September 29, 2008 |
The tentative agreement Sunday on a $700-billion financial system rescue package would provide a badly needed psychological boost on Wall Street but wouldn't be an immediate panacea for the economy or housing market, experts predicted.
October 27, 1993 |
Federal thrift regulators on Tuesday banned former Lincoln Savings & Loan operator Charles H. Keating Jr. from the banking industry and ordered him to pay $36 million in restitution for two illegal dealings at the failed Irvine thrift. The action by the Office of Thrift Supervision ended three years of hearings and legal maneuverings involving Keating and other executives at Lincoln, which collapsed in April, 1989, and became one of the industry's costliest thrift failures.
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.
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 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.
November 1, 2011 |
Bank of America abandoned plans to charge customers $5 a month to use their debit cards, marking a high-profile retreat for a fee that became emblematic of the current populist outrage against Wall Street. The nation's second-largest bank was broadsided by customer protests — and even criticism from President Obama — after announcing the charge in September. BofA's position was further weakened as rivals including JPMorgan Chase & Co. and Wells Fargo & Co. declared they would not impose similar fees.
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.
July 21, 2010 |
The combination of two Pasadena banks illustrates how opportunistic private investors are taking control of a growing number of recession-battered financial institutions. Professional Business Bank, a community bank under regulators' orders to raise capital, is being acquired by California General Bank, which opened in March 2009 with backing from Carpenter Community BancFund. Headed by Irvine investment banker Edward Carpenter, the private equity fund also owns Bridge Bank in San Jose, Mission Community Bank in San Luis Obispo, Bank of Manhattan in El Segundo and Plaza Bank in Irvine.