BP oil spill: The New York Federal Reserve is investigating Wall Street firms' exposure to the oil company, in the event BP goes bankrupt over the Gulf oil spill.
Virtually everyone agrees that BP should pay the costs of the Gulf oil spill – rather than US taxpayers.
The US Coast Guard announced Thursday that, as a part of the oil spill clean-up, BP will start to funnel oil and gas to the surface of the Gulf of Mexico after successfully cutting a leaking oil pipe on the sea floor.
The firm is spending about $6 million a day to contain the oil spill. Gulf of Mexico expenses associated with the oil rig explosion could eventually cost BP more than $3 billion.
Harrisburg, Pa., is debating whether to declare Chapter 9 bankruptcy. As cities struggle to balance their budgets, more may consider the option.
Gov. Schwarzenegger stakes his political legacy on fiscal reform without tax hikes.
Large foreign-currency reserves and overhauled regulatory systems have helped stability. Investors also seem to be better targeting which currencies are at risk.
As social unrest grows over rising food and fuel prices, policymakers from Thailand to Indonesia are raising interest rates.