But Who Is Watching Regulators? By GRETCHEN MORGENSON NOTHING succeeds like failure, as the saying goes. And nowhere is this dismal truth more evident than in our financial regulatory system, one year after the bankruptcy filing of Lehman Brothers. Even though calamitous lending practices laid waste to the nation’s economy, surprisingly little has changed about
Eight months ago, the millionaires-only club was on the verge of liquidation, a victim of its prior owners’ excesses and the broader economic downturn that choked off the flow of money fueling the club’s rise.
General Motors Corp. said it wants to eliminate about 40 percent of its nearly 6,000 dealerships nationwide by the end of next year, a day after Chrysler LLC unveiled plans to close almost 800 new-car outlets.