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OPINION
August 18, 1991 | Charles R. Morris, Charles R. Morris, a Wall Street consultant, is author of "The Cost of Good Intentions," an analysis of the New York fiscal crisis
The just-announced blockbuster merger between Bank of America and Security Pacific to form the nation's second biggest bank is emitting seismic rumbles throughout the financial services industry, coming as it does on the heels of the pending merger of Chemical Bank and Manufacturers Hanover, which the principals thought would be the country's second biggest bank.
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ENTERTAINMENT
April 19, 2013 | By Ben Ehrenreich
"It's a difficult business," writes David Graeber, "creating a new, alternative civilization. " Just open a window or turn on the TV - the same old civilization is rotting all around us. Budget cuts, police shootings, endless and ever-broadening wars, the climate in full-scale, almost-end-times spasm, a Congress of hand puppets yelping on about the manufactured crisis of the moment, a president whose answer to every crisis is More of the Same....
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ENTERTAINMENT
April 19, 2013 | By Ben Ehrenreich
"It's a difficult business," writes David Graeber, "creating a new, alternative civilization. " Just open a window or turn on the TV - the same old civilization is rotting all around us. Budget cuts, police shootings, endless and ever-broadening wars, the climate in full-scale, almost-end-times spasm, a Congress of hand puppets yelping on about the manufactured crisis of the moment, a president whose answer to every crisis is More of the Same....
BUSINESS
September 16, 2009 | DAVID LAZARUS
Millions of consumers got burned in the meltdown of the mortgage market. Yet the financial services industry remains adamantly opposed to President Obama's proposed Consumer Financial Protection Agency, intended to streamline and strengthen safeguards for the little guy. The proposed watchdog would oversee mortgages and other consumer loans and would ensure that financial institutions comply with all relevant laws -- some parental supervision that...
BUSINESS
August 17, 1993 | From Times Staff and Wire Reports
Textron to Sell Part of Unit: The owner of Avco Financial Services said it will sell up to 19% of one of its insurance subsidiaries but has no plans to sell all or part of its Avco group of finance and insurance companies. Textron Inc., a Providence, R.I., conglomerate, said it has filed documents with the Securities and Exchange Commission to sell 17% to 19% of its Paul Revere Corp.
BUSINESS
June 11, 1999 | Reuters
The House Commerce Committee approved a bill to overhaul Depression-era U.S. banking laws and allow banks, brokers and insurers to enter one another's businesses. The committee passed the bill on a voice vote with no objections after including broader-than-expected privacy provisions strongly opposed by the financial services industry. The measures would give customers of financial firms a say in whether their information is shared or sold.
BUSINESS
May 2, 1997 | (Bloomberg News)
Computer Sciences Corp. said it started a new business group focusing on the financial services industry. The new group will combine CSC's existing consulting and computer service businesses, offering a set of services to banking, insurance and investment business customers. El Segundo-based CSC, which had 1996 revenue of $4.74 billion, said it expects the financial services group's fiscal 1998 revenue to be $1.5 billion.
BUSINESS
May 21, 2000
I must not be the only Democrat who has declined to make a second donation to the Clinton Legal Defense Fund. When Clinton signed the Financial Services Modernization Act, my checkbook snapped shut. Now I read "Clinton Seeking More Privacy for Consumers" [May 1]. It's too late, Mr. President. I, like many others, am not going to forgive you for giving away our privacy and for caving in to the financial services industry last year. ROSALIND CRAMER Mar Vista Business welcomes your letters.
BUSINESS
August 5, 1997 | GREG MILLER, TIMES STAFF WRITER
Software powerhouse Oracle Corp. turned to a small Santa Monica company Monday for help in cracking the vast financial services industry, agreeing to acquire Treasury Services Corp. for about $120 million in cash. Oracle executives said the deal is designed to help the Redwood Shores-based company wrest business away from IBM, Unisys and other companies that have traditionally supplied the bulk of the software used by banks and other financial institutions.
OPINION
May 23, 2009
The bailouts may be winding down for the financial services industry, but the regulatory buildup is just beginning. New measures signed into law this week on credit card companies and mortgage lenders signal the postelection shift in attitude about the government's role in vigorously competitive markets. Congress is also considering additional safeguards on payday and home loans, and the administration may propose a new commission to regulate consumer credit and investment products.
BUSINESS
October 24, 2008 | TIMES WIRE SERVICES
Xerox Corp. plans to cut 3,000 jobs, or 5% of its workforce, because a slowdown in orders from large U.S. companies has dragged down the printer and copier maker's profit margins. The restructuring of the Norwalk, Conn.-based company will affect all departments except sales and is an example of how the economic turmoil is hurting companies outside the financial services industry. Xerox shares slid 27 cents, or 3.4%, to $7.71. Xerox had already been steadily cutting costs and jobs before the financial crisis dramatically worsened in the last month.
BUSINESS
November 8, 2000 | Reuters
Citigroup Inc. has pledged to improve its consumer lending practices, following allegations of predatory lending tactics at the No. 1 U.S. financial services company and its planned merger partner Associates First Capital Corp. Among other steps, New York-based Citigroup said it will set up a special review process for foreclosures so borrowers do not wrongly lose their homes, and expand opportunities for low and middle-income people to obtain cheaper loans. Citigroup told U.S.
BUSINESS
October 19, 2000 | From Reuters and Bloomberg News
Boeing Co. on Wednesday reported a 30% increase in third-quarter profit, beating Wall Street forecasts, as the aerospace giant squeezed more cash out of its businesses even as revenue shrank. The world's biggest plane maker said it earned $622 million, or 72 cents a share, in the quarter ended Sept. 30, up from $477 million, or 56 cents, a year ago. Revenue declined 10.5% to $11.88 billion.
BUSINESS
September 7, 2000 | From Reuters
Citigroup Inc., the No. 1 U.S. financial services company, said Wednesday it will buy Associates First Capital Corp., the biggest U.S. finance company, for $31.1 billion in stock to boost its consumer lending business. The purchase of Dallas-based Associates, the former consumer finance arm of auto maker Ford Motor Co., marks Citigroup's largest deal since its formation in 1998 and expands its international reach as well as its large credit card and commercial finance operations.
BUSINESS
July 16, 2000 | SUSAN VAUGHN, SPECIAL TO THE TIMES
Cheryl Paller worries that she has two strikes against her that could preclude an ascent to the upper echelons of banking: She's female and she's unconventional. It's not that Paller hasn't had successes as a banker. She has risen to the rank of vice president at four financial institutions, including her present employer, Bank of America. But the top spots in banking are still elusive to women.
BUSINESS
October 24, 2008 | TIMES WIRE SERVICES
Xerox Corp. plans to cut 3,000 jobs, or 5% of its workforce, because a slowdown in orders from large U.S. companies has dragged down the printer and copier maker's profit margins. The restructuring of the Norwalk, Conn.-based company will affect all departments except sales and is an example of how the economic turmoil is hurting companies outside the financial services industry. Xerox shares slid 27 cents, or 3.4%, to $7.71. Xerox had already been steadily cutting costs and jobs before the financial crisis dramatically worsened in the last month.
BUSINESS
January 11, 1985 | VICTORIA McCARGAR
Alva O. Way, who helped engineer Travelers Corp.'s expansion from insurance into financial services, has resigned as president "for personal reasons," the Hartford, Conn.-based company said Thursday. Edward H. Budd, chairman and chief executive, will assume the additional title of president, according to a brief statement from the company. Way, 55, will continue as a director and as chairman of the board's finance committee and will act as a consultant, the statement said.
BUSINESS
May 21, 2000
I must not be the only Democrat who has declined to make a second donation to the Clinton Legal Defense Fund. When Clinton signed the Financial Services Modernization Act, my checkbook snapped shut. Now I read "Clinton Seeking More Privacy for Consumers" [May 1]. It's too late, Mr. President. I, like many others, am not going to forgive you for giving away our privacy and for caving in to the financial services industry last year. ROSALIND CRAMER Mar Vista Business welcomes your letters.
BUSINESS
May 1, 2000 | JAMES GERSTENZANG, TIMES STAFF WRITER
President Clinton on Sunday unveiled a proposal to improve protection of consumer privacy at a time of increasing computerization and consolidation within the financial services industry. The president's plan was drawn up to respond to dramatic changes that have allowed banks, insurers and securities firms to integrate their operations within a single financial services conglomerate. It goes beyond legislation Clinton signed in November modernizing the nation's banking system.
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