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10 Lies Wall St. Told Us in '09
 10 Lies Wall St. Told Us in '09 
OPINION
Dec 29, 2009 9:13 AM CST

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.
...

Politics Played Major Role in Bailout Choices
 Politics Played 
 Major Role in 
 Bailout Choices 
U Michigan study
Dec 23, 2009 8:53 AM CST

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...

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...

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...

Fed Rolls Out Plan to Limit Bank Pay

It works in tandem with pay czar's new compensation rules

(Newser) - The Federal Reserve today officially announced a plan to regulate pay structures at banks, the same day the pay czar rolled out his plan to cap salaries at bailed-out firms. The administration’s double-whammy on compensation marks an unprecedented level of government involvement in the private sector, and the policies...

Goldman Exec: Pay Inequality Is Good for All

Soaring Wall Street bonuses should be tolerated for economy's sake

(Newser) - Believe it or not, lavish Goldman Sachs bonuses are good news for everybody, a company official told a discussion panel yesterday. The out-of-whack pay inequality will give the economy a kick in the pants, insisted the vice chairman of Goldman Sachs International. "We have to tolerate the inequality to...

Bailed-Out Banks Boost CEO Perks

From private jets to bodyguards, they just keep taking

(Newser) - The CEOs of bailed-out banks and financial companies saw their perks and benefits—ranging from private jet use and country club membership to free parking and bodyguards—rise even at the height of the crisis last year. On average, the CEOs of the 29 biggest companies that received federal money...

Wall Street Forking Out Record Pay

Pay at top firms expected to hit $140B as markets rebound

(Newser) - Major financial firms have bounced back from the brink of meltdown and are on course to hand out their biggest-ever pay packages this year. The total payout at the big banks and securities firms will hit $140 billion this year, according to Wall Street Journal projections based on revenue figures...

Don't Hate Me: I'm Just Here to Clean Up
 Don't Hate Me: 
 I'm Just Here 
 to Clean Up 
FORECLOSURE FRONTLINES
Sep 30, 2009 12:07 PM CDT

Don't Hate Me: I'm Just Here to Clean Up

Clearing the detritus of owners' dreams from bank-owned homes

(Newser) - Cindy Reid doesn’t want you to think she and her boss—and boyfriend—are the “bad guys.” But it is difficult when her man is the one “you never want to see pull up to your house. He has eyes that go flat when you offer ...

Goldman May Break Charter to Duck Pay Rules

Investors see financial giant shedding year-old bank status

(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...

FDIC May Borrow Billions From Banks
FDIC May Borrow Billions From Banks
Sep 22, 2009 6:37 AM CDT

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund mulls reverse bailout

(Newser) - After a year of government bailing out the banks, now the banks may bail out the government. Regulators are considering a plan for the FDIC, which protects bank depositors, to borrow billions from healthy banks, enabling the fund to refresh its accounts after a wave of bank failures. Banks and...

Old Capone Hideout for Sale
 Old Capone Hideout for Sale 
Sep 9, 2009 2:14 PM CDT

Old Capone Hideout for Sale

$2.6M gets you 407 acres and nostalgia in Wisconsin

(Newser) - For a minimum bid of $2.6 million, a remote 407-acre Wisconsin lodge where Al Capone stayed while on the lam can be yours, the Chicago Tribune reports. “Al Capone's hideout retreat,” proclaims an ad run in that paper by a small Wisconsin bank that had the luck...

Debit Card Overdrafts Bring Banks Billions

Fees make credit card shopping look like the smarter thing to do

(Newser) - Debit card overdraft fees are helping to pay banks’ bills in the recession—and they're hitting customers hard, the New York Times reports. “Banks will let you overspend on your debit card in a way that is much, much more expensive than almost any credit card,” says an...

Banks Get Back to Risky Business as Usual

Plans to overhaul regulation losing momentum as banks return to health

(Newser) - Banks that teetered on the edge of extinction last year are returning to their old ways as the shock of the financial crisis fades, the Wall Street Journal reports. The banks are handing out hefty compensation packages again and dealing in the same risky financial instruments that caused last year's...

Troubled Securities Threaten to Drown Banks

Feds set to seize Texas' Guaranty

(Newser) - Bad loans have been killing off banks at the fastest rate in 17 years—but now, securities purchased from other banks are a mounting threat, the Wall Street Journal reports. Thousands of banks nabbed securities dependent on mortgages and the financial industry. “Under most scenarios, they were good and...

Southern Lender Becomes Year's Biggest Bank Failure

(Newser) - Alabama's Colonial Bank has collapsed in the sixth-biggest bank failure in American history, the Wall Street Journal reports. The lender, which had assets of $25 billion and 346 branches in five southern states, was an aggressive mortgage lender in overheated markets like Florida, and its failure will cost the FDIC ...

Geithner: Wall Street Is Safe Again

(Newser) - The return of hefty profits on Wall Street doesn't mean that banks are returning to previous bad behavior, Tim Geithner insists. In an interview with the Wall Street Journal, the Treasury secretary says the big banks are safer now because "they're running with much less leverage," greater liquidity,...

Banks Hit Poorest With $38B in Overdraft Fees

(Newser) - American banks will pull in $38.5 billion in overdraft fees this year, a record sum that's largely coming from pockets of the poorest and most indebted consumers. According to the Financial Times, banks hiked fees on overdrafts and credit cards as the financial crisis took hold; this year's take...

Baghdad Gunmen Kill 8, Grab $7M in Bank Heist

Theft may be to back insurgency: official

(Newser) - Gunmen killed eight security guards and made off with nearly $7 million today during an early morning robbery at a bank in central Baghdad that police say is the work of insurgents attempting to finance their operations. It’s the second deadly robbery in a week in Baghdad's commercial Karradah...

Risk Aversion Keeps Loans Shrinking

Trend suggests economy has a long way to go

(Newser) - Lending is still on the downswing, the Wall Street Journal finds, as an analysis of 15 banks' total loans on offer in the second quarter shows another 2.8% decline. What's worse, more than half of April and May’s loan volume was tied to refinanced mortgages and renewed credit...

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