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FRIDAY, NOVEMBER 20, 2009
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NEWS ABOUT: banking industry

banking industry stories: 106 news summaries

1 - 20 of 106 Stories | 1 2 3 4 5 6 Next >>

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 Danger Signs 
 Ignored at 
 Failed Banks 

Regulators knew loans were toxic but didn't act

Nov 19, 09 3:43 AM CST
(Newser) - "Post-mortems" on banks that failed during the financial crisis are exposing serious misjudgment by state and federal regulators. Inspectors-general are finding at bank after bank that regulators were aware that risky and potentially toxic loans were being made while the economy was booming, but failed to take action, the... More »

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FDIC • bank failure • bank regulation • banking industry • Sheila Bair

Credit Cards Rates Jump Ahead of New Regulations

Companies add fees and cut limits in blind cash grab

Nov 6, 09 1:57 PM CST
(Newser) - If your credit card bill just exploded, it wasn’t an accident. Card issuers have been jacking up rates to historic highs—in excess of 30%—cutting limits, and adding new fees in an effort to squeeze money out of customers before new federal regulations kick in Feb. 22. The... More »

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House Financial Services Committee • Mafia • credit card • Barney Frank • banking industry • Credit Cardholder's Bill of Rights • credit card reform

Steven Pearlstein

New Pay Rules May Hurt Banks, but Protect Public

They'll discourage commercial banks from being investment banks

Oct 23, 09 8:33 AM CDT
(Newser) - Steven Pearlstein isn't exactly wowed by the new salary rules being proposed for Wall Street. "Don't get carried away. By themselves, these measures won't prevent future crises, nor will they likely do much to lower the prevailing pay levels on Wall Street or in corporate America." But, he... More »

MORE ABOUT:
Wall Street • executive compensation • Federal Reserve • banking industry • pay cut • Kenneth Feinberg

NATE SILVER

Bank Reform Shatters Usual Party Lines

Next big domestic issue will be 'fascinating' to watch

Oct 22, 09 11:37 AM CDT
(Newser) - Once health care reform is “settled,” Nate Silver writes, the White House will be searching for a new domestic issue. Card check is too hard, immigration will have to wait for 2012’s “younger, more diverse electorate,” and gay rights is a slog. The winner, in... More »

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finance • Republican Party • domestic policy • financial sector • Obama administration • banking industry • Nate Silver • President Obama • Tea Party • bank reform

Wall Street
Cools to Dems Despite Bailout

Financial regulation tough talk hurting donations

Oct 20, 09 6:10 AM CDT
(Newser) - Some gratitude: Wall Street’s top firms will largely sit out Barack Obama’s lavish Democratic Party fundraiser in New York tonight, with Goldman Sachs, JPMorgan and Citigroup sending a scant half-dozen representatives or fewer. Some Democratic fundraisers and executives tell the New York Times that bailout banks are... More »

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Barack Obama • Wall Street • fundraiser • banking industry • fundraising

Pay Czar
Blocks Salary
for Ken Lewis

BofA CEO will return $1M and forgo
any pay this year

Oct 16, 09 7:42 AM CDT
(Newser) - President Obama's pay czar has landed his biggest punch yet: Bank of America CEO Ken Lewis will forgo any pay this year and return $1 million he's already accepted. But don't start up a collection just yet: The reason Kenneth Feinberg made the request is because Lewis will receive about... More »

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Bank of America • CEO • salary • banking industry • Ken Lewis • Kenneth Feinberg • pay czar

analysis

 Banks Yanking 
 Homeowners' 
 Last Hope: 
 Short Sales 

Healthier lenders no longer anxious to cut deals

Oct 3, 09 2:30 PM CDT
(Newser) - As banks get healthier, they're getting stingier with one of the few remaining lifelines for underwater homeowners—short sales. To keep home sales moving in leaner times—and to get bad loans off their ledgers—lenders would forgive the difference between the outstanding mortgage balance and the purchase price. Such... More »

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mortgage • credit crisis • homeowners • housing crisis • banking industry • short sales

(Newser) - Matt Taibbi, who portrayed Goldman Sachs as evil personified in a much-discussed Rolling Stone article over the summer, has the bank in his sights again. In his blog on True/Slant, Taibbi accuses Goldman of misleading and purposely confusing lawmakers about the practice known as naked short selling as new financial... More »

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Wall Street • Goldman Sachs • Rolling Stone • short selling • banking industry • naked short selling • Matt Taibbi

(Newser) - US bank CEOs are paid drastically more than their counterparts around the world. The CEO of Commercial Bank of China, the largest bank in the world, brings home just $234,700 a year—or roughly 2% of JP Morgan boss Jamie Dimon’s $19.6 million haul. The US has... More »

MORE ABOUT:
executive compensation • CEO • banking industry • Jamie Dimon

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding
year-old bank status

Sep 23, 09 8:15 AM CDT
(Newser) - With the Federal Reserve busily drafting rules to limit pay for bank executives, some investors believe Goldman Sachs will simply stop being a bank, Reuters reports. By shedding its year-old commercial banking charter, acquired in the heat of the financial meltdown to ensure access to credit, Goldman could elude restrictions... More »

MORE ABOUT:
executive compensation • Goldman Sachs • Federal Reserve • bank • bank regulation • banking industry

FDIC Fund Falls to $10.4B as Banks Struggle

Government will likely have to charge bank fees to replenish it

Aug 27, 09 11:02 AM CDT
(Newser) - The FDIC's fund for protecting bank deposits fell in June to just $10.4 billion—the lowest balance since the savings and loan crisis—all but ensuring that the government will have to levy new fees on banks to replenish it, the Wall Street Journal reports. The fund topped... More »

MORE ABOUT:
FDIC • banking industry • financial crisis • Sheila Bair

(Newser) - There’s a big problem with government efforts to keep delinquents in their homes by modifying mortgages: Banks would usually rather foreclose, economists tell the Washington Post. Lenders are only interested in modification for the small group of borrowers who will keep paying only if they get help. For those... More »

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foreclosure • mortgage • default • mortgage defaults • Obama administration • banking industry • mortgage modification



 Dimon: 
 DC's New 
 Favorite 
 Banker 

JPMorgan CEO ingratiates himself with Washington

Jul 19, 09 11:25 AM CDT
(Newser) - As the nation's financial center shifted from Wall Street to Pennsylvania Avenue, one man managed both to keep his bank afloat and emerge from a toppled industry with credibility in the White House. In a lengthy profile of Jamie Dimon, the New York Times takes a look at the JPMorgan... More »

MORE ABOUT:
CEO • Rahm Emanuel • Washington, DC • JPMorgan Chase • Obama administration • banking industry • Jamie Dimon • TARP

OPINION

 Goldman's Gains Are America's Losses 

Record earnings show Wall Street behavior hasn't changed

Jul 17, 09 10:01 AM CDT
(Newser) - Goldman Sachs’ record profits are good for the firm and “bad for America,” writes an irate Paul Krugman in the New York Times. With unemployment soaring, we’re seeing that “Wall Street’s bad habits” haven’t changed, and the government has actually made another crisis more... More »

MORE ABOUT:
Wall Street • Goldman Sachs • banking industry • financial crisis • economic crisis

Earnings

Bank of America, Citigroup Post Ugly Wins


Jul 17, 09 9:22 AM CDT
(Newser) - Bank of America and Citigroup both posted estimate-topping profits today, but neither inspired much confidence, the New York Times reports. Both numbers hinged on one-time gains from asset sales. In Bank of America’s case, earnings fell 5.5% to $3.22 billion, a number propped up by the... More »

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Citigroup • Bank of America • corporate earnings • second quarter earnings • banking industry

Troubled Banks Have a New Benefactor: You

Industry hikes fees on checking accounts, overdraft transactions

Jun 28, 09 11:31 AM CDT
(Newser) - Your children aren’t the only ones who think you’re an ATM: Your bank does, too. Facing declining revenues and smacked with tough, new credit card legislation from Congress, banks are hiking overdraft, ATM, and checking account fees, the Washington Post reports. The average bounced check fee rose 2.... More »

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Congress • Federal Reserve • legislation • ATM • banks • banking industry • checking account • consumers

OPINION

Obama's Bank Plan Punts on Tough Parts

Krugman, Pearlstein agree: It doesn't address key problems

Jun 19, 09 7:48 AM CDT
(Newser) - Barack Obama knows what caused the financial crisis, but his regulatory plan “basically punts on the question of how to keep it from happening all over again,” writes Paul Krugman in the New York Times. Obama’s plan takes the crucial step of regulating the “shadow... More »

MORE ABOUT:
Barack Obama • regulation • Paul Krugman • financial sector • bank regulation • Obama administration • banking industry • Steven Pearlstein

OPINION

On Financial Reforms, Obama Is No FDR

Proposed regulatory fixes don't actually fix much: Nocera

Jun 18, 09 12:02 PM CDT
(Newser) - President Obama is hardly living up to the hype on fiscal regulatory reform, and he's not matching Franklin Roosevelt, either. When FDR reformed financial regulation, he transformed the industry, cheerfully making enemies in the process. Obama has been timid by comparison, writes Joe Nocera of the New York Times:... More »

MORE ABOUT:
Barack Obama • Wall Street • reform • regulation • Franklin D. Roosevelt • financial sector • bank regulation • Obama administration • banking industry

INTERVIEW

Obama Vows 'Light Touch' in Bank Regulation

Oversight measures
aim for 'minimum' to avoid meltdown

Jun 17, 09 6:07 AM CDT
(Newser) - Today Barack Obama will announce a major financial reform package that will give the Fed, Treasury, and FDIC new powers of regulation and oversight. It's the most substantial shift in financial regulations since the 1930s—but stops short of some of the most radical proposals, including tough limits on derivatives... More »

MORE ABOUT:
Barack Obama • Federal Reserve • derivatives market • Treasury Department • regulation • FDIC • financial institutions • bank regulation • banking industry • financial crisis

MARKETS

 Dow Off 1 on TARP Repayment 


Jun 9, 09 3:14 PM CDT
(Newser) - The market was mixed today after the government announced TARP repayment plans, the Wall Street Journal reports. Oil surged past $70 a gallon, and the transport industry saw declines. The Nasdaq rose on hopes that electronics retail is picking up. The Dow was off 1.43 to 8,763.06.... More »

MORE ABOUT:
NASDAQ • New York Stock Exchange • Dow Jones • S&P 500 • bailout • banking industry • TARP

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