Washington’s most dramatic foray into the nation’s financial sector since the Great Depression began on Oct. 13 with a misnamed acronym, an unwitting tribe of CEOs, and a confused staff of Treasury officials. It was a foreshadowing of the misadventure to come. “I don’t even know who the 9 companies are. Do you?” Michele Davis, assistant secretary for public affairs, wrote in an e-mail sent at 7:15 a.m. on that history-making Monday. “No clue,” Treasury chief of staff Jim Wilkinson responded. “Let me get the list.” more…
Since it is chillingly clear that U.S. financial institutions have for a good while been regulated no more stringently than, say, demolition derby drivers, Washington has belatedly locked the garage door and begun to debate strict new rules. The blueprint at hand is President Obama’s sweeping proposal in mid-June to revamp the responsibilities of government agencies and impose new regulations on the financial establishment. Nothing about this plan will fall easily into place: Too many government agencies will dig in their heels. Too many financial companies will battle every aspect of reform that threatens their bottom lines. more…
The Mill Avenue commercial district in downtown
The downside to having such high visibility is that people are more likely to notice when you stumble and fall. more…
A glut of empty rooms and panic pricing are taking a serious toll on hotel and resort owners in the
Foreclosure proceedings were initiated against seven financially squeezed properties, two of them brand new, in the first half of the year. That’s just one less than in all of 2008 and more than double the number in 2007, according to Ion Data, a Mesa real-estate research firm. more…
M&I Bank is suing Goodyear, a prominent local family and a construction company in an effort to take control of land around Goodyear Ballpark. more…
AssetFair.com, a barter Web site based in Fountain Hills, has evolved into a place for the well-heeled to trade their paintings, antiques - even their homes - in a bad economy.
Launched by Fountain Hills couple Vladimir and Sarka Hulpach, the online platform unites high-rolling buyers and sellers in a free-for-all exchange. They can swap cars, jewelry, yachts, property and businesses as long as they cost $3,000 or more. more…
You can’t put a price on a sense of community, but that isn’t stopping two business partners from testing what it’s worth to
The federal government’s easing of eligibility requirements for its home-loan refinancing program should allow more Arizonans to reduce their monthly mortgage payments.
But the program still doesn’t solve the bigger problem for many borrowers: owing much more than their homes are worth. more…
The Phoenix City Council this week is expected to green-light early plans for three closely watched projects: a downtown entertainment district, upgrades at the Arizona Biltmore Resort and Spa and a start-up Latino cultural center. more…