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Termites Devour $225K at Bank

Staff at Indian bank accused of 'laxity'

(Newser) - Staffers at an Indian bank were perplexed by a 10 million rupee shortfall until the culprit was discovered: termites. The insects had found their way into a storeroom in the old wooden building and munched their way through bank notes worth some $225,000, reports the BBC . Bank officials say... More »

Toddler Gets Locked in Bank Vault

But she's safe after locksmith cracks it in four hours

(Newser) - Scary story, happy ending: A 14-month-old girl visiting grandma at work couldn't resist toddling into an open vault at the Atlanta bank. An unwitting employee shut the door behind her, and nobody could open it because of the time-released lock, reports the Atlanta Journal Constitution . As rescue workers pumped fresh... More »

India Opens Bank With No Locks

Countdown to robbery begins ... now

(Newser) - An Indian bank has opened a lockless branch in the small village of Shani Shinganapur, trusting residents’ fear of their deity—Lord Shani—to prevent robberies, the Times of India reports. “We took note of the general belief and faith of the people,” says one bank official. “... More »

In Foreclosure Chaos, Banks Loot Wrong Homes

Homeowners return to find possessions gone

(Newser) - Amid wrongful foreclosures and screwy paperwork, banks have been breaking into homes whose owners still occupy them, a flurry of lawsuits argues. Owners have returned home to find the locks changed and their property—from laptops to old photos to the ashes of a loved one—missing, the New York ... More »

Piggy Banks Made From Real Pigs Cause Ruckus

Humane Society in Canada is not amused

(Newser) - A website known for outrageous products has hit a nerve with its latest: a piggy bank made from an an actual piglet. The description of the item on TheCheeky.com notes that the "taxidermied" bank is made only from piglets that have died of natural causes. Nonetheless, it's a... More »

'Sexy Spy' Anna Chapman Lands New Job

Her new boss? FondServisBank

(Newser) - What's a sexy former spy to do? Get a job at a bank, apparently. Anna Chapman, the 28-year old Russian operative whose "007-worthy beauty" caught America's attention has now been hired by Russia's FondServisBank, reports the Telegraph . The bank, which works in the aerospace industry, has hired Chapman to... More »

Mom Withdrew $15K for Robbers Before Her Murder

Bank surveillance tape shows mother's desperate bid to save family

(Newser) - In a desperate bid to save her family, a Connecticut mom withdrew $15,000 for home invaders who were holding her husband and two daughters hostage. Despite the payoff, she and her children were sexually assaulted and murdered, prosecutors said yesterday. Jennifer Hawke-Petit withdrew the money while at least one... More »

It's Official: No More Overdraft Fees Without Opt-In

Feds go after bank fee 'profiteering'

(Newser) - Say goodbye to the $35 Frappuccino. As of yesterday, if you don't choose to opt-in for overdraft protection, your bank can't saddle you with a hefty fee on the Starbucks beverage you don't actually have enough money in your account for. A new overdraft protection law has come into effect,... More »

Woman Tries to Deposit Cocaine in Bank

She is swiftly arrested

(Newser) - Illicit drug use tip of the day, kids: Don’t try to deposit your stash at the bank. A Connecticut woman learned that crucial lesson yesterday, after allegedly including a baggie full of cocaine in her deposit envelope at a bank drive-through, the Hartford Courant reports. The teller handled the... More »

Tunnel-Drilling Gang Fails to Rob Paris Bank

Would-be thieves fail to reach safe-deposit room

(Newser) - Would-be robbers tunneled into a Paris bank early yesterday morning but didn't actually manage to steal anything. In the third incident this year of "termite gangs" attempting to dig into bank vaults, the thieves used a pneumatic drill to connect a subway station to the basement of a BNP... More »

'Mommy-Tracked' Exec Sues Goldman Sachs

Ex-VP says she was treated like 'second-class citizen' after having kids

(Newser) - A former Goldman Sachs vice president who accuses the firm of shuffling her career off to the "mommy track" when she took maternity leave is suing the company for discrimination. Charlotte Hanna's lawsuit alleges that she was demoted and moved into positions with no potential for advancement when she... More »

US Bank Lending Falls at Fastest Rate in History

Figures spark renewed fears that feds are at a loss

(Newser) - The US bank lending rate has fallen its fastest in history, sparking renewed fears that the government hasn't done enough to prop up the economy and that America's troubles are far from over. Lending has plummeted $100 billion just since January, which amounts to a 16% annualized drop. Some $740... More »

Rip Torn Arrested for Breaking Into Conn. Bank

Actor was drunk, armed with revolver: cops

(Newser) - Rip Torn is due in court tomorrow after allegedly breaking into a bank while "highly intoxicated" and carrying a loaded gun, Connecticut state police say. The 78-year-old actor broke a window to gain entry to a Salisbury bank Friday evening and is being held on $100,000 cash bond,... More »

Just Call These New Rules 'The Lloyd Blankfein Act'

Part of Obama's proposed regulations are aimed at Goldman and its CEO

(Newser) - One part of the new financial regulations proposed by President Obama today could be called the "Lloyd Blankfein Act" because it's aimed squarely at Goldman Sachs and its "unrepentant CEO," writes Daniel Gross. The proposal would prevent banks from taking FDIC-insured deposits and then doing "funky... More »

Obama to Wall Street: 'We Want Our Money Back'

President talks tough, pledges to get 'every single dime' back

(Newser) - Barack Obama made with the tough talk today in announcing his proposal for a tax on big banks, pledging to recover “every single dime” the taxpayers spent bailing out Wall Street. “We want our money back, and we’re going to get it,” Obama declared. “If... More »

Obama Pitches Borrowing Tax on Top 50 Banks

Would raise $90B, discourage excessive risk, boost little guys

(Newser) - Barack Obama will propose a new tax on Wall Street’s biggest banks today, in an effort to recoup losses from the bailout, give smaller banks a boost against the behemoths, and curb the excessive risk-taking that caused the financial melt-down. The firms, 50 big-time banks, insurers and traders, would... More »

10 Lies Wall St. Told Us in '09

It's been a bumper year for BS from the big banks, writes Nomi Prins

(Newser) - As Wall Street happily trots off into 2009's sunset, same old bad habits in tow, things aren't looking so hot on Main Street—no matter the crocks the bankers sold us, writes Nomi Prins at AlterNet . Here's some of Wall Street's finest whoppers of the year.
  • The economy has improved.
... More »

Politics Played Major Role in Bailout Choices

Politically connected banks likelier to get TARP funds

(Newser) - Banks with ties to lawmakers were a lot likelier to get bailout cash than their less well-connected counterparts, according to a University of Michigan study unlikely to surprise bailout critics. Researchers crunching data on the 700 institutions that received TARP funds found that those with connections to members of congressional... More »

Frank, Geithner to Roll Out 'Too Big to Fail' Bill

New rules will impose 'living wills' for banks

(Newser) - After months of negotiations, Congress and the Obama administration are ready to introduce new rules on financial institutions deemed "too big to fail." Barney Frank, who heads the House Financial Services Committee, will present a bill as soon as this week that will let the government seize... More »

Russian Banks Foreclose on Pigs, Lingerie

As defaults soar, banks stuck with weird collateral

(Newser) - With loan defaults soaring, Russia’s banks have had to seize a lot of collateral lately—and we’re not talking about houses. By year’s end, 20% of Russian loans could be non-performing, by Moody’s estimate. In order to recoup those losses, the banks have accepted controlling stakes... More »

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