Welcome to ThinkProgress Economy’s morning link roundup. This is what we’re reading. Have you seen any interesting news? Let us know in the comments section. You can also follow ThinkProgress Economy on Twitter.
- Hurricane Irene, which pounded the east coast over the weekend, “will most likely prove to be one of the 10 costliest catastrophes in the nation’s history, and analysts said that much of the damage might not be covered by insurance because it was caused not by winds but by flooding, which is excluded from many standard policies.” [New York Times]
- The White House “is considering unveiling new plans next week to revive the ailing housing market and reduce foreclosures, including an effort to help troubled borrowers refinance their mortgages.” [Reuters]
- Lawyers at Bank of America “knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed,” yet the bank never told investors. [Reuters]
- Minutes from the most recent meeting of the Federal Reserve Board “offered new evidence that some officials wanted to immediately restart a controversial bond-buying program aimed at spurring the economy. Others felt that even the smaller steps the central bank instead chose were too aggressive.” [Wall Street Journal]
- The French finance minister said that his country “plans to achieve consensus on the financial transaction tax at the G-20 meeting to be held on November 3 and 4 in Cannes.” [RTT]
- The Securities and Exchange Commission has “sued two Florida men, claiming they defrauded teachers and retirees in a $22 million Ponzi scheme by posing as a private-equity fund while enriching themselves.” [Bloomberg]
- President Obama today “will urge Congress to extend legislation funding highways and mass-transit projects before it expires next month as a way to protect jobs.” [Bloomberg]
- AT&T, “whose proposed buy of T-Mobile USA is under scrutiny by U.S. regulators, promised to bring 5,000 wireless call-center jobs back to the United States if the deal wins approval.” [Reuters]
- Gov. Jerry Brown (D-CA) yesterday accused state lawmakers of believing “that taxes are like some kind of sexually transmitted disease.” [Los Angeles Times]
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