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FRIDAY, NOVEMBER 27, 2009
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NEWS ABOUT: bank

bank stories: 140 news summaries

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SocGen Chief Resigns Amid Growing Outcry

Executive pay scandal, $6.4B fraud fallout
push Bouton to quit

Apr 29, 09 7:08 AM CDT
(Newser) - The chairman of Société Générale announced his resignation today amid growing public criticism of his performance, Reuters reports. Daniel Bouton had been scolded by Nicolas Sarkozy for his handling of the rogue trading affair that cost the bank $6.4 billion; last month the president attacked the... More »

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France • resignation • bank • Daniel Bouton • Societe Generale • Jerome Kerviel

 Fed Describes 'Stress Tests' 


Apr 24, 09 4:06 PM CDT
(Newser) - At the behest of the Federal Reserve, the 19 biggest US banks are projecting their losses on 12 categories of financial product such as loans and mortgage securities, the New York Times reports. The Fed, which asked the institutions to project a hypothetical scenario of a “stressed economic environment,... More »

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Federal Reserve • bank • Treasury Department • bank failure • financial crisis • stress tests

ANALYSIS

Bank Lending Still Down 23%
4 Months
After Bailout

Journal says Treasury's tally hides damage

Apr 20, 09 8:28 AM CDT
(Newser) - Banks that received taxpayer aid to restart lending are loaning less than they did before the bailout, a Wall Street Journal analysis finds. The most recent figures available, from February, show a 23% drop in new loans from the lending level in October, when the Treasury Department kicked off TARP,... More »

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loans • bank • Treasury Department • credit crisis • statistics • lending practices • bailout • financial crisis • TARP

UBS Announces $1.7B More
 Losses, 8,700 Job Cuts

Bank blames US tax fraud case for some of its 1Q losses

Apr 15, 09 7:52 AM CDT
(Newser) - Bad times are continuing for UBS in the wake of last year's record loss, the Guardian reports. The troubled Swiss bank reported a $1.75 billion loss in the first quarter, and announced plans to ax 8,700 employees—11% of its global workforce—sparking rumors that it plans to... More »

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layoffs • Switzerland • UBS • earnings reports • tax evasion • bank • banking • tax haven

 Feds May Reveal 
 Which Banks Are Weakest

Results of 'stress tests' may go public

Apr 15, 09 4:00 AM CDT
(Newser) - The administration may go public with some of its "stress test" results, which diagnose how well the country's 19 biggest banks will weather the financial crisis, insiders tell the Wall Street Journal. The administration has so far been treating all banks equally, but the stronger banks could soon be... More »

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bank • Treasury Department • financial sector • financial crisis • TARP • stress tests

Obama's Auto Crackdown Worries Bailed-Out Banks

After Wagoner ousting, financials fear similar fate

Mar 31, 09 8:12 AM CDT
(Newser) - After the Obama administration kicked out GM’s boss and said two of the Big Three automakers may benefit from bankruptcy, CEOs of banks bailed out by the government are wondering if there's a bull's-eye on their backs, the Washington Post reports. The risk of such a crackdown has been... More »

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CEO • bank • auto industry • Big Three • Rick Wagoner • Vikram Pandit • bailout • Obama administration • auto bailout • Ken Lewis

OPINION

Time to Forget AIG and Nab Offshore Cash

We're fretting about millions in bonuses, while firms hide billions

Mar 23, 09 11:40 AM CDT
(Newser) - Everyone’s aflutter about the AIG bonuses—but there’s a much more lucrative way to take Wall Street to task than obsessing over $165 million, writes Joe Conason in Salon. The government should instead focus on the billions that financial firms are putting in offshore tax havens. Corporate tax... More »

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Wall Street • tax evasion • bank • AIG • corporate America • tax haven

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 »

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

Some Banks Want to Bail
on Bailout

Critics charge growing list of conditions will damage industry

Mar 11, 09 2:20 AM CDT
(Newser) - A growing number of banks are seeking to return or avoid government bailout funds because of the lengthening list of conditions attached to the money, the New York Times reports. Critics say the terms—including modification of mortgages and caps on executive pay—smack of economic engineering. Bankers are especially... More »

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bank • credit crisis • banking • bailout • financial crisis • Wall Street bailout • TARP

Bailed-Out
UBS Rewards Bankers With Pay Hike

Swiss bank to boost salaries up to 200%

Mar 2, 09 4:35 AM CST
(Newser) - UBS has been one of the most stricken banks of the last two years, receiving government aid and slashing bonuses. But now the Swiss giant is doing something few would expect in this market: offering pay raises. Senior bankers who complete a performance review will see their salaries spike... More »

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UBS • bank • salary • bonuses • Swiss bank

 Markets Dive as HSBC Shuts 
 US Business, Axes 6,100 

Banking giant sells record $17.8B in new stock

Mar 2, 09 3:47 AM CST
(Newser) - European and Asian markets took a nosedive today, and HSBC announced it will sell $17.8 billion in new stock in the largest rights issue in British corporate history. Europe's largest bank ended last year in the black, posting a $9.3 billion profit. But HSBC wrote off $10.6... More »

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earnings reports • bank • HSBC • bonuses • writedowns • subprime lender

We Know What We're Doing, Bernanke Assures Congress

Fed chair defends response to financial crisis

Feb 25, 09 3:00 PM CST
(Newser) - Ben Bernanke defended the government’s response to the financial crisis today before Congress, saying regulators’ various approaches reflect different aspects of a unified strategy, MarketWatch reports. “We’re not making it up,” the Federal Reserve chief said. “We’re working along a program that has been... More »

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Congress • Ben Bernanke • Senate • Federal Reserve • nationalization • bank • economy

Taxpayers May Get 40% Stake
in New Citi Deal

Bank proposes converting public bucks into common stock

Feb 23, 09 1:45 AM CST
(Newser) - Fearing further losses, Citigroup is negotiating with the government to convert part of the public's $45 billion investment in Citi from preferred to common stock, which could give the US up to 40% of the bank at no additional cost. Such a move would boost the bank's capital portfolio while... More »

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Citigroup • nationalization • bank • shares • preferred stock • President Obama • ownership

Stanford Bank
in Antigua Missing $8B

'It appears to be
a Ponzi scheme,' investigator says

Feb 22, 09 5:03 PM CST
(Newser) - Investigators rummaging around Allen Stanford's Antiguan bank have confirmed media reports that $8 billion is missing, the Times of London reports. “The $8 billion you hear about in the media isn’t there,” one official told customers outside the Stanford International Bank. "It appears to be a... More »

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fraud • bank • Antigua • Ponzi scheme • bank fraud • Stanford Financial Group • Robert Allen Stanford

Dodd Backs Nationalizing Banks; White House Doesn't

Banking chair weighs short-term moves

Feb 20, 09 3:19 PM CST
(Newser) - Chris Dodd says the US may have to nationalize the most troubled banks for “a short time” to save the financial system, Bloomberg reports. The chairman of the Senate Banking Committee joined Ben Bernanke and Alan Greenspan in calling for serious consideration of nationalizing flailing institutions such as Bank... More »

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Citigroup • Bank of America • nationalization • recession • bank • Chris Dodd • Senate Banking Committee • bank failure • financial crisis

ANALYSIS

 How the
 Crisis Changed
 Bernanke 

Extraordinary times have changed the Fed chairman's language and policy

Feb 19, 09 12:33 PM CST
(Newser) - Crises change people, and the changes wrought by the financial meltdown on Fed Chairman Ben Bernanke were well evident at a Press Club lunch yesterday, writes Dana Milibank for the Washington Post. Previously known for bland answers, this academic now tempers his economist-speak with straight talk and supplemented official data... More »

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Ben Bernanke • Federal Reserve • nationalization • bank • mortgage backed securities • emergency lending • financial crisis

BofA Tricks People Into Paying the Dead's Bills 

Bank accused of shady practices in collecting cash from bereaved relatives

Feb 7, 09 7:34 AM CST
(Newser) - Bank of America has been misleading customers into believing they have to pay off the credit card bills of dead relatives, TPM reports. One customer was outraged when a bank rep tried to first trick, and then guilt-trip him into paying his dead mother's bills. A former rep for the... More »

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Bank of America • death • bank • credit card • banking • consumer debt • debt collection • banking industry

Citigroup Sues Pawnshop Over Similar Name, Logo

Struggling bank seeks all profits made by Brooklyn's All Citi Pawn

Feb 3, 09 3:41 PM CST
(Newser) - Citigroup is suing a Brooklyn pawnshop for copyright infringement, the New York Post reports. The logo for All Citi Pawn sports the distinctive “i” and a similar red mark over the “t.” Citigroup’s suit demands the pawnshop fork over all profits made since it adopted the... More »

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Citigroup • copyright • bank • lawsuit • Citibank • copyright infringement • pawn shop

I'd Rather Say I'm in Porn: Shunned Wall Streeter

Financial types feel they're unfairly 'vilified' in crisis

Feb 3, 09 9:31 AM CST
(Newser) - Working on Wall Street used to have glamor to it—but now, saying you work at JPMorgan or Goldman Sachs immediately establishes you as “one of them,” the New York Times reports. Wall Streeters are facing a new pariah status, and many believe they’re taking an unfair... More »

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Wall Street • Goldman Sachs • bank • anger • financial sector • financial institutions • bankers • JPMorgan Chase • society • financial crisis • blame

Sweden's Advice on US Banks: Be Wise, Nationalize

Taxpayers eventually benefited from early '90s move to recapitalize busted system

Jan 23, 09 8:38 AM CST
(Newser) - One option to save US banks: follow Sweden’s lead and nationalize them. Sweden’s banks were essentially bankrupt in the early 1990s, but a center-right government took them over, and taxpayers ultimately reaped the benefits, the New York Times reports. Troubled assets were isolated into a single “bad... More »

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nationalization • bank • Sweden • financial crisis • bad bank • toxic assets

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