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Officer shot by fake cop in San Diego crime spree
Authorities in San Diego are investigating whether the man who shot an off-duty police officer is connected to two other robberies that happened hours apart Monday. Police say the officer was shot outside a bank in the suburb of Escondido by a man wearing a baseball cap that said, “POLICE”…
Moody’s downgrades world’s oldest bank to ‘junk’
Moody’s credit rating agency on Thursday downgraded the world’s oldest bank, Italy’s Banca Monte dei Paschi di Siena, to “junk” status on worries government recapitalisation plans will prove insufficient. The lowering of BMPS’s rating by two notches to “Baaa3″, a non-investment grade, reflects Moody’s view that “there remains a material…
3,000 protesters march towards Bank of America in Boston
The Occupy Wall Street movement is spreading across the country, as Boston’s movement has become the next major city to garner national attention. On Friday afternoon, 3,000 protestors marched towards Bank of America in downtown Boston to signal their disapproval over the banks foreclosure practices. 24 people were arrested for…
Bank of America to charge debit card use fee
(Reuters) – Bank of America Corp plans to charge customers who use their debit cards to make purchases a $5 monthly fee beginning early next year, joining other banks scrambling for new sources of revenue. U.S. banks have been looking for ways to increase revenue as regulations introduced since the…
Banks cutting principal on some mortgages: report
NEW YORK (Reuters) – Bank of America Corp and JPMorgan Chase & Co have started modifying tens of thousands of mortgages where the banks deem the loans especially risky, even if the borrowers have not asked, the New York Times reported on Sunday. In some cases, the paper said, the…
Sources: Geithner mulls leaving position at Treasury
WASHINGTON (Reuters) – Treasury Secretary Timothy Geithner is considering stepping down later this year, but will not make a decision until contentious negotiations over the U.S. debt ceiling are completed, people familiar with his thinking said on Thursday. Geithner said he would remain in his Treasury post “for the foreseeable…
Banker gets 30 years in big fraud case
WASHINGTON — A banker was given 30 years in prison Thursday in the $2.9 billion mortgage industry fraud that sank Colonial Bank in the biggest US bank collapse in 2009, the Justice Department announced. Lee Bentley Farkas was sentenced to jail by a Virginia court and fined $38.5 million as…
Bank errors continue to cause wrongful foreclosures
Four years into the foreclosure crisis, banks say they’ve made major improvements in how they handle struggling homeowners. They’ve promised, for example, not to foreclose on homeowners who are being considered for mortgage modifications. But that’s still happening. Consider the cases of Laurie Pinkerton and Lisa Peterson. The two women,…
Race for Strauss-Kahn successor goes to IMF board
WASHINGTON (AFP) – The IMF’s executive board meets Monday as the campaign to find a replacement for scandal-tainted former chief Dominique Strauss-Kahn reels from the unexpected twist of a dark horse candidacy. Bank of Israel Governor Stanley Fischer publicly announced his bid to become managing director after the close of…
IMF hit by sophisticated cyberattack: report
WASHINGTON (AFP) – The International Monetary Fund (IMF) was the target of a sophisticated cyberattack earlier this year, the New York Times reported Saturday, quoting senior officials at the world lender. The global financial institution — which has been spearheading the response to the eurozone crisis in recent months —…
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