Today brings a new milestone in big banks' fall from grace: a Bloomberg editorial alleging that Wall Street's largest financial firms wouldn't be profitable without taxpayer backstops, and calling for an end to the perverse incentives the current arrangement produces.
President Barack Obama will likely name a new chief economic adviser to replace Lawrence Summers later this week as his administration looks for more effective ways to reduce an unemployment rate that remains near 10%, the Associated Press reported Wednesday.
After the midterm elections in November, Summers is expected to relinquish his role as President Obama's National Economic Council director and return to Harvard University.
