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BUSINESS
October 18, 2008 | TOM PETRUNO
It only took trillions of dollars of government cash and guarantees, but the fear gripping global markets finally has begun to ease. Now it's up to the world's bankers to step up and do their part to keep the credit crisis from unleashing financial Armageddon. The mood shift so far has been modest, but encouraging.
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BUSINESS
September 26, 2008 | E. Scott Reckard and Tiffany Hsu, Times Staff Writers
In the biggest bank failure in U.S. history, Washington Mutual Bank was seized late Thursday by federal regulators and immediately sold to JPMorgan Chase & Co. for $1.9 billion. Customer deposits will be secure, regulators said, but shareholders of the nation's largest savings and loan will see what's left of their holdings wiped out. WaMu shares have lost 88% of their value this year amid huge losses in the bank's mortgage loan and credit card businesses.
BUSINESS
September 10, 2008 | From Bloomberg News
Wachovia Corp., the fourth-largest U.S. bank, will cut expenses next year by $1.5 billion and is "tapping the brakes" on risk, Chief Executive Robert Steel told investors Tuesday. Severance and other costs for the Charlotte, N.C.-based lender will reach as much as $650 million in the second half of 2008 as it eliminates jobs, Steel said at a conference in New York run by Lehman Bros. Holdings Inc., which is having its own troubles -- Lehman's shares fell 41% Tuesday on news that its hoped-for infusion of cash from a Korean bank fell through.
BUSINESS
May 30, 2008 | From the Associated Press
Federally insured banks and thrifts set aside a record $37.1 billion to cover losses from soured mortgages and other loans in the first quarter, when profits were nearly halved, regulators said Thursday. Federal Deposit Insurance Corp. data show that Citigroup Inc., Bank of America Corp. and about 8,500 other institutions earned a combined $19.3 billion in the January-March period. That was a drop of 45.7% from the $35.6 billion earned a year earlier. The FDIC has said it would beef up its staff of examiners to handle an anticipated surge in bank failures this year.
BUSINESS
April 17, 2008 | From Times Wire Services
Billionaire financier Wilbur L. Ross Jr. plans to seek about $4 billion from investors including Arab sovereign funds to buy U.S. depositary banks. Ross, 70, said he would talk with Persian Gulf investors in Abu Dhabi next week about 100 to 200 so-called thrift banks. He plans to package U.S. thrift bank acquisitions "as a finished product" to sovereign wealth funds, he said.
BUSINESS
October 9, 2007 | Don Lee, Times Staff Writer
shanghai -- China Minsheng Banking Corp. said Monday that it had agreed to buy a 9.9% stake in UCBH Holdings Inc. of San Francisco in what would be the first U.S. strategic investment by a mainland Chinese bank. UCBH, the parent of United Commercial Bank, called the deal "historically significant." Analysts said the move by Beijing-based Minsheng was likely to be a harbinger.
BUSINESS
October 3, 2007 | From Bloomberg News
Toronto-Dominion Bank, in what would be the biggest foreign takeover by a Canadian lender, agreed Tuesday to pay $8.5 billion for Commerce Bancorp Inc., the New Jersey company that ousted founder Vernon Hill three months ago. Shareholders of Cherry Hill-based Commerce, the state's largest bank, would get about $42.37 a share in cash and stock, or 6.6% more than Monday's closing price, Toronto-Dominion said.
NATIONAL
August 18, 2007 | Peter G. Gosselin, Times Staff Writer
In an about-face Friday from only 10 days earlier, the Federal Reserve expressed concern that a sudden freeze-up in the financial markets could hurt the economy, trimmed one of its key interest rates and hinted that more help could be on the way. The central bank's words and action had a bracing effect on the stock market, which had been preparing for another day of wild swings. After four days of declines, some of them very sharp, the Dow Jones industrial average jumped 233.30 points, or 1.
NATIONAL
August 12, 2007 | Judy Pasternak, Times Staff Writer
washington -- At the Group of 8 summit of world leaders in June, President Bush repeated his calls for developing nations to curb their emissions of greenhouse gases. Without their cooperation, he said, drastic measures in the United States to battle climate change would make little sense. "We all can make major strides, and yet there won't be a reduction until China and India are participants," he told reporters. But just weeks earlier, the U.S.
BUSINESS
August 2, 2007 | From Times Wire Services
Biola University in La Mirada has sued Bank of America Corp. and BNP Paribas, saying the banks conspired to overcharge the Christian school for $84.2 million of derivatives. In its suit filed Tuesday in U.S. District Court in Los Angeles, Biola said the banks misled it into believing that it paid a fair price for four derivatives it bought in 2002 and 2004. The contracts were tied to tax-exempt bonds the college sold. Bank of America, the second-biggest U.S.
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