Bear on Wall Street: Fed Officials Disagree and Goldmans Attempt to Reconcile
Top Federal Reserve officials on Tuesday struck differing notes on the likely pace of the U.S. economic recovery and one warned that pockets of weakness must not deter the central bank from withdrawing its extraordinary economic support. Jeffrey Lacker said the recovery is solidly under way and he expects the economy to grow at a reasonable pace next year. Two other senior Fed officials, Cleveland Fed President Sandra Pianalto and San Francisco Fed chief Janet Yellen, stressed that the economic recovery will be sluggish. Read Here
Goldman Sachs Group Inc (GS), facing criticism over its outsized profits and bonuses, will contribute $500 million to programs that help small businesses, the company said on Tuesday. The advisory council for the initiative will include Chief Executive Lloyd Blankfein, investor Warren Buffett and Michael Porter of Harvard Business School. Read Here
