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OPINION
October 24, 2010 | By Nicole Gelinas
Since the housing market peaked in 2006, the nation has suffered through nearly half a decade of financial and economic hell. It's past time for the politicians to do what they should have done in the first place. That is, protect the nation's priceless assets: the rule of law and free markets. Instead, the pols are protecting the worthless assets of zombie banks that do not know how to be banks. Two years ago, many of the nation's largest banks should have failed ? because their business model failed.
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BUSINESS
July 12, 2013 | By Jim Puzzanghera
WASHINGTON -- Sen. Elizabeth Warren has launched a campaign to make banks boring again as she pushes legislation to enact stricter regulations forcing deposit-taking financial institutions out of the investment business. The Massachusetts Democrat wants to reinstate the Depression-era Glass-Steagall law, which separated what she called boring checking and savings accounts that are backed by the Federal Deposit Insurance Corp. from risky investment banking. And after joining three other senators Thursday in introducing a bill to do that, Warren went to the Twitterverse to rally support.
BUSINESS
September 4, 2012 | By Jim Puzzanghera
WASHINGTON -- While the majority of banks have improved their finances during the last four years, looming economic threats mean the outlook for the industry remains negative over the next 12 to 18 months, Moody's Investors Service said Tuesday. "Our negative outlook ... reflects a challenging domestic operating environment, with prolonged low interest rates, high unemployment, weak economic growth and fiscal policy uncertainties," said Sean Jones, Moody's senior vice president. "Additionally, the threat of contagion stemming from the European sovereign debt crisis undermines economic recovery in the U.S. and exposes banks to a heightened risk of shocks," he said.
BUSINESS
September 14, 2013 | By Tom Petruno
Never let a crisis go to waste, says an old rule of politics. For some major players in the economy, the financial crisis that began five years ago this month with Lehman Bros.' collapse turned out to be as much an opportunity as a calamity. Although the memories that the anniversary evoke are overwhelmingly grim - cascading home foreclosures, bank failures, massive layoffs, diving stock prices - five years later some spectacular winners have emerged from the maelstrom, along with a more familiar list of pitiable losers.
BUSINESS
July 23, 2010 | Bloomberg News
Seven of 91 European Union banks subject to stress tests failed with a combined capital shortfall of $4.5 billion, stirring concern the evaluations weren't strict enough. Hypo Real Estate Holding AG, Agricultural Bank of Greece SA and five Spanish savings banks have insufficient reserves to maintain a Tier 1 capital ratio of at least 6% in the event of a recession and sovereign-debt crisis, lenders and regulators said Friday. The banks are in "close contact" with national authorities over the results and the need for more capital, said the Committee of European Banking Supervisors, which coordinated the tests.
BUSINESS
February 14, 2014 | By Timothy M. Phelps and Jim Puzzanghera
WASHINGTON - The Obama administration, taking the first regulatory step to accommodate the country's growing state-approved marijuana businesses, issued guidelines Friday designed to bring dispensaries into the banking system and end their risky reliance on stashing large amounts of cash. The step was a cautious one, reflecting conflicting pressures on the administration. On one side, many states now allow the sale of marijuana for medical or recreational use. Atty. Gen. Eric H. Holder Jr. said last month that law enforcement agencies were increasingly concerned about marijuana sellers who are forced to deal in cash because the banks' unwillingness to deal with them prevents them from using credit cards.
BUSINESS
November 19, 2012 | By Jim Puzzanghera
WASHINGTON -- The country's largest mortgage servicers said they had provided $26.1 billion in relief to struggling homeowners through September, half through short sales, as part of a national settlement of foreclosure problems, the deal's monitor reported Monday. The aid has gone to more than 300,000 borrowers from March 1 to Sept. 30, for an average of about $84,385 per person, according to the Office of Mortgage Settlement Oversight, which was set up to monitor the progress of the banks.
BUSINESS
August 22, 2013 | By Jim Puzzanghera and E. Scott Reckard
WASHINGTON -- Five large banks said they have given $51.3 billion in relief to consumers under a landmark settlement of foreclosure-abuse complaints that is almost finished providing assistance to homeowners, the official monitor of the deal said Thursday. The aid, including lower monthly payments, forgiven mortgage principal and short sales, has gone to 643,726 people from March 1, 2012, through June 30, according to a report from the Office of Mortgage Settlement Oversight.
BUSINESS
September 17, 2013 | By Jim Puzzanghera
WASHINGTON - Just before the financial crisis hit, Wells Fargo & Co. had $609 billion in assets. Now it has $1.4 trillion. Bank of America Corp. had $1.7 trillion in assets. That's up to $2.1 trillion. And the assets of JPMorgan Chase & Co., the nation's biggest bank, have ballooned to $2.4 trillion from $1.8 trillion. Ending the problem of so-called too-big-to-fail firms was a rallying cry for politicians and regulators after the unprecedented bailouts in fall 2008. The issue was the major impetus for enacting the sweeping Dodd-Frank regulatory overhaul two years later.
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