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More Americans Drop Citizenship Over Taxes

IRS rules onerous, expatriates say

(Newser) - It's April again: time to add up receipts, find little-known tax breaks , and, in some cases, renounce US citizenship altogether. In fact, a record number of Americans abroad renounced their citizenship last year as complaints increased about IRS rules, Reuters reports. One rule forces all Americans to file forms...

Bank Failures Far From Over
 Bank Failures Far From Over 
Jan 3, 2012 6:51 AM CST

Bank Failures Far From Over

Failures down in 2011, but weak banks are taking longer to recover or die

(Newser) - Bank failures were down significantly in 2011, but that doesn't mean banks are getting healthier—it just means sick ones are taking longer to die, the Wall Street Journal finds. Some 92 banks failed last year, down from 157 in 2010. But many of 2011's casualties were in...

To Get New Credit Card: Pay Off Expired Debt?

Feds have fined debt collector for deceptive practices

(Newser) - Americans burdened with old debt and low credit ratings are getting an unlikely offer in the mail: a new credit card. But the fine print explains that accepting the card means reviving debts that had expired by law, the Wall Street Journal reports. For one New York deli owner, the...

Lobbying Firm to Banks: We'll Cripple Occupy

Former Jay Boehner employees drummed up $850K plan

(Newser) - So John Boehner's old employees are at least trying to profit from Occupy. Sam Geduldig and Jay Cranford, partners at a well-known Washington lobbying firm, are two authors of a proposed $850,000 scheme to drum up negative stories about Occupy Wall Street and any politicians who support it—...

How a College Grad Helped Sink BofA's Debit Card Fee

'That is it. I'm sick of this,' Molly Katchpole said of the bank plan

(Newser) - Bank of America's $5-debit-card-fee hit the dustbin after "a great deal of feedback from customers," it said—but the bank didn't mention a 22-year-old college grad who got angry enough to rally 360,000 signatures against the plan. "I heard the news about the fee...

Why Wall Street Banks and Firms Are Profitable Under Obama
 Why Wall Street Is 
 Richer Than Ever 
wapo analysis
Nov 6, 2011 4:47 PM CST

Why Wall Street Is Richer Than Ever

Firms are more profitable under Obama than Bush: 'Washington Post'

(Newser) - President Obama is trying to harness public rage against Wall Street while bankers are whining about new financial regulations—but the inconvenient truth for both sides is that Wall Street has profited big-time during Obama's presidency. In fact banks are larger today than when Obama won the White House,...

Goldman-Occupy Battle Heats Up Over Dinner Invitation

Credit Union loses hosts by honoring protesters

(Newser) - Ask Goldman Sachs to fund an event honoring "Occupy Wall Street," and what do you get? Lost funds, nasty emails, and a fresh look at the debate raging between bankers and protesters. It all started earlier this month when a New York credit union, known for lending to...

Rubble Raisers: Banks Demolishing Scores of Homes

Communities urge demolition and land donation to reuse property

(Newser) - The economic crunch is sprouting vacant lots across the nation—and some communities think that's a good thing. Banks, encouraged by government officials, are changing the US landscape by bulldozing scores of foreclosed homes—at a cost of some $7,500 a pop—and donating the cleared land to...

Michael Daly: Jail Bankers, Not Occupy Wall Street Protesters


 Bust Bankers, 
 Not Protesters 
OPINION
Oct 7, 2011 9:57 AM CDT

Bust Bankers, Not Protesters

Wall Street occupiers jailed when bankers are the real criminals: Michael Daly

(Newser) - The big banks’ financial maneuvers brought our economy to the brink of collapse, but you don’t see any bankers behind bars. Instead, it’s the Occupy Wall Street protesters who are getting arrested—for such heinous crimes as stopping traffic, writes Michael Daly in the Daily Beast . Goldman Sachs...

Banks Profited by Loaning Fed Money Back to ... Feds

They charged bigger interest rates on cheap money from Uncle Sam

(Newser) - Crisis-walloped banks aided with federal loans likely made a fortune by lending the same money back to the federal government at substantially higher interest rates, a new report indicates. The study by the Congressional Research Service supports complaints that the largest banks essentially engaged in taxpayer-financed arbitrage by cashing in...

Freeze Gadhafi's Assets? It's Tough With Name Like That

Arabic names prove tricky for banks

(Newser) - It's hard for an international bank to freeze Moammar Gadhafi's assets when no one's quite sure how to spell his name. The US Treasury Department offers up 12 different options, but language experts say there are actually more than 100 variations for "Gadhafi" alone. It's...

FDIC Seizes 6 Banks, for Total of 34 This Year

But the pace is down from last year

(Newser) - The pace is slowing, but bank failures continue to ripple throughout the industry. The FDIC seized six yesterday, the most in a single day this year, reports AP . That makes a total of 34 in 2011, compared to 50 at this point last year. The new banks seized were in...

Banks Jack ATM Fees, Blame Reform

Chase is experimenting with a $5 fee for non-customers

(Newser) - If you’re far from an ATM belonging to your own bank, brace yourself to shell out a few bucks. Banks across the country are hiking ATM fees, Credit.com reports. Chase, for example, is charging non-customers $5 to use their ATMs in an Illinois pilot program—and that’s...

Big Banks Up Their Lending to Businesses

Moody's estimates 0.2% growth in fourth quarter

(Newser) - We may be on our way to clearing one hurdle on the path to economic recovery: We're seeing the first quarterly increase in commercial and industrial lending in two years, reports the Wall Street Journal , compliments of big banks like JPMorgan Chase and US Bancorp. Moody's Analytics estimates 0.2%...

Banks Badger Whiz Who Found Credit Card PIN Flaw

Industry demands Cambridge whiz remove thesis on security problems

(Newser) - British banks are badgering a top Cambridge math student whose doctoral thesis exposes security flaws in bank credit card payment systems. Omar Choudary reveals how easy it is to use "chip-and-PIN" credit cards (similar to a US bank debit card) without a PIN number. Now banks are complaining that...

Prosecutors: Vatican Bank Covered for Mafia

Bank hid source of client funds, say officials

(Newser) - The Vatican Bank knowingly hid money for the mafia, breaking money laundering laws in the process, prosecutors allege in documents filed in Italian court. Investigators also suspect that several members of the clergy have acted as fronts for mobbed-up businessmen. The allegations spring from a money-laundering probe into the Church’...

Iran Aims to Set Up Covert Banks in Muslim Countries

Tehran is trying to work around sanctions on its banking industry

(Newser) - Iran is attempting to set up undercover banks across the Muslim world, hiding the institutions’ origins with fake names and misleading bureaucracy, the Washington Post reports. Iran is keeping establishments in countries like Iraq and Malaysia shrouded in secrecy as a means of working around tough sanctions, including the Treasury...

Real IRA: We'll Bomb 'Criminal' UK Banks

Promises to attack England despite thin ranks

(Newser) - The Real IRA says it has regrouped, and plans to intensify its terrorist campaign, targeting “military, political, and economic targets,” including banks both in Ireland and in England. In an interview with the Guardian, the group trotted out a new anti-capitalist message, calling bankers “criminals,” and...

Big Banks Still Think We're Chumps
 Big Banks 
 Still Think 
 We're Chumps 
OPINION
Sep 13, 2010 10:42 AM CDT

Big Banks Still Think We're Chumps

Citigroup hasn't learned its lesson from financial crisis

(Newser) - Have the big banks learned their lesson from the financial crisis? Not a chance, writes Charlie Gasparino in the Daily Beast . Citigroup’s recent attempt to bar a well-respected financial analyst from questioning its executives about accounting practices, plus new documents proving the bank’s top brass knew about its...

How Banks' Fake Daisy-Chains Led to Meltdown
 How Banks' Fake 
 Daisy-Chains Led 
 to Meltdown 



investigation
Aug 27, 2010 10:40 AM CDT

How Banks' Fake Daisy-Chains Led to Meltdown

Self-dealing artificially propped up market for CDOs

(Newser) - An extensive ProPublica investigation reveals what it calls “one of the greatest episodes of self-dealing in financial history.” Banks, most notably Merrill Lynch, set the stage for the economic meltdown by rewarding themselves for said “self-dealing” during the final two years of the housing bubble. They created...

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