Fed chief says subprime losses could hit $100bn

Business Law

Total losses from the subprime mortgage meltdown may be in the order of $50bn to $100bn, according to estimates cited by Ben Bernanke in testimony to Congress on Thursday.

The Fed chairman said:"There clearly will be some significant financial losses associated with defaults and delinquencies on these mortgages."

Mr Bernanke also cautioned Congress against legislating narrowly on China's exchange rate, rather than addressing this in combination with the need for structural reform.

He said the exchange rate was "not a subsidy in the legal sense" but rather the cause of distortions in the Chinese economy that channel resources towards exports rather than production for domestic demand.

Related listings

  • Sony Settles $8.5 Million Class Action Suit

    Sony Settles $8.5 Million Class Action Suit

    Business Law 06/29/2007

    [##_1L|1121971627.jpg|width="120" height="138" alt=""|_##]Sony Computer Entertainment America has settled an $8.5 million class action lawsuit with current and former employees, according to a statement issued by the law offices of Shapiro Haber &...

  • Colgate warns of fake toothpaste, maybe toxic

    Colgate warns of fake toothpaste, maybe toxic

    Business Law 06/14/2007

    [##_1L|1145481366.jpg|width="142" height="136" alt=""|_##]Colgate-Palmolive (CL) said Thursday that counterfeit "Colgate" toothpaste that may contain a toxic chemical has been found in discount stores in four states. "There are indications that this ...

  • Court date set for Wild Oats-Whole Foods case

    Court date set for Wild Oats-Whole Foods case

    Business Law 06/13/2007

    Wild Oats Markets Inc. and Whole Foods Market Inc. will go to court late next month in an attempt to keep the planned merger between the two companies alive. The Federal Trade Commission has raised concerns about whether the two natural foods grocers...

Grounds for Divorce in Ohio - Sylkatis Law, LLC

A divorce in Ohio is filed when there is typically “fault” by one of the parties and party not at “fault” seeks to end the marriage. A court in Ohio may grant a divorce for the following reasons:
• Willful absence of the adverse party for one year
• Adultery
• Extreme cruelty
• Fraudulent contract
• Any gross neglect of duty
• Habitual drunkenness
• Imprisonment in a correctional institution at the time of filing the complaint
• Procurement of a divorce outside this state by the other party

Additionally, there are two “no-fault” basis for which a court may grant a divorce:
• When the parties have, without interruption for one year, lived separate and apart without cohabitation
• Incompatibility, unless denied by either party

However, whether or not the the court grants the divorce for “fault” or not, in Ohio the party not at “fault” will not get a bigger slice of the marital property.

Business News

San Francisco Trademark Lawyer Our Firm has established a reputation for enforcing and protecting trademarks in the market place. >> read
San Francisco Corporate Law Lawyer The Firm’s Business and Corporate Practice provides service and expertise for a variety of businesses. >> read