday....
Kim Priestap / Wizbang: Creditors can Force GM and Chrysler into Bankruptcy
Elizabeth Harrow / BloggingStocks:
Was Bank of America's CEO intimidated by the feds? — An outspoken group of Bank of America (NYSE: BAC ) shareholders has been calling for CEO Kenneth Lewis's head lately, with investors none too pleased by the bank's near-disastrous acquisition of Merrill Lynch. However, testimony is hitting Wall Street today that ..
Brian Wingfield / Forbes: Did Ben Bernanke Bully Bank of America?