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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: bank

bank stories: 140 news summaries

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BNP Paribas Halts Fund Withdrawals

France’s biggest bank can’t value holdings after credit collapse

Aug 9, 07 12:35 PM CDT
(Newser) - France's largest bank today froze three investment funds threatened by the subprime mortagage collapse, claiming it can’t “fairly” place a value on their rapidly declining assets. Citing the “complete evaporation of liquidity” in the US securities market, BNP Paribas halted withdrawals from the funds, which were worth... More »

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subprime mortgages • Bear Stearns • finance • bank • stock • mutual funds • BNP Paribas

Will That Be Credit, Debit,
or Cellphone?

Next-gen tech gives cash-free shoppers more options

Aug 7, 07 4:41 PM CDT
(Newser) - Shoppers in the not-too-distant future may have a new option when they get to the checkout line: their cell phones. Many retailers are warming up to the idea of consumers using "contactless" payment methods—cellphones or cards with a built-in wireless chips that can process transactions with a simple... More »

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retail • cell phones • shopping • bank • credit card • smart card

Big Biz Lobbyists Sit Out Private Equity Tax Fight

Other bankers
unmoved to defend their tax advantages

Jul 30, 07 11:51 AM CDT
(Newser) - Two big business lobbying groups are sitting out the fight in Congress over increasing taxes on private-equity earnings—in part, the Financial Times reports, because many of their members are threatened by the rise of private equity.  Big firms like Blackstone pay traditional banks hefty fees for the underwriting... More »

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private equity • taxes • bank • Business Roundtable • Financial Services Forum • lobbying

Wall Street Jittery After Drop

Markets jittery after stock drop

Jul 30, 07 4:47 AM CDT
(Newser) - Wall Street has a case of nerves. After last week's market drop, the worst in five years, investors shouldn't expect any more "Merger Mondays" for some time to come, the New York Times predicts. Instead opening the week with big new deals, to send the market to new highs,... More »

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investing • private equity • stock market • Wall Street • debt • bank

Barclays Bid Gets Backing From the East

China, Singapore put
up cash for ABN Amro takeover offer

Jul 23, 07 12:06 PM CDT
(Newser) - The Chinese and Singaporean governments have invested almost $5 billion in Barclays, helping the firm float more cash for its bid for ABN. The state-run companies would invest even more if the bid succeeds, which would leave the Chinese state with a holding of 7.7% of the world's new... More »

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China • Barclays • ABN AMRO • bank • Singapore

CEO Passes Reins at Wells Fargo

Successor will continue bank's strategy

Jun 28, 07 6:01 AM CDT
(Newser) - Dick Kovacevich, the CEO of Wells Fargo, stepped down yesterday after an enviable run at the helm of the country's fifth-largest bank. His successor will be COO John Stumpf. At a time when most financial institutions are seeking global acquisitions, the San Francisco-based bank has outperformed larger rivals while shunning... More »

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Wells Fargo • Norwest • Dick Kovacevich • John Stumpf • bank • acquisition

Supremes Side With Banks in Antitrust Action

Credit Suisse, Goldman won't face class action suit over late-'90s IPOs

Jun 18, 07 2:40 PM CDT
(Newser) - The Supreme Court has broadened the shield protecting companies from antitrust lawsuits, ruling in a 7-1 decision this morning that investors cannot sue 16 banks they accuse of rigging Internet-boom-era IPOs. The majority said the SEC had adequately regulated banks' actions and that opening them up to this type of... More »

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investors • Goldman Sachs • Credit Suisse • antitrust • Stephen Breyer • IPO • bank • US Supreme Court

International Banks Face Trial in Italian Court

Morgan Stanley, others indicted in wake of Parmalat bankruptcy

Jun 13, 07 10:15 AM CDT
(Newser) - Four gold-plated investment banks have been ordered to stand trial for alleged market manipulation for their roles in advising Italian dairy giant Parmalat, which declared bankruptcy in 2003. Italian prosecutors say Morgan Stanley, Deutsche Bank, UBS, and Citigroup allowed Parmalat to manipulate its finances, helping it to defraud investors even... More »

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fraud • Citigroup • bankruptcy • Parmalat • Morgan Stanley • Deutsche Bank • UBS • bank

Next World
Bank Prez
Meets World

Zoellick begins circuit to meet and greet bank's poorest clients

Jun 5, 07 11:33 AM CDT
(Newser) - Former trade rep Robert Zoellick embarked on a world tour yesterday, in advance of his likely ascension to president of the World Bank this month. Zoellick will stop in Africa to visit the bank's largest beneficiaries, and Europe to schmooze with its largest donors. "I want to leave no... More »

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World Bank • Paul Wolfowitz • Robert Zoellick • business • money • bank • crisis • donor

Wachovia Nabs A.G. Edwards

Deal takes aim at
small investors,
creates country's
No. 2 retail brokerage

May 31, 07 12:58 PM CDT
(Newser) - Wachovia will buy A.G. Edwards for $6.8 billion, forming the nation's number two retail brokerage. Wachovia's $89.50 per share offer for the historic Midwest brokerage—it survived the crash of '29—helps the bank further expand its growing securities arm. The combined company will manage over $1... More »

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investors • merger • Wachovia • A.G. Edwards • bank • acquisition

Zoellick Vows
to Mend
World Bank

Nominee sounds prepared to clean up Wolfowitz mess

May 31, 07 7:37 AM CDT
(Newser) - Robert Zoellick knows he has his work cut out for him, and he says he will try to "calm the waters" if he is confirmed as World Bank president. "This institution has been through a traumatic period and there is a lot of anxiety, some frustration and anger,... More »

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World Bank • Paul Wolfowitz • Goldman Sachs • Robert Zoellick • business • bank

RBS Consortium Renews Bid
for ABN Amro

$96B offer dwarfs Barclays proposal,
but legal woes persist

May 29, 07 9:02 AM CDT
(Newser) - Refusing to take no for an answer, a coalition led by Royal Bank of Scotland today submitted a renewed $95.6 billion bid for ABN Amro. The offer overshadows a competing $86 billion offer from Barclays, but legal wrangling over the sale of LaSalle Bank continues to bog down the... More »

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Barclays • ABN AMRO • Royal Bank of Scotland • LaSalle Bank • merger • bank • acquisition

Interest Rate Cut Triggers Panic in Iran

President goes over finance minister's head, ignites sell-off

May 25, 07 2:05 PM CDT
(Newser) - Iran's erratic president has set off a stock market scare by ordering banks to slash interest rates, despite high inflation and lots of expert advice to the contrary. The move sparked panicked selling and fears of a full-blown financial crisis, the Guardian reports. The new decreed rate is 12%, down... More »

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Iran • stock market • Mahmoud Ahmadinejad • finance • bank • US economy • interest rate • interest rate cut

China Loosens Up on Yuan

Currency move may be concession to US—or attempt to pop a stock market bubble

May 18, 07 10:40 AM CDT
(Newser) - Just days before a meeting with US Treasury Secretary Henry Paulson, China is taking baby steps toward letting its currency trade more freely. The government also raised interest rates and the reserve on bank loans today, signaling concern over the country's red-hot economy. China's trade surplus—which some American politicos... More »

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China • currency • Henry Paulson • money • trade • bank • yuan • US economy

ABN Turns Down RBS Spoiler Offer

Dutch bank rejects $24 billion bid for LaSalle as no better than BofA's

May 7, 07 8:01 AM CDT
(Newser) - Dutch bank ABN Amro has rebuffed a $24 billion offer for its American nephew LaSalle, from a consortium led by the Royal Bank of Scotland. ABN says the bid was no better than a previous one from Bank of America, and that the Scots had ignored "repeated requests for... More »

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Bank of America • ABN AMRO • LaSalle • Royal Bank of Scotland • business • bank

Dutch Court Blocks Bank Merger

Court rules ABN Amro can't sell LaSalle, which jeopardizes Barclay merger

May 3, 07 1:47 PM CDT
(Newser) - A Dutch court has blocked the sale of ABN Amro's LaSalle Bank, throwing Amro's proposed merger with Barclays into jeopardy. The move—which the court says is intended to protect shareholder interests—could spark a new bidding war over the Dutch bank, whose $87.5 billion proposed merger with Barclays... More »

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Barclays • ABN AMRO • LaSalle • Royal Bank of Scotland • business • bank

Euro Bank Giants to Merge

RBS, regulators may rain on
Barclays-AMB AMRO parade

Apr 23, 07 9:23 AM CDT
(Newser) - Britain's Barclays Bank and Dutch bank ABN Amro have agreed to merge, creating one of the world's largest banks. The $90 billion deal is far from a sure thing, however—it requires approval by shareholders and regulators, and a group led by Barclays' archrival, the Royal Bank of Scotland, has... More »

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Barclays • ABN AMRO • merger • money • bank • John Varley

Wolves Circle Wolfowitz

Neocon World Bank president says he
won't resign

Apr 16, 07 6:52 AM CDT
(Newser) - Embattled World Bank president Paul Wolfowitz is hanging tough in the face of a crescendo of calls for his resignation after improperly promoting the interests of his live-in girlfriend. In a weekend of maneuvering, the bank's development committee offered no shelter, issuing a vague but harsh statement that the organization"... More »

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World Bank • Paul Wolfowitz • Shaha Riza • bank • scandal • Iraq war

Sweetheart Deal May Sink Wolfowitz

World Bank staff boos his apology for pushing girlfriend's promotion

Apr 13, 07 6:41 AM CDT
(Newser) - World Bank president Paul Wolfowitz faced mounting pressure to resign last night as details emerged over his role in ordering a promotion and pay raise for an employee with whom he is romantically involved. Wolfowitz apologized at a press conference and again to a gathering of bank staff members, where... More »

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World Bank • Paul Wolfowitz • business • bank • scandal • Iraq war

Wal-Mart Drops Out of Bank Biz

Mar 18, 07 10:53 PM CDT
(Newser) -  Wal-Mart has withdrawn its controversial application for a bank charter, ending a potential foray into the retail bank market. The big-box retailer’s plans to set up its own bank had drawn fire from banking and consumer groups, who feared it would stifle competition. The company, for its part,... More »

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retail • Republican • House Financial Services Committee • bank • banking • Wal-Mart

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