The former Countrywide Financial Corp. made hundreds of discount loans to buy influence with people on Capitol Hill, according to a House report being released Thursday. Countrywide's subprime loans helped start the nation's foreclosure crisis.
The former head of the bank Bob Diamond apologized for "reprehensible behavior" in testimony before a British parliamentary committee Wednesday. But he complained the bank had been unfairly singled out for manipulating banking loan interest rates.
Even as it upheld most of the health care law last week, the Supreme Court limited federal power under the Constitution's Commerce Clause. Seventy years ago, an Ohio farmer sought to do the same — and lost.
"We have a profound issue — that is, an industry-wide issue, not just a Barclays issue," Robert Diamond told Parliament members Wednesday. The former head of Barclays Bank resigned Tuesday over a growing interest-rate manipulation scandal.
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