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Calif. county rebukes JP Morgan, Bank of America over fraud settlements

Officials in Santa Cruz county, California, have cut all ties with Bank of America and JP Morgan Chase after an examination of both organizations’ histories of cash settlements over fraud allegations. Santa Cruz Treasurer-Tax Collector Fred Keeley said Thursday evening that the banks, which were handling some of the county’s…

IMF adviser: The global economy could collapse ‘in two to three weeks’

In an interview on BBC yesterday, International Monetary Fund (IMF) adviser Robert Shapiro said something quite alarming: without a plan to save the Euro, the global economy will collapse “in two to three weeks.” Speaking about European leaders, Shapiro said: “If they can not address [the financial crisis] in a…

Lawyers say no criminal charges for AIG

The Justice Department has decided not to file criminal charges against the former head of a division at American International Group Inc. whose dealings in mortgage-related securities nearly bankrupted the company and led to a controversial government bailout, according to lawyers involved in the cases. The decision appears to bring…

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