Skip to: Content
Skip to: Site Navigation
Skip to: Search

July 23, 2008 4:44:27 PM CDT

Learn about Newser Points »

Stories related to: banking

Stories

Stories 1 - 20 of 35

<< Prev 1 2 Next >>
  • July 2008

    • Economic Recovery to Take Months: Paulson

      newser  |  Reuters  |  Jul 20, 08 5:42 PM CDT

      Economic Recovery to Take Months: Paulson

      Henry Paulson sought to reassure Americans today that US banking is "sound" despite a growing list of troubled banks, Reuters reports. He also said the economy will stay slow for months, but expressed confidence that Congress will shore up Fannie Mae and Freddie Mac before summer recess. "Congress understands how important these institutions are," he said on Face the Nation . More »

      Tags

      mortgage crisis  • Henry Paulson  • Fannie Mae  • Freddie Mac  • banking  • IndyMac  • mortgage debt

    • Feds Battle UBS to Give Up Tax Dodgers

      newser  |  New York Times  |  Jul 1, 08 2:43 AM CDT

      Feds Battle UBS to Give Up Tax Dodgers

      The Justice Department is pressing UBS for the names of suspected tax dodgers with secret bank accounts in Switzerland, the New York Times reports. Federal authorities believe the Swiss bank may have helped up to 20,000 Americans stash $20 billion in offshore accounts, evading hundreds of millions in taxes. The investigation threatens to rock the Swiss banking system, which has tightly guarded its secrets since the Middle Ages. More »

      Tags

      banking  • UBS  • tax evasion  • tax fraud  • Internal Revenue Service  • Swiss bank

  • June 2008

    • UBS Case May Reveal Secrets of the Rich

      newser  |  New York Times  |  Jun 6, 08 7:40 AM CDT

      UBS Case May Reveal Secrets of the Rich

      The Swiss bank UBS built itself into a financial powerhouse on the strength of its private wealth management division, in which discreet bankers tended to the fortunes of the world's elite. But a major American tax evasion probe may lead UBS to do what was once unthinkable: divulge its secrets. The bank might release the names of up to 20,000 clients to the feds, and the rich are running scared, the New York Times reports. More »

      Tags

      banking  • UBS  • IRS  • tax evasion  • secrecy  • Swiss bank

  • May 2008

    • UBS to Lay Off 8,000, Add $11.4B to Writedowns

      newser  |  Bloomberg  |  May 5, 08 6:25 AM CDT

      UBS to Lay Off 8,000, Add $11.4B to Writedowns

      Swiss banking giant UBS will lay off some 10% of its 83,000 workforce and scale back its investment banking arm in an attempt to reassure shareholders that it's taking actions to curtail losses associated with the subprime debacle, reports Bloomberg. Switzerland's largest bank says it will detail a further $11.4 billion in first-quarter writedowns in its earnings report tomorrow—bringing the total to $38 billion over the past three quarters. More »

      Tags

      shareholders  • banking  • UBS  • layoffs  • writedowns  • subprime mortgage crisis

  • April 2008

    • Bear Bailout Called 'Worst Mistake in a Generation'

      newser  |  Wall Street Journal  |  Apr 29, 08 8:18 AM CDT

      Bear Bailout Called 'Worst Mistake in a Generation'

      A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused officials of ignoring other options, such as demanding more from buyer JP Morgan, seeking other suitors or removing certain assets from Bear's portfolio. More »

      Tags

      Federal Reserve  • Bear Stearns  • banking  • liquidity  • Great Depression  • monetary policy

    • Wachovia Targeted in Drug Money Laundering Probe

      newser  |  Wall Street Journal  |  Apr 26, 08 7:20 AM CDT

      Wachovia Targeted in Drug Money Laundering Probe

      Federal prosecutors have targeted Wachovia in an investigation into the use of money-exchange houses along the Mexican border to transfer money from US sales to Latin American drug lords, the Wall Street Journal reports. The bank invested heavily in the casas de cambio despite warnings that such firms were often used by drug cartels for money laundering. More »

      Tags

      banking  • Wachovia  • money laundering  • currency exchange  • drug cartel  • bank regulation

    • Surprise Rate Hike Will Soon Rattle US Borrowers

      newser  |  Wall Street Journal  |  Apr 19, 08 5:04 AM CDT

      Surprise Rate Hike Will Soon Rattle US Borrowers

      A surprise hike in a widely used interest rate is expected to soon send many US borrowers reeling, the Wall Street Journal warns. The London interbank offered rate, a yardstick for financial instruments including resettable mortgages, jumped sharply yesterday. The increase, a signal that banks are becoming more cautious about lending, could affect $9 trillion in debt. More »

      Tags

      interest rate  • banking  • debt  • mortgage rates  • British Bankers Association

    • Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

      newser  |  Wall Street Journal  |  Apr 18, 08 7:56 AM CDT

      Citigroup Posts $5B Loss, Will Cut 9,000K Jobs

      Citigroup reported a first-quarter loss of $5.1 billion today, posting another $14 billion in writedowns as a result of the credit crunch and loan defaults, the Wall Street Journal reports. The loss of $1.02 a share exceeded analysts' estimates and marks the second straight quarterly loss for the nation's biggest bank. It plans 9,000 layoffs next quarter. More »

      Tags

      Citigroup  • credit market  • banking  • quarterly reports

    • TurboTax Tries to Avoid '07 Filing Nightmare

      newser  |  San Jose Mercury News  |  Apr 15, 08 9:19 AM CDT

      TurboTax Tries to Avoid '07 Filing Nightmare

      It’s April 15 again, and perhaps nobody has their fingers crossed quite like Intuit software. A year ago 170,000 people rushed to file last-minute tax returns online through TurboTax… only to get an error message, delaying their filings for up to 13 hours. This year, Intuit’s done all it can to avoid that, including doubling its server capacity and boosting backup systems, the San Jose Mercury News reports. More »

      Tags

      taxes  • software  • banking  • IRS  • tax returns

    • IMF OKs $11B Gold Sale

      newser  |  Financial Times (UK)  |  Apr 8, 08 2:40 AM CDT

      IMF OKs $11B Gold Sale

      The International Monetary Fund has approved the sale of 400 tons of gold from its massive reserves for an expected $11 billion, the Financial Times reports. The global lender also plans to slash up to 15% of its workforce to improve its finances, which have been hit by falling demand for emergency loans. The IMF is aiming to move away from lending to take on a more advisory role. More »

      Tags

      banking  • gold  • global economy  • IMF  • gold prices

    • UBS Girds for Battle With Group Led by Ex-President

      newser  |  Wall Street Journal  |  Apr 4, 08 12:07 PM CDT

      UBS Girds for Battle With Group Led by Ex-President

      UBS, one of the banks hardest hit by the subprime collapse with $37.7 billion in writedowns, is under attack from an investor group led by one of its former presidents, reports the Wall Street Journal . The group wants the Swiss banking giant to spin off its investment bank, blaming it for the bank's woes. More »

      Tags

      subprime crisis  • shareholders  • banking  • UBS  • credit market chaos

  • March 2008
  • February 2008
  • January 2008

    • My Teacher's Maiden Ice Cream Flavor? Huh?

      newser  |  Slate  |  Jan 30, 08 12:49 PM CST

      My Teacher's Maiden Ice Cream Flavor? Huh?

      Odds are good that your bank has, at some point, asked for your mother’s maiden name. Security questions are as ubiquitous, Slate’ s Josh Levin writes, as they are absurd. Coming up with easy-to-remember, but hard-to-guess, questions is nearly impossible. Paris Hilton’s account, for example, was hacked when someone divined her favorite pet’s name. More »

      Tags

      banking  • Internet security  • identity theft

    • Bank Was Warned About Rogue Trader

      newser  |  Times (UK)  |  Jan 29, 08 3:19 AM CST

      Bank Was Warned About Rogue Trader

      The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress his bosses with lucrative trades and earn a large bonus, according to the lead prosecutor in the case. More »

      Tags

      France  • fraud  • banking  • Société Générale  • Jérôme Kerviel  • bank fraud

  • December 2007

    • Banks Face Simpler, Tougher Times

      newser  |  Wall Street Journal  |  Dec 26, 07 3:03 PM CST

      Banks Face Simpler, Tougher Times

      Investors waiting for the big banks to turn it around after 2007’s subprime debacle might be waiting a long time, the Wall Street Journal warns. The credit crunch has unraveled a complicated modern banking model that gave big firms nearly total balance sheet flexibility. “It was a different world,” said one analyst. Now, banks must “think real hard about their new business model.” More »

Stories 1 - 20 of 35

<< Prev 1 2 Next >>

Today's Most Popular

Loading...

What is Newser?

2008 Codie Finalist

Newser gives you more news in less time. We search for the best and most important stories all over the web, read them for you, and deliver concise and sharp summaries—along with links to the full text. Newser provides a way to stay on top of an ever-expanding horizon of news and opinion—politics, sports, business, trends, technology, personalities, crimes, and controversies. Newser keeps you not just better informed, but, with our signature graphic interface and smart condensed format, more enjoyably informed.

Learn more »