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February 6, 2001
* Halifax, Britain's largest mortgage bank, said it reached an agreement to buy troubled life insurer Equitable Life for as much as $1.47 billion. But U.S. financial services group GE Capital, which had failed to win over Equitable's management, was considering striking back with a "substantially" higher and restructured proposal, an industry source said. Equitable maintained that the deal with Halifax is final. GE Capital is a unit of U.S. conglomerate General Electric Co.
April 2, 2014 | By David C. Williams
Drive through the dilapidated main strip in Terry, Miss., and it's easy to see that the town of 1,063 is a hardscrabble place. And last month, life there got harder when the last bank branch in town closed, leaving in the lurch residents who have long depended on it as a convenient place to manage their money. The same thing is happening in countless other small towns and inner-city neighborhoods across the country, which have been left behind as banks adjust to new financial realities by shuttering branches by the thousands.
March 10, 2014 | By Michael Hiltzik
New York's banking regulator, Benjamin Lawsky , has ticked off the financial sector and even his fellow regulators by being, well, zealous in his job. Now he's taking aim at one of the most cherished practices in the regulatory biz: disciplining institutions while letting their individual wrongdoers skate. In an interview published Monday in the Financial Times, Lawsky said this about that: " Corporations are a legal fiction. You have to deter bad individual conduct within corporations.
December 23, 2013 | By Shan Li
Ray Irani, once the highest paid executive in the oil industry, is getting a $14-million lump sum as part of a $26-million settlement after being ousted as chairman of Occidental Petroleum Corp. Irani, who joined the Los Angeles oil company in 1983 and was pushed out as chairman in May, also will continue receiving lifetime security and financial planning services estimated at as much as $1.3 million a year, Occidental said Monday in a securities regulatory filing. The 78-year-old former executive has been paid an average of $90 million a year in total compensation since 2002, according to data compiled by The Los Angeles Times.
August 12, 2013 | By Andrew Tangel
NEW YORK -- The state of New York's top financial regulator is turning up the heat on Bitcoin and other virtual currencies as government investigators grow increasingly alarmed that the emerging industry could aid criminals and terrorists. The state's Department of Financial Services said Monday it has launched an inquiry into virtual currency firms, which it may seek to regulate. The announcement comes as federal regulators have intensified their scrutiny of the industry. "If virtual currencies remain a virtual Wild West for narco-traffickers and other criminals, that would not only threaten our country's national security, but also the very existence of the virtual currency industry as a legitimate business enterprise," Benjamin Lawsky, the state's superintendent of financial services, said in a notice posted on the department's website.
July 16, 2013 | Michael Hiltzik
As if you haven't been scared enough by the projections that most Americans haven't saved enough to maintain their lifestyles as they enter retirement, here's something even more terrifying: Nearly half of all Americans will outlive their assets, dying with practically no money at all. Even more worrisome, that's true even among households that met the traditional standards for secure retirement income. Economic factors and changes in employer pensions and in economic reality have made it much harder to stretch income and assets so they last, especially as people live longer.
June 17, 2013 | By Paresh Dave, Los Angeles Times
In late February, a thief or thieves cracked into Evernote's digital vault filled with log-ins, passwords and email addresses belonging to 50 million users. It was a shocking cyber attack considering the Redwood City, Calif., company offers online lockers for people to safely store their files. With its reputation on the line, the company quickly developed a security feature that may become the standard procedure for accessing online accounts: demanding two digital keys to gain entrance.
June 12, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - As Congress readied for a new battle over raising the debt limit, Sen. Barbara Boxer announced legislation that would prevent lawmakers from being paid if they do not increase the nation's borrowing authority. "It is an American value to pay your bills. It's also an American value to do your job," Boxer (D-Calif.) told reporters Wednesday. "If we as members of Congress refuse to pay the bills we have incurred, we should not be paid our salaries. " Boxer announced the legislation along with the lead House sponsor, Rep. Jim McDermott (D-Wash.)
April 23, 2013 | By Jim Puzzanghera, Los Angeles Times
WASHINGTON - Republicans have stepped up their pressure to limit the wide-ranging powers of the nation's watchdog over consumers' money matters. The head of a key House committee overseeing the Consumer Financial Protection Bureau said he would no longer accept the testimony of Richard Cordray, the bureau's director, before his panel because he doesn't believe Cordray was legally appointed to his post. Cordray, who delivered his semi-annual report to the Senate Banking Committee on Tuesday, was set to do the same in coming weeks in the House, as required by law. But Rep. Jeb Hensarling (R-Texas)
February 21, 2013 | By E. Scott Reckard, Los Angeles Times
Activist investors have succeeded for the first time in placing a shareholder resolution on the risks of greenhouse-gas emissions up for a vote at a major bank, a step toward making climate change an important consideration for corporations. The resolution, which follows years of protests over banks financing certain coal operations, is to be included in proxy material being sent to shareholders of PNC Financial Services Group of Pittsburgh before the bank's April 23 annual meeting.
January 21, 2013 | By Andrew Tangel
Financial services and banks were the least-trusted industries last year, according to a public relations firm's annual survey. Only 46% of U.S. respondents said they trusted the financial services industry, and only 41% said they trusted banks in 2012, according to PR agency Edelman's annual survey of consumers' trust. That's still an improvement, however. The perception of the financial and banking industries improved from 2011, when only 25% of U.S. respondents found them trustworthy, Edelman said.
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