September 19, 2013 |
Michael Barr served as the U.S. Treasury Department's assistant secretary for financial institutions in 2009 and 2010. He oversaw the Obama administration's dealings with Congress in creating the Consumer Financial Protection Bureau. And he's still smarting from the experience. "The banks fought against the bureau tooth and nail," Barr told me. "They were in an all-out war with the administration over this. " But he makes no effort to hide his satisfaction with how things turned out. "The financial sector lost that fight," Barr said.
February 11, 1991 |
The banking industry has prepared a plan to contribute $10 billion over the next two years to avoid a taxpayer bailout of the troubled fund that insures savings deposits, industry officials said Sunday. The plan, which will be presented to federal regulators on Tuesday, calls for banks to purchase a special issue of bonds from the Federal Deposit Insurance Corp.
March 18, 2012 |
If you want to do business with the biggest bank in the Western world, don't get on a plane to New York or London. The new place to go is sunny California. Wells Fargo & Co., with its headquarters in downtown San Francisco, has shot ahead of the East Coast institutions that have long been the behemoths of the financial industry, including JPMorgan Chase & Co. andCitigroup Inc. Although Wells Fargo still has fewer bank deposits than its closest competitor, its total stock market value is now about $178 billion - that's about $70 billion more than Citigroup and about $9 billion more than JPMorgan.
February 20, 2010 |
The billionaires' club of private financiers who took over the remains of IndyMac Bank from the Federal Deposit Insurance Corp. turned a profit of $1.57 billion last year on the failed mortgage lender -- more than they invested less than a year ago. Yet under the sale agreement, the federal deposit insurance fund still could lose nearly $11 billion on bad loans that the Pasadena institution made before it was sold last March and renamed OneWest Bank....
December 10, 2004 |
Wrapping up a modern-day Bonnie and Clyde case that stretched around the world, a woman accused of helping her boyfriend rob banks across the West was sentenced Thursday to 10 years in prison and ordered to repay more than $231,000. Nova Guthrie, 31, turned and smiled at her parents and other relatives after hearing her punishment. Her father, Ralph Guthrie, waved at her as she was led away.
November 29, 2011 |
A member of the founding family of Farmers & Merchants Bank has pleaded guilty to stealing nearly $2 million from a customer's account. Matthew J. Walker, who managed the bank's Laguna Hills branch, entered the guilty plea before U.S. District Judge Andrew J. Guilford in Santa Ana. Walker's attorney said he squandered the stolen money on a failed investment. Walker, 34, admitted to stealing the money by taking advances from a customer's line of credit during a 16-month period during 2009 and 2010.
November 18, 2011 |
The Occupy Wall Street movement has led many banks to hire extra security. Manhattan's Amalgamated Bank has rolled out the red carpet. The bank, owned by the Workers United labor union, has emerged as the unofficial financial institution of the anti-Wall Street movement. Even people who hate banks, it seems, need a bank. "It was quite obvious we were not going to open a Bank of America account," said Wylie Stecklow, who serves on Occupy Wall Street's finance committee.