April 14 | Thu Apr 14, 2011 4:01am EDT
April 14 (Reuters) - The following were the top stories in The New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted? Several years after the financial crisis, no senior executives of major financial institutions have been charged, and a collective government effort has not emerged.
* A voluminous report on the financial crisis by the United States Senate - citing internal documents and private communications of bank executives, regulators, credit ratings agencies and investors - describes business practices that were rife with conflicts during the mortgage mania and reckless activities that were ignored inside the banks and among their federal regulators.
* Banks did a poor job of handling the flood of foreclosures over the last several years, in some cases even moving ahead with evictions when they clearly should not have, according to a long-awaited report released Wednesday by federal regulators.
* U.S. President Barack Obama proposed a mix of long-term spending cuts, tax increases and changes to social welfare programs as his opening position in a fierce partisan budget battle.
* The United States and its allies, frustrated in their efforts to pressure China directly to change its economic policies, are seeking to enlist other developing nations in an international campaign that China may find more palatable. At a meeting of finance ministers from the Group of 20 nations on Friday, the United States hopes to advance a set of proposed standards for judging the risks that individual nations pose to the global economy.
* JPMorgan Chase & Co kicked off bank earnings season on Wednesday, reporting a first-quarter profit of $5.6 billion, even as problems in its mortgage lending business continued to mount.
* The market for drugs to correct erectile dysfunction has passed $5 billion a year from sales to tens of millions of men. And it is increasingly being driven by novel applications to compete with the lower-priced generics on the horizon.
* In the weeks before his death, Sidney Harman acted every bit the proud new business owner he was. Until last Friday he was still discussing the business affairs of Newsweek and The Daily Beast. Associates of Harman, who died Tuesday, said Newsweek would remain in the family's hands and continue its venture with The Daily Beast.
* BP struggled Wednesday to salvage its deal with the Russian oil company Rosneft before a deadline to complete the pact expired on Thursday.
* Economic activity in the United States continued to improve over the last month, helped by the manufacturing and retail sectors, but the disaster in Japan and higher energy prices created new uncertainty about the outlook, according to a survey of the Federal Reserve's 12 districts released on Wednesday. (Compiled by Tenzin Pema; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)
April 14 | Thu Apr 14, 2011 4:01am EDT
April 14 (Reuters) - The following were the top stories in The New York Times business pages on Thursday. Reuters has not verified these stories and does not vouch for their accuracy.
* It is a question asked repeatedly across America: why, in the aftermath of a financial mess that generated hundreds of billions in losses, have no high-profile participants in the disaster been prosecuted? Several years after the financial crisis, no senior executives of major financial institutions have been charged, and a collective government effort has not emerged.
* A voluminous report on the financial crisis by the United States Senate - citing internal documents and private communications of bank executives, regulators, credit ratings agencies and investors - describes business practices that were rife with conflicts during the mortgage mania and reckless activities that were ignored inside the banks and among their federal regulators.
* Banks did a poor job of handling the flood of foreclosures over the last several years, in some cases even moving ahead with evictions when they clearly should not have, according to a long-awaited report released Wednesday by federal regulators.
* U.S. President Barack Obama proposed a mix of long-term spending cuts, tax increases and changes to social welfare programs as his opening position in a fierce partisan budget battle.
* The United States and its allies, frustrated in their efforts to pressure China directly to change its economic policies, are seeking to enlist other developing nations in an international campaign that China may find more palatable. At a meeting of finance ministers from the Group of 20 nations on Friday, the United States hopes to advance a set of proposed standards for judging the risks that individual nations pose to the global economy.
* JPMorgan Chase & Co kicked off bank earnings season on Wednesday, reporting a first-quarter profit of $5.6 billion, even as problems in its mortgage lending business continued to mount.
* The market for drugs to correct erectile dysfunction has passed $5 billion a year from sales to tens of millions of men. And it is increasingly being driven by novel applications to compete with the lower-priced generics on the horizon.
* In the weeks before his death, Sidney Harman acted every bit the proud new business owner he was. Until last Friday he was still discussing the business affairs of Newsweek and The Daily Beast. Associates of Harman, who died Tuesday, said Newsweek would remain in the family's hands and continue its venture with The Daily Beast.
* BP struggled Wednesday to salvage its deal with the Russian oil company Rosneft before a deadline to complete the pact expired on Thursday.
* Economic activity in the United States continued to improve over the last month, helped by the manufacturing and retail sectors, but the disaster in Japan and higher energy prices created new uncertainty about the outlook, according to a survey of the Federal Reserve's 12 districts released on Wednesday. (Compiled by Tenzin Pema; Bangalore Equities Newsdesk +91 80 4135 5800; within U.S. +1 646 223 8780)
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