- Problem bank list tops 400
- Bernanke Falls Victim to Identify Theft
- Bank of America Told to Stop Hiding Behind Lawyers: Ann Woolner
- Fed Raises Mortgage-Bond Purchases as Lacker Suggests Slowdown
- A.I.G. Rises, and Many Ask Why
- Stanford Remains Hospitalized After Pulse Hits 300 Before Court
- Plea deal signals more charges in Stanford case-lawyer
- Banks ‘Too Big to Fail’ Have Grown Even Bigger
- No SEC Penalties in Amaranth’s Failure
- NYSE Euronext to Acquire Nyfix for About $144 Million
- Chrysler Agrees to Take on Pre-Bankruptcy Product Liability Claims
- Trump Casinos to Face Examiner on Donald Trump Deal
- Trump Must Face Competition for Casinos, Judge Rules
- Apple IPhone Will Be Sold in China in Fourth Quarter
Problem bank list tops 400 – CNNMoney
The number of institutions on the government’s so-called “problem bank” list surpassed 400 in the latest quarter, climbing to its highest level in 15 years, according to a government report published Thursday.
The numbers, published as part of a broader survey on the nation’s banking system by the Federal Deposit Insurance Corporation, revealed that the number of banks at risk of failing reached 416 during the second quarter….
Bernanke Falls Victim to Identify Theft - Wall Street Journal
The Federal Reserve has for years issued warnings about the spread of identity theft. On Thursday, officials revealed that Fed Chairman Ben Bernanke was himself a victim.
Last August, Mr. Bernanke’s wife, Anna, was sitting in a Starbucks coffee shop on Capitol Hill in Washington when her purse was stolen. It contained personal checks, four credit cards and personal identification, according to a theft report first revealed by Newsweek….
Bank of America Told to Stop Hiding Behind Lawyers: Ann Woolner – Bloomberg
When landing in white-collar trouble, it might sound like a solid defense to say you only did what the lawyers advised. Unless you waive attorney-client privilege, no one will know what your lawyer told you.
That’s what Bank of America Corp. Chief Executive Officer Kenneth Lewis tried when the U.S. Securities and Exchange Commission delved into the bank’s bonus scandal stemming from its merger with Merrill Lynch & Co……
A.I.G. Rises, and Many Ask Why – NY Times
It may have been written off as a hopeless case less than a year ago, but the stock of the American International Group shot up to $50 on Thursday, capping a fourfold gain in the last two months.
For all the optimism taking hold in the markets these days, it is hard to find a tangible explanation….
Fed Raises Mortgage-Bond Purchases as Lacker Suggests Slowdown – Bloomberg
The Federal Reserve disclosed that it bought a greater-than-average amount of mortgage bonds for a second straight week, following a period of reduced purchases. Comments from an official today suggested the U.S. central bank’s purchases may slow.
Net purchases totaled $25.4 billion in the week ended yesterday, compared with a weekly average of $23.3 billion since the Fed began the initiative in January, according to data posted on the New York Fed’s Web site today and compiled by Bloomberg. Before Aug. 19, the central bank’s acquisitions were below $23 billion for six straight weeks….
Stanford Remains Hospitalized After Pulse Hits 300 Before Court – Bloomberg
R. Allen Stanford, who was rushed to the hospital with an elevated pulse shortly before he was to appear in court yesterday, must remain hospitalized several days for observation, his lawyer said.
“We’re told the doctor wants to keep him in the hospital for observation for three to five days,” attorney Dick DeGuerin said in an e-mail, adding that he had no other information….
Plea deal signals more charges in Stanford case-lawyer – Reuters
A plea agreement signed by Allen Stanford’s former top aide signals that more people in the wide-ranging $7 billion fraud case may face charges, a lawyer involved in the case said on Thursday.
“Read the plea agreement language very, very carefully,” David Finn, a lawyer representing Stanford’s former chief financial officer said after a hearing in which his client pleaded guilty to three felony counts…..
Banks ‘Too Big to Fail’ Have Grown Even Bigger – Washington Post
When the credit crisis struck last year, federal regulators pumped tens of billions of dollars into the nation’s leading financial institutions because the banks were so big that officials feared their failure would ruin the entire financial system.
Today, the biggest of those banks are even bigger…..
No SEC Penalties in Amaranth’s Failure – Wall Street Journal
Hedge-fund manager Amaranth Advisors LLC won’t face any penalties from the Securities and Exchange Commission for its high-profile failure, according to a letter the firm received from the agency’s enforcement division.
Amaranth, which once managed $6.6 billion but imploded in 2006 after bad natural-gas bets, was cleared of wrongdoing after a three-year SEC investigation into whether it misled investors…..
NYSE Euronext to Acquire Nyfix for About $144 Million – Bloomberg
NYSE Euronext agreed to buy Nyfix Inc., an electronic brokerage that provides trading systems to its New York Stock Exchange, for about $144 million.
NYSE Euronext will pay about $1.68 for each share of Nyfix, also based in New York, the company said in a statement today. That’s 95 percent more than Nyfix’s closing price of 86 cents yesterday. They plan on completing the transaction in the fourth quarter…..
Chrysler Agrees to Take on Pre-Bankruptcy Product Liability Claims – Wall Street Journal
Chrysler Group LLC agreed to assume legal responsibility for injuries drivers suffer from defects in vehicles produced before the auto maker emerged from bankruptcy protection on June 10, the company said in a statement.
After Chrysler’s federally funded bailout, the company left legacy liabilities behind in the “Old Chrysler.” That meant future car-accident victims who believe that faulty manufacturing by the company prior to its emergence from bankruptcy would be unable to sue the new company. Instead, they would have been treated as unsecured creditors, fighting over the remains of Chrysler’s old bankruptcy estate…
Trump Casinos to Face Examiner on Donald Trump Deal - Bloomberg
Donald Trump’s effort to regain control of Trump Entertainment Resorts Inc. will be investigated by a court-approved bankruptcy examiner, the judge overseeing the casino operator’s Chapter 11 case ruled.
U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, today approved a request by Trump Entertainment’s bondholders to investigate the company’s decision endorsing Trump’s reorganization plan. Bondholders urged the judge in court papers to investigate whether the board acted in good faith…..
Trump Must Face Competition for Casinos, Judge Rules - Bloomberg
Donald Trump must compete with bondholders for control of the bankrupt casino company that bears his name, a judge ruled today.
Trump Entertainment Resorts Inc.’s bondholders have the right to pursue their offer to invest $175 million in the casino operator, U.S. Bankruptcy Judge Judith Wizmur in Camden, New Jersey, decided today. That reorganization proposal can compete for creditor support and Wizmur’s approval, the judge ruled…..
Apple IPhone Will Be Sold in China in Fourth Quarter – Bloomberg
Apple Inc.’s iPhone will go on sale in China in the fourth quarter, entering a market that has more subscribers than the combined populations of the U.S. and the 16 nations that share the euro.
China Unicom (Hong Kong) Ltd., the country’s second- biggest provider of mobile-phone services, will sell the original IPhone 3G and the 3G S model in the nation, Chairman Chang Xiaobing told reporters in Hong Kong today…..
Tags: AIG, Allen Stanford, Amaranth, Apple, Autos, Bank of America, Banks, Ben Bernanke, Casinos, Chrysler, Donald Trump, Fed, Identity Theft, NYSE
