October 24, 2010 |
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.
July 20, 2011 |
Just a year ago, banking executives argued vehemently against the most sweeping overhaul of financial regulations since the Great Depression, saying the law enacted then would stifle innovation and erode profits. But in the last two weeks, they have been reporting billions of dollars in profits — including a record quarter for Wells Fargo & Co. — with nary a word about how the so-called Dodd-Frank financial reform law was hindering them. "Name me one significant thing that Dodd-Frank has done to alter the behavior of these banks," said Ted Kaufman, a former U.S. senator from Delaware who led the push for stronger financial regulations last year.
July 23, 2010 |
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.
February 14, 2014 |
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.
September 4, 2012 |
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.
November 19, 2012 |
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.
August 22, 2013 |
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.
May 22, 2013 |
SAO PAULO, Brazil -- Brazilian authorities are trying to determine the source of rumors that led thousands of people concerned about their government assistance payments to make a run on banks last weekend. Word spread that the government would be canceling its Bolsa Familia program, which provides cash transfers to poor families, and crowds began to form Saturday around banks in at least 12 states, and in some cases smashed windows, local press reported. The reaction to the rumors demonstrated the importance of the government's flagship antipoverty program, which has been the subject of sometimes heated political debate.
March 11, 2011 |
A federal grand jury has accused an Orange County couple of stealing $130 million from a consortium of banks, including Bank of America, by inflating the value of their importing company's assets. Thomas Chia Fu and his wife, Cheri L. Shyu, were arrested Thursday at their home in Newport Coast. The couple owned an Anaheim company called Galleria USA Inc., which imported home decor items from China and sold them in the United States. They defrauded the banks by exaggerating ?