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Poor management decisions by MF Global’s former CEO Jon Corzine triggered the brokerage firm’s collapse, while lax protections for customer funds contributed to the loss of an estimated $ 1.6 billion of customer money, congressional investigators have determined. Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel’s chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday. “The responsibility for failing to maintain the systems and controls necessary to protect customer funds rests with Corzine,” the report says. “This failure represents a dereliction of [...]

Poor management decisions by MF Global’s former CEO Jon Corzine triggered the brokerage firm’s collapse, while lax protections for customer funds contributed to the loss of an estimated $ 1.6 billion of customer money, congressional investigators have determined. Evidence unearthed by the House Financial Services Subcommittee on Oversight puts the blame squarely on Corzine, the panel’s chairman Rep. Randy Neugebauer, said in a preview of the report that will be released on Thursday. “The responsibility for failing to maintain the systems and controls necessary to protect customer funds rests with Corzine,” the report says. “This failure represents a dereliction of [...]

A U.S. debt-ceiling increase could be headed for a Wall Street-rattling showdown in 2013 if Congress, as expected, shuns a quick and easy fix at the end of this year in favor of another round of last-minute brinkmanship. Regardless of who wins the November 6 elections, many congressional aides and Capitol Hill observers are predicting that lawmakers will go right up to the deadline – probably around mid-February or early March – before increasing the $ 16.4 trillion limit on borrowing that is nearly exhausted. While no one is certain of another 11th-hour fight in February or March, no one [...]

Police drones, like the one pictured, were the subject of Congressional hearing Thursday. STORY HIGHLIGHTS Police, homeland security, businesses see growing market for drones domestically Concerns about safety, operations and privacy if drones proliferate in United States Congress recognizes anticipated drone market; bill would spell out certain uses — Police drones circling overhead, ready to help search for lost children, rescue stranded boaters and capture criminals. Or drones equipped with lethal weapons, high-tech cameras able to see through clothing, and technology that monitors a person’s visit to religious or political events. .cnnArticleGalleryNav{border:1px solid #000;cursor:pointer;float:left;height:25px;text-align:center;width:25px;} .cnnArticleGalleryNavOn{background-color:#C03;border:1px solid #000;float:left;height:25px;text-align:center;width:20px;} .cnnArticleGalleryNavDisabled{background-color:#222;border:1px solid #000;color:#666;float:left;height:25px;text-align:center;width:25px;} [...]

/HONG KONG China’s top telecoms gear makers should be shut out of the U.S. market as potential Chinese state influence on them poses a security threat, the U.S. House of Representatives’ Intelligence Committee said in a draft of a report to be released on Monday. U.S. intelligence must stay focused on efforts by Huawei Technologies Co Ltd and ZTE Corp to expand in the United States, and tell the private sector as much as possible about the purported espionage threat, the panel leaders said, based on their 11-month investigation of the two firms. Employee-owned and unlisted Huawei is the world’s [...]

Worst Congress Ever

Recently, when House Majority Whip Rep. Kevin McCarthy was asked if this Congress was the actual “worst in history” — as Washington Post columnist Ezra Klein had claimed — his response was that he would agree the Senate is the worst in history, but not his part the House of Representatives. McCarthy is a perfect politician, or rather a typical politician, when he turned the question, agreed with it and then blamed everyone but himself. Our politicians have the unique ability to create a problem and a system — and then run against the very problem and system they have [...]

Just as the Congressional budgetary debate is destined to become a national spectacle, some individuals are struggling with their own spending dilemmas. Though 60% of Americans claim to track their spending against a budget, 38% admit that they don’t bother, according to Bankrate’s July Financial Security Index. That number is basically unchanged from last year, when 58% of survey respondents said they keep a budget. “A budget is a basic building block of financial success. Without it, not only do you not know where your money is going, but you miss the warning signs that something is amiss,” says Gail [...]

WASHINGTON – Merging six trade and commerce agencies into one will help U.S. businesses export more and grow the economy, said President Barack Obama on Friday. Obama is requesting authority from Congress to merge …

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