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Lawyer Accused of Killing Wife Owed Her $350K: Court Docs

McIver contends gun went off accidentally while couple were in a car

(Newser) - An Atlanta attorney facing manslaughter charges in the September shooting death of his wife owed her $350,000 when she died, CBS46 reports. A business owned by Diane McIver had spotted her husband, Claud "Tex" McIver, the money in December 2011, with a payoff date (with interest) set for... More »

Europe Offers $41B to Greece

Officials hope loan will calm markets

(Newser) - European officials made $41 billion in emergency financing available to Greece, hoping the easy access to credit would soothe fears that the country will default. EU Finance ministers agreed to price the loans at a below-market interest rate of 5%, as the Greek government is already struggling to pay high... More »

Banks Get Creative to Dodge Bonus Limits

Favorable loans, options aid bonus-bereft execs

(Newser) - Banks chafing under pay and bonus restrictions are helping execs make ends meet with low-interest loans, no-collateral loans, and even loans that don't need to be paid back unless the employee leaves the firm. Favorable and forgivable loans are nothing new in the industry, but experts say in-house loans have... More »

Fed May Have Outmuscled Other Lehman Creditors

Government creditors got their cash back; private investors still struggling

(Newser) - A special court examiner investigating the Lehman Brothers bankruptcy is trying to determine whether the Fed used its clout to get its money back from the collapsed bank ahead of other creditors. The central bank and its New York branch lent Lehman $46 billion before the bankruptcy but was promptly... More »

Leibovitz Staves Off Foreclosure

Photog gets reprieve, but property, rights to work still at risk

(Newser) - Annie Leibovitz has won an extension of her outstanding $24 million debt to Arts Capital Group, the New York Times reports. The celebrity photographer bought back the rights to her homes and intellectual property—both collateral in the loan—for an undisclosed sum as part of the restructured deal. But... More »

Fla. Couple Murder Looks Like Contract Hit

Parents of 13 special needs kids 'hated' by businessman

(Newser) - The murder of Bud Billings and his wife Melanie is looking more like a contract hit than an In Cold Blood-style robbery gone wrong, Tim Padgett writes in Time. The tale centers on a boastful ex-Karate instructor in Pensacola, Fla., Leonard Gonzalez, who tells police he turned down the murder-for-hire... More »

GM Will Advance Cash to Clunkered Dealers

(Newser) - General Motors will start making temporary loans to dealers who have yet to be reimbursed by the federal government under the Cash for Clunkers plan, the Wall Street Journal reports. Dealers, some now irate, essentially did the same thing for customers participating in the trade-in plan—covering the government rebate... More »

Leibovitz Sued Over $24M Loan

(Newser) - A financial firm is suing Vanity Fair photographer Annie Leibovitz for failing to cooperate to repay a $24 million loan, reports the Telegraph. Leibovitz last year put up her photographs and two homes as collateral for the money to pay off debts. But now Art Capital Group said the 59-year-old... More »

More Americans Falling Behind on Loans

Balances surge on bank credit-cards as Americans struggle to pay bills

(Newser) - Delinquencies on consumer and home-equity loans rose in the first quarter as unemployed Americans struggled to pay their bills, the Wall Street Journal reports. The number of borrowers at least 30 days late on their consumer loans, which include auto loans, rose slightly to 3.23% from the previous quarter.... More »

Fed to Release Stress Test Results Next Week

Data will show potential losses in specific loan categories

(Newser) - The US will learn the fiscal health of its 19 biggest banks Thursday, when the Federal Reserve and Treasury release the results of the “stress tests,” the Wall Street Journal reports. Delayed somewhat, the results will contain potential loss estimates in specific loan categories for each bank, and... More »

Goldman Mulls Stock Offering to Repay Feds

Hopes to repay $10B government loan

(Newser) - Hoping to pay off a $10 billion government loan, Goldman Sachs may take advantage of a rising market to make a multibillion-dollar new stock offering, the Wall Street Journal reports. Employees, investors, and executives all like the idea of cutting the government’s role in the firm, which has held... More »

BofA Loaned Insiders $624M as Credit Froze Up

(Newser) - While credit markets were frozen last year, forcing thousands of Americans out of business, Bank of America lent insiders more than $624 million—more than doubling the amount loaned to insiders the previous year, the Charlotte Observer reports. Recipients' names were not disclosed, but most of the money likely went... More »

Feds Aim to Generate $1T in Consumer Loans

(Newser) - There's a new acronym in bailout land: TALF. Officials at the Fed and Treasury Department today outlined the new lending program, which is designed to revive the nation's so-called shadow banking system and generate up to $1 trillion in loans to consumers and small businesses, the Wall Street Journal reports.... More »

Toyota Asks Japan for a Bailout

(Newser) - Toyota is reportedly seeking $2 billion in loans from Japan’s government, after forecasting its first loss in 59 years, Bloomberg reports. A Toyota Financial Services spokesman confirmed that the automaker is in talks with a state-owned bank, but wouldn’t specify a figure. The carmaker expects to report a... More »

Cash-Poor Collectors Turn to Haute Pawnshops

'Private art banks' exchange paintings for cash

(Newser) - With loans hard to come by, some rich Americans are turning to their art collections for quick cash. Rather than sell in a depressed market, collectors turn to a lightly regulated corner of the marketplace that provides capital in exchange for temporary ownership of artwork. While they may look like... More »

Bailed-Out Banks Cut Lending

Report finds that bailout funds have failed to jolt banks into boosting lending

(Newser) - The 20 largest banks that received billions in  US government rescue funds slightly reduced their lending to consumers and businesses in the last quarter of 2008, the government said yesterday. Banks cut their mortgage and business loans by a median of 1% each, while credit card lending rose by a... More »

Slim Loans NYT Co. $250M

Mexican billionaire will own 17% of company, but gets no special voting shares

(Newser) - The New York Times Company announced last night that it had cut a deal with Mexico's Carlos Slim, the world's second-richest man, for a $250 million loan. Slim will receive common shares over six years, at the end of which he will own 17% of the corporation. But he will... More »

Newest Bailout: 2010 Olympics

Vancouver games get $369M loan approved

(Newser) - The global recession is putting the 2010 Olympics Games in Vancouver in peril, writes Canada's Globe and Mail. This weekend the provincial parliament in British Columbia passed an emergency bill that allows the host city to borrow $369 million to make sure the athletes' village will be ready in time.... More »

Scamsters Cash In on Foreclosure Crisis

Phony rescuers collect big upfront fees from desperate homeowners

(Newser) - A new breed of crook is getting rich preying on homeowners desperate to fend off foreclosure, the New York Times reports. Scamsters set themselves up as "foreclosure rescue companies,” collect big upfront fees for the promise to modify loans, then do little or nothing to help. Some people... More »

Aussie Repays £5 Debt—40 Years Late

(Newser) - An Englishman was surprised to come home and discover a £5 loan repaid nearly 40 years late, the BBC reports. In 1969, Jim Webb loaned an Australian traveler the money to help him get to England. The Aussie took Webb's address but never sent him the money as promised.... More »

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