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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: banking industry

banking industry stories: 107 news summaries

41 - 60 of 107 Stories | << Prev 1 2 3 4 5 6 Next >>

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Citing Too-Low Prices, Banks Won't Sell Toxic Assets 

Stress test an Obama weapon

Apr 16, 09 11:37 AM CDT
(Newser) - Banks are proving so reluctant to part with their so-called “toxic assets” that the Obama administration may have to strong-arm them into doing so, Time reports. Banks are protesting that the prices being offered—about $70 per $100 bond by the magazine’s calculations—are too low. That’s... More »

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Goldman Sachs • Treasury Department • JPMorgan Chase • Obama administration • banking industry • financial crisis • Timothy Geithner • toxic assets • stress tests

(Newser) - Lehman Brothers' bankruptcy filing is a gold mine for lawyers. One New York firm asked a bankruptcy judge this week to authorize a $55 million payment—the largest quarterly fee ever for a bankruptcy case, the Wall Street Journal reports. When all is said and done, this firm alone—Weil,... More »

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bankruptcy • Lehman Brothers • legal fees • law firm • banking industry

 Brain Drain Wallops Wall Street 

It's not just the firings: others are leaving for safer jobs

Apr 12, 09 3:16 PM CDT
(Newser) - The financial crisis is reshaping not just the landscape of Wall Street, but its face as well, reports the New York Times in a look at the hemorrhaging of the Street's top talent. Layoffs aside, finance's best and brightest—arguably the same daring risk-takers responsible for the recession—are seizing... More »

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Wall Street • Citigroup • Bank of America • Goldman Sachs • Morgan Stanley • Merrill Lynch • banking • banking industry • financial crisis

(Newser) - When Paul Krugman was in grad school, nobody wanted to be a banker. Sure, it paid more than being an academic economist, but “everyone knew that banking was, well, boring,” he writes in the New York Times. That was before deregulation came into vogue in the 1980s,... More »

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Paul Krugman • financial sector • Great Depression • bank regulation • deregulation • banking industry

 Obama: Make 
 Middle-Class Tax 
 Cuts Permanent 

Geithner defends Treasury handling of AIG bonuses

Mar 29, 09 10:29 AM CDT
(Newser) - President Obama hit the Sunday talk show circuit today, vowing to push Congress for a permanent middle-class tax cut for as long as it takes. “I strongly believe that we should continue those tax cuts,” Obama told CBS’ Face the Nation. “It’s still the right thing... More »

MORE ABOUT:
Barack Obama • talk show • tax cuts • banking industry • Face the Nation

Waters Helped Get Funds
for Bank With Family Ties

Critics see major conflict of interest

Mar 12, 09 6:00 PM CDT
(Newser) - Maxine Waters is getting lots of unwanted attention about her role in helping a bank with family ties get a helping of TARP money. Both the New York Times and the Wall Street Journal have stories raising questions about whether the California congresswoman used undue influence to get aid for... More »

MORE ABOUT:
Congress • bank • bailout • conflict of interest • banking industry • TARP • Maxine Waters

(Newser) - Senate Banking Chairman Chris Dodd has introduced a bill to allow the FDIC to borrow up to $500 billion from the Treasury Department, the Wall Street Journal reports. It’s the latest attempt to bolster the fund that insures consumer deposits, which has been ravaged by a string of... More »

MORE ABOUT:
Ben Bernanke • Chris Dodd • banking • FDIC • banking industry

(Newser) - A sign of the times: Citibank shares are now eligible for your local dollar store. The bank’s shares fell below $1 for the first time ever today in trading, MarketWatch reports. They reached 97¢ at midday, about 2 years after trading at an all-time high of $57. Investors apparently... More »

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shares • Citibank • banking industry • financial crisis

Cuomo Subpoenas Merrill's
$10M Execs

Payouts may violate securities law

Mar 4, 09 8:45 PM CST
(Newser) - New York Attorney General Andrew Cuomo has subpoenaed top executives of Merrill Lynch who got at least $10 million each last year as the bank floundered, the Wall Street Journal reports. Cuomo is investigating whether the payouts violated securities law and wants to know why executives at Merrill and Bank... More »

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Bank of America • Merrill Lynch • Andrew Cuomo • bonuses • banking industry

Debt Collectors Fleece Relatives of the Dead

Getting bereaved to pay up one of the healthiest parts of industry

Mar 4, 09 11:26 AM CST
(Newser) - Bankruptcy and defaults are all the rage these days, but one group is being targeted to pay up: the dead. Entire debt collection agencies have cropped up that specialize in calling bereaved relatives and convincing them to pay the deceased’s debts, even though they have no legal obligation to... More »

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death • credit card • banking • consumer debt • debt collection • banking industry

(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 »

MORE ABOUT:
Treasury Department • loan • bailout • banking industry

(Newser) - The irony is, well, rich. Former executives of Countrywide Financial—the bank whose risky loans to homeowners have become synonymous with the subprime mess—are now making a mint helping the government fix things, the New York Times reports. A dozen former Countrywide executives, including President Stanford L. Kurland, have... More »

MORE ABOUT:
subprime mortgages • Countrywide Financial • credit crisis • bank failure • banking industry

MARKETS

 Dow Drops Below 7000 


Mar 2, 09 8:45 AM CST
(Newser) - Stocks sunk below 7000 at the open today, extending a global selloff fueled by trouble in financials. The Dow was off 161 points by mid-morning, while the S&P tumbled 2.5%, the Nasdaq 1.9%. Bad news abounded, with HSBC saying it planned to limit US lending, AIG’s... More »

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stock market • Dow Jones • Nasdaq • financial sector • S&P 500 • banking industry

(Newser) - The federal government has begun its so-called "stress tests" of the nation's big banks, reports the Los Angeles Times. The tests will run through April, and the banks will have to prove they can withstand a worsening economy—even if unemployment rises above 10% and home prices decline 22%.... More »

MORE ABOUT:
bank failure • banking industry • Wall Street bailout • TARP

interview

Doctor Doom Says It's Time
to Nationalize

Temporary takeover
isn't 'Bolshevik'—it's
the only option

Feb 21, 09 9:25 AM CST
(Newser) - Nouriel Roubini thinks it will soon be time to nationalize the banks, and these days people listen to Nouriel Roubini. For years the NYU economist has been predicting financial catastrophe, earning the nickname “Doctor Doom,” so he’s now looking pretty prescient. “No one’s in favor... More »

MORE ABOUT:
nationalization • economist • banking industry • Nouriel Roubini

Analysis

Credit Crunch Pinches Entire Lending System

Undercapitalized banks stand to benefit from $1T infusion

Feb 20, 09 12:35 PM CST
(Newser) - Banks aren’t lending, and to change that the government is propping up not just the banks but also the vast, largely unseen financial system that fuels them, the New York Times reports. Banks rarely keep the loans they make anymore; instead, debt is packaged into securities and sold,... More »

MORE ABOUT:
Federal Reserve • credit market • securities • mortgage backed securities • financial sector • Obama administration • banking industry • Timothy Geithner • TALF

(Newser) - Switzerland's biggest bank admitted today that it helped wealthy US customers evade their taxes, the Wall Street Journal reports. UBS set up shell companies and fake trusts for customers so they could hide their accounts from the IRS. The company will pay $780 million in fines and turn over the... More »

MORE ABOUT:
Department of Justice • Switzerland • UBS • Internal Revenue Service • tax fraud • banking industry

OPINION

Autoworkers, Bankers Have a Lot in Common

Exorbitant pay of both brought down their respective industries

Feb 18, 09 9:11 AM CST
(Newser) - They may not seem all that similar, but Detroit’s autoworkers and Wall Street’s bankers have the same story, writes Steven Pearlstein in the Washington Post. From the 1950s up until, say, yesterday, "autoworkers were the aristocrats of the blue-collar world, (and) Wall Street traders and... More »

MORE ABOUT:
Wall Street • Detroit • auto industry • compensation • banking industry • financial crisis • Steven Pearlstein

Bank Execs
to Congress:
We Are Lending

CEOs defend compensation,
call for new regulation

Feb 11, 09 9:35 AM CST
(Newser) - “We’re lending,” bank executives told Congress this morning, as CEOs including Jamie Dimon, Ken Lewis, and Vikram Pandit testified before the House Financial Services Committee. They also defended the outrage-inducing (but, they stressed, much reduced) bonuses they handed out, according to their prepared testimony. “Our employees... More »

MORE ABOUT:
executive compensation • House Financial Services Committee • testimony • bonuses • Vikram Pandit • banking industry • Jamie Dimon • Ken Lewis

analysis

Brutal Day Puts Geithner
on the Defensive


Feb 10, 09 8:49 PM CST
(Newser) - It's safe to say the honeymoon's over for Tim Geithner. The Treasury chief—whose very appointment way back when gave the market a lift—spent all day on the defensive after unveiling the administration's economic plan, writes Emily Kaiser of Reuters. Wall Street tanked, interviewers dogged him with questions about... More »

MORE ABOUT:
Treasury Department • Obama administration • banking industry • Treasury secretary • Timothy Geithner

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