More Finance and Banking Articles

  • International Monetary Fund: Big U.S. banks receive $15 billion to $70 billion in 'too big to fail' subsidies

    In an update to its global financial stability report for April, the IMF indicated that U.S. banks, as of 2013, are able to obtain funding more cheaply because investors believe that in the event of failure, the government will offer the banks support.

  • Suspected fraud plot foiled at Vatican bank

    ROME (AP) — Two men toting a briefcase stuffed with false bond certificates purportedly worth trillions of euros (dollars) tried to bluff their way into the exclusive Vatican bank in a foiled fraud plot, Italian police said Sunday. Financial Guard police Lt. Col. Davide Cardia said the...

  • Shadow banking remains out of regulators' grasp

    Regulators implementing the Dodd-Frank financial reform law and trying to ensure that big banks don't fall into another crisis know that may be looking in all the wrong places. Instead of the big banks that are normally the focus of regulations meant to protect taxpayers and the broader...

  • Vatican bank's ousted president comes out swinging

    VATICAN CITY (AP) — The ousted president of the Vatican bank came out swinging Friday after he was cleared in a money-laundering investigation, accusing the bank's board of causing "grave damage" to the Holy See by firing him in 2012. Ettore Gotti Tedeschi ended a nearly two-year silence with...

  • Moody's reviewing Russia bond rating for downgrade

    Moody's Investors Services is considering whether to downgrade Russia's government bond rating, citing a weaker economy and greater risk amid the uncertainty caused by the conflict with Ukraine. The ratings agency said Friday it placed Russia's "Baa1" government bond rating under review for a...

  • Ally files for IPO that could raise more than $3B

    MINNEAPOLIS (AP) — The federal government is getting ready to sell more than half of its remaining stock in Ally Financial in a public offering that might raise enough money to pay back the rest of its taxpayer bailout. The sale could raise as much as $3.06 billion. That plus the $15.3...

  • Patterson retiring as BancorpSouth chairman

    TUPELO, Miss. (AP) — Aubrey Patterson, BancorpSouth's chairman since 1991 and whose career with the bank goes back four decades, will retire at the shareholders meeting on April 23. The announcement came Wednesday. Patterson joined the then-Bank of Mississippi in 1972. Under Patterson's...

  • BofA to spend $9.33 billion in FHFA settlement

    Bank of America will spend $9.33 billion to resolve a dispute over mortgage securities with the Federal Housing Finance Agency, the regulator that oversees Fannie Mae and Freddie Mac. The agency sued 18 financial institutions in 2011 over their sales of mortgage securities to Fannie and...

  • Fed blocks Citigroup from raising dividends

    WASHINGTON (AP) — The Federal Reserve on Wednesday barred Citigroup from raising its dividend or boosting its stock buybacks, saying it's too hard to predict how some parts of the bank's global operation would fare in a sharp economic downturn. It was a setback for Citigroup Inc., one of the...

  • NY slaps $25M fine against Ex-BofA CEO Lewis

    NEW YORK (AP) — Bank of America and its former CEO Ken Lewis have reached a $25 million deal to settle allegations that Lewis and his executive team misled investors about the impact of BofA's 2008 merger with Merrill Lynch. The settlement, announced by New York Attorney General Eric...

  • New York Fed: Megabanks are too big to fail, and engage in more risk-taking

    The Federal Reserve Bank of New York issued a study Tuesday concluding that the largest U.S. banks are perceived by investors to enjoy an implicit guarantee from the government, and another report finding that the biggest banks engage in riskier activities. The question of whether the largest...

  • CFPB: Most payday loans are rolled over, and most monthly borrowers receive government benefits

    The vast majority of payday loans are rolled over or quickly followed by new loans, and most people who borrow from payday lenders are recipients of government benefits, according to the Consumer Financial Protection Bureau.

  • Report: Payday loans can cost borrowers much

    WASHINGTON (AP) — About half of all payday loans are made to people who extend the loans so many times they end up paying more in fees than the original amount they borrowed, a report by a federal watchdog has found. The report released Tuesday by the Consumer Financial Protection Bureau also...

  • Convicting 5, jury nixes Madoff claim he was alone

    NEW YORK (AP) — Imprisoned financier Bernard Madoff's claim he carried out a nearly $20 billion fraud by himself has been firmly rejected by a New York jury that convicted five of his former top employees. The federal court verdict Monday came in the first trial to result from the...

  • Should U.S. taxpayers subsidize Russian banks and companies?

    As President Obama starts hurling sanctions at an increasingly bellicose Russia, a few conservatives are asking whether the administration will cut Russian banks and companies off of U.S. subsidies, Lachlan Markay at the Free Beacon reports. The Club for Growth, often the free-market foil to...



From the Weekly Standard