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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bank

bank stories: 140 news summaries

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investigation

Inouye Pulled Strings to Get Hawaii Bank Bailout Cash

Inouye owned shares in institution

Jul 1, 09 8:18 AM CDT
(Newser) - A Hawaii bank got a federal bailout weeks after Sen. Daniel Inouye’s office called federal officials to check on the bank’s funding application, ProPublica and the Washington Post report. The bailout money was intended to support healthy banks, but the FDIC had decided Central Pacific Financial didn’t... More »

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bank • Daniel Inouye • bailout • TARP

 Goldman Readies 
 Record Bonuses 

Recession doesn't curb bank's bounty

Jun 22, 09 8:07 AM CDT
(Newser) - A wildly successful first half is pointing to the best year ever for Goldman Sachs, and that means record staff bonuses in the midst of the recession, the Guardian reports. Revenues have soared at the bank, which now has little competition; it promised in April that half of its nearly... More »

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Wall Street • Goldman Sachs • recession • bank • bonuses • investment banks

Bailed-Out Bank Execs Fly Corporate Jets to Resorts

Citi, BoA, Morgan Stanley CEOs jetted off after cash infusions

Jun 19, 09 6:54 AM CDT
(Newser) - Executives at bailed-out banks are still using company jets to fly to vacation homes and resorts, the Wall Street Journal reports. The newspaper reviewed FAA records to find that banks receiving federal aid have flown top execs to locales such as the Caribbean, Aspen, and Europe. Case in point: Less... More »

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Citigroup • Bank of America • CEO • Morgan Stanley • bank • resorts • bailout • vacation home • executives • Regions Financial • corporate jets

 Report Seeks More 
 Bank Stress Tests 

First round may have underestimated unemployment

Jun 9, 09 8:52 AM CDT
(Newser) - The US should run a second round of bank stress tests if it turns out the government was overly optimistic about the economy in the first round, says a report to be presented to Congress today. The Congressional Oversight Panel, which monitors the bailout, applauded the tests thus far, but... More »

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Congress • recession • bank • unemployment • economy • report • stress tests • Elizabeth Warren

 Bank Pays Workers 
 to Take 5-Year Vacation 

Employees should go pursue 'personal projects,' bosses say

Jun 3, 09 6:53 AM CDT
(Newser) - Spain's second-largest bank is taking the creative route to cost-cutting—offering its workers 5 years' paid vacation. Staff at BBVA who want to take time off to focus on "personal or professional projects" can receive 30% salary plus benefits, in addition to a guaranteed job when they return. The... More »

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Spain • recession • bank • vacation • leave • furlough

 Citigroup Halts 
 Payouts to 
 Former Execs 

Promised severance packages curtailed to avoid public anger

Jun 2, 09 5:07 AM CDT
(Newser) - Citigroup has told several of its top former executives that it will not pay out millions in promised severance pay, reports the Wall Street Journal. The bank has already forked out more than half of the $100 million it had pledged to five or so senior employees, but it is... More »

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Citigroup • executive compensation • bank • Wall Street bailout • severance pay

 Flush Mafia Invests Big 
 in Recession Italy 

It's buying up struggling companies

May 27, 09 2:22 PM CDT
(Newser) - As banks spurn borrowers, Italian mafiosi are lending out their cash stockpiles to profit from the global recession, Bloomberg reports. Long invested in cash-intensive businesses like food distribution, the mafia is using its liquidity to take control of other legitimate businesses—and as a bonus, the three main mob outfits... More »

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Italy • mob • recession • bank • money laundering • Mafia • Sicilian mafia

'Accidental Millionaires' May Have Fled NZ for China

Had asked for $6K overdraft; got $6M instead

May 21, 09 12:56 PM CDT
(Newser) - A New Zealand couple on the lam after they became accidental millionaires may be in China, and an investigator has been dispatched to look for the fugitives, the Rotorua Review reports. Interpol is also on the case. Of the $3.6 million originally transferred into a gas station's account because... More »

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crime • New Zealand • bank • fugitive • mistake • fleeing • Westpac Bank • Leo Gao • Hui Gao • Huan Di Zhang

Banks Raised $56B Since Tests: Geithner

Stress assessments boost confidence, have helped markets heal

May 20, 09 2:16 PM CDT
(Newser) - Government stress tests boosted confidence in the nation’s biggest banks and helped them raise $56 billion in needed capital, Treasury Secretary Tim Geithner told Congress today. His remarks were met by bipartisan skepticism, with members noting that smaller institutions still face severe challenges, the Wall Street Journal reports. “... More »

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bank • Chris Dodd • Richard Shelby • Senate Banking Committee • Obama administration • Timothy Geithner • TARP • stress tests

BofA Raises $13.5B
With Share Sale

Bank takes big stride towards meeting 'stress test' condition

May 20, 09 4:55 AM CDT
(Newser) - Bank of America has sold shares to fill $13.5 billion of the $34 billion capital hole the Fed's "stress test" uncovered in the bank's balance sheet, Marketwatch reports. The bank—taking advantage of a 40% jump in its share price over the last month—issued 1.25 billion... More »

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Bank of America • Federal Reserve • bank • shares • capital markets • stress tests

Banks Use Worker Life Insurance to Pay Exec Bonuses

Dead employees
keep on giving

May 20, 09 4:31 AM CDT
(Newser) - Former employees of the big banks often end up handing the bosses a final reward when the workers die, the Wall Street Journal reports. The banks have taken out life insurance policies on hundreds of thousands of workers, and the tax-free death benefits are used to finance executive compensation and... More »

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executive compensation • insurance • bank • bonuses • life insurance • banking industry

 Branson's 
 Next Launch: 
 Virgin Internet Bank 

Exploiting the public's discontent with banks, Virgin could bid for Northern Rock

May 18, 09 7:16 AM CDT
(Newser) - Capitalizing on public disgust with Britain’s big banks, Richard Branson plans to launch an Internet bank through subsidiary Virgin Money that will take deposits and offer mortgages, the Guardian reports. Branson is talking to investors and some US banks about financial backing and could set in motion more ambitious... More »

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Richard Branson • United Kingdom • bank • Britain • Virgin Group • Northern Rock Bank • financial crisis

(Newser) - Guatemalan authorities have arrested an IT worker who urged others on Twitter to withdraw their money from a state-run bank at the center of a murder controversy, the Guardian reports. “First concrete action should be (to) remove cash from Banrural and bankrupt the bank of the corrupt,”... More »

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social networking • Internet • crime • bank • Guatemala • Twitter • Alvaro Colom • Banrural

Some Bank Bosses Face Axe: FDIC Chief

After feds' stress tests comes 'evaluation process,' Bair says

May 15, 09 1:00 PM CDT
(Newser) - An “evaluation process” following banks’ stress tests will lead to the sacking of some execs, Federal Deposit Insurance Corp. chair Sheila Bair tells Bloomberg. “Management needs to be evaluated,” she noted. “Have they been doing a good job? Are there people who can do a better... More »

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bank • FDIC • executives • firing • Sheila Bair • stress tests

(Newser) - May has already been the busiest month ever in new share offers from publicly traded companies, the Wall Street Journal reports. The $54.9 billion in sales this year put the market at a level of activity not seen since 2000. “It’s an indication that the healing process... More »

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stock market • New York Stock Exchange • Dow Jones • recession • bank • stock offering • recapitalization • TARP

Bernanke: Risks Remain Despite Stress Tests

But Fed chief is encouraged by
bank response

May 12, 09 2:31 AM CDT
(Newser) - Big banks' response to "stress tests" has been encouraging but they will need to watch out for risks not covered by the tests, Ben Bernanke warned regulators yesterday. The Fed chief—signaling that investment giants like Goldman Sachs can expect tighter scrutiny—said banks should self-test for potentially disastrous... More »

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Ben Bernanke • Federal Reserve • bank • credit crisis • banking industry • financial crisis • TARP • stress tests

Bank Wrangling Softened Stress Test Results

Fed massaged some figures to portray banks as healthy

May 8, 09 5:40 AM CDT
(Newser) - Some major banks managed to cajole the government into using more optimistic figures in its "stress test" results, insiders tell the Washington Post.  Banks like Citigroup—eager to show they were healthy and didn't need more help from the government—were given credit for pending moves to raise... More »

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Bank of America • Wells Fargo • bank • Treasury Department • banking industry • financial crisis • TARP • stress tests

 Stress-Tested Banks 
 Need Just $100B 

Investors find causes for optimism in capitalization news

May 7, 09 7:25 AM CDT
(Newser) - Leaked results of the stress tests on America's biggest banks separate sufficiently capitalized banks—including JPMorgan Chase, MetLife, AmEx, and Goldman Sachs—from underfunded ones such as BofA, Wells Fargo, and Citi. Bank shares rose sharply yesterday and today, and some investors said the results were better than they feared.... More »

MORE ABOUT:
Ben Bernanke • Goldman Sachs • Federal Reserve • recession • bank • Treasury Department • JPMorgan Chase • banks • Timothy Geithner • TARP • MetLife • stress tests

analysis

Stress Tests Expected to Show Confidence in Banks

Administration ready to say bailout worked

May 4, 09 6:46 AM CDT
(Newser) - The top US banks may not be as deep in the mud as analysts fear, government "stress tests" out Thursday are expected to show. Officials seem ready to argue that the nation's financial system is recovering and won't require more bailout funds from Congress. "None of these banks... More »

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recession • bank • bank failure • Obama administration • financial crisis • stress tests

Citi May Need Extra $10B to Pass Stress Test

Fed delays release of results as banks haggle over initial findings

May 2, 09 4:46 AM CDT
(Newser) - Citigroup may have to scrape together as much as $10 billion in fresh capital to pass the Fed's stress tests for big banks, insiders tell the Wall Street Journal. The release of the tests—which assess how a bank could weather various dire scenarios—has been pushed back from Monday... More »

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Citigroup • Federal Reserve • bank • financial crisis • stress tests

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