Paulson admits to underestimating the extent of the financial crisis
Former U.S. Treasury Secretary Henry Paulson admitted on Thursday before lawmakers that he had initially underestimated the extent of the financial crisis and described the financial markets at the time as being driven by fear and uncertainty. Paulson said it was appropriate for the government to ensure that Bank of America did go through with the deal.
Roubini: 'I am not forecasting economic growth before year's end'
Prominent economist, Nouriel Roubini, on Thursday at a Chilean investors' conference said he initially forecast the recession would last 24 months and we are currently 19 months into the recession, and signs of recovery are only expected to appear in 2010. Various media reports on took the economists comments out of context reporting he said the economy is recovering but that is not the case.
JP Morgan profit jumps 36 percent
J.P. Morgan Chase & Co. on Thursday reported a 36 percent jump in profit, a figure way beyond analyst expectations. The bank reported a record rise in revenues and producing a net income of $2.7 billion. The record rise is attributed to the record investment-banking fees.