House Judiciary Hearing to Focus on Bankruptcy Trustee Compensation
The House Judiciary Committee will hold a hearing today examining the issue of bankruptcy trustee compensation. ABI Resident Scholar Jack Williams is scheduled to testify along with Robert Furr of Furr and Cohen, P.A. (Boca Raton, Fla.), Eugene Crane of Crane, Heyman, Simon, Welch & Clar (Chicago.) and Bankruptcy Judge Margaret Dee McGarity (Milwaukee)… Read More

President Says Economy Strong Enough to Handle Financial Turmoil
President Bush yesterday lamented what he described as "painful" adjustments in U.S. financial markets following the collapse of the Lehman Brothers investment firm, but he gave no indication of any further federal bailouts and said that the markets are resilient enough to handle the disruptions… Read More

Creditors Look to Salvage Investments in Lehman Bros.
A worldwide battle began on Monday over the remains of Lehman Brothers as the largest bankruptcy filing in history sent creditors scrambling to protect their investments… Read More

A Race for Cash at A.I.G. as Ratings Are Downgraded
Major credit ratings agencies downgraded the American International Group (A.I.G.) late yesterday, worsening its financial health as Federal Reserve officials and two leading investment banks were in urgent talks to put together a $75 billion line of credit to stave off a crisis at the company… Read More

Economic-Stimulus Plan Lacks Bipartisan Backing
House Democratic leaders plan to push for action on a $50 billion economic-stimulus package, betting that financial-market turmoil will overcome Republican reluctance to spend more on highways and bridges… Read More