As the financial crisis began to unfold in 2007, the New York Federal Reserve learned that some banks might have intentionally underestimated the rates they expected to pay for loans from other banks.
Documents the New York Fed released Friday, in response to a request from Congress, show that the banking regulator began to be concerned about the accuracy of LIBOR — or the London Interbank Offered Rate — late in 2007.
This week, one of the biggest coal mining companies in Central Appalachia, Patriot Coal, filed for bankruptcy protection. Over the past three months, a wave of layoffs has hit coal country hard, and this past month, the share of all U.S. electricity generated from coal hit its lowest level since the 1940s. Our colleague Guy Raz visited Webster County in the middle of West Virginia to find out what's killing King Coal.
The fate of Texas' new voter ID law is now up to a three-judge federal panel in Washington, D.C.
Lawyers for Texas and the Justice Department wrapped up five days of arguments in U.S. District Court Friday, with each side accusing the other of using deeply "flawed" data to show whether minorities would be unfairly hurt by a photo ID requirement.
David Rowell is an editor with The Washington Post. His first novel, The Train of Small Mercies, is just out in paperback.
When I was growing up in North Carolina, my family went to the same beach every year; it had the sand, the water and pretty much nothing else. Mostly that was OK, but the idea of a boardwalk, which I caught glimpses of on TV or in movies, seemed wondrous to me — like a carnival rolled out from a wooden carpet.
Rabbi Pinchas Goldschmidt, right, president of the Conference of European Rabbis, gestures next to Rabbi Avichai Appel, left, a board member of the Orthodox Rabbinical Conference of Germany, during a news conference in Berlin, Germany on Thursday.
In Germany, the past few weeks have been marked by an intense debate over religious liberties.
Today, German Chancellor Angela Merkel jumped into the fray saying her administration would work to protect religious circumcision.
"It is absolutely clear to the federal government that we want Jewish, we want Muslim religious life in Germany. Circumcisions carried out in a responsible way must not be subject to prosecution in this country," Merkel's spokesman Steffen Seibert told reporters.
Originally published on Mon August 20, 2012 3:05 pm
Three-time Grammy award-winning singer-songwriter Shawn Colvin is a contemporary folk legend. Colvin started playing guitar at the age 10 and went on to cut her teeth on the folk circuits of Illinois and San Francisco before moving on to the Fast Folk cooperative of Greenwich Village in New York City. During her solo music career, Colvin has appeared in off-Broadway shows and episodes of television shows such as The Simpsons and Treme.