Financial
Bank’s $1,000 to city pays off
posted: 05/25/2012 4:27 a.m. Discuss
Investment bank Morgan Keegan Inc. gave $1,000 to a committee backing voter passage of a bond authorization for the city of Rogers in September, and the bank earned $502,000 selling the approved debt.
State banks’ assets up 17% in 4 years, topping U.S. pace
posted: 05/24/2012 3:23 a.m. Discuss
Assets at Arkansas banks have jumped more than 17 percent in the past four years, outpacing the 6.5 percent growth of banks in the United States, according to statistics from the Federal Reserve Bank of St. Louis.
Bank loss seen growing
posted: 05/18/2012 2:42 a.m. Comment 1
JPMorgan Chase’s trading losses have surged in recent days, surpassing the bank’s initial $2 billion estimate on May 10 by at least $1 billion, according to people with knowledge of the losses.
Spanish bank’s shares plunge
posted: 05/18/2012 2:36 a.m. Discuss
A recently nationalized Spanish bank’s shares plummeted Thursday after a newspaper said depositors were rushing to withdraw money, and the country paid sharply higher interest rates in a debt auction, reflecting concerns the country will be caught up in the fallout of the Greek crisis.
One Fed president foresees ’13 rate rise
posted: 05/18/2012 2:32 a.m. Discuss
Federal Reserve Bank of St. Louis President James Bullard said economic reports this year have been stronger than forecast and he expects the central bank to raise its target rate by 2013.
Bank: Toss overdraft suit award
posted: 05/16/2012 3:46 a.m. Comment 1
Wells Fargo & Co. on Tuesday asked a federal appeals court to throw out a judge’s order to pay California customers $203 million for manipulating debit-card transactions to boost overdraft fees.
Big-bank exec out over loss
posted: 05/15/2012 2:50 a.m. Comment 1
The executive responsible for trading strategy at JPMorgan Chase on Monday became the first casualty of the bank’s $2 billion trading mistake.
Residential Capital files for bankruptcy
posted: 05/15/2012 2:35 a.m. Discuss
Ally Financial Inc.’s mortgage business, Residential Capital LLC, or ResCap, filed for Chapter 11 bankruptcy protection in New York on Monday, saying it was unable to make payments on debt taken out to finance soured home mortgages.
Post-crash market rules raise doubts
posted: 05/13/2012 3:44 a.m. Comment 1
Almost four years after America’s financial near-collapse, regulators are now empowered to police financial markets as never before. Yet some of the most important rules to curb Wall Street’s bad behavior have yet to take effect — and firms are trying to see that they don’t.
Quixotic airport a fable of Spain
posted: 05/13/2012 3:41 a.m. Discuss
The doors to the new air terminal are locked shut, the parking lot is nearly empty and the runway, built for Airbus A380 super-jumbos, has no traffic. The only breach in the silence over the nearby scrub land these days is the sudden whoosh of a train on the high-speed line to Segovia.
JPMorgan loss prompts call to tighten bank rules
posted: 05/12/2012 3:02 a.m. Comment 1
A $2 billion trading loss by a division of JPMorgan Chase triggered calls Friday for tougher regulation of banks three years after their near-death experience in the financial crisis.
Spain orders audits of banks
posted: 05/12/2012 2:54 a.m. Discuss
Spain told its banks Friday to set aside another $40 billion to cover potential losses on real estate and ordered an independent audit of their debts, an effort to restore confidence in a sector that is at the heart of the country’s financial crisis.
MARKET REPORT: Investment banks take a beating
posted: 05/12/2012 2:44 a.m. Discuss
JPMorgan Chase’s $2 billion trading loss prompted a sell off in financial stocks Friday, with smaller declines across the broader market as investors decided this was more of a problem for investment banks than for other industries.
$2 billion trading loss hits JPMorgan
posted: 05/11/2012 1:52 a.m. Discuss
JPMorgan Chase, the largest bank in the United States, said Thursday that it lost $2 billion in a trading portfolio designed to hedge against risks the company takes with its own money.
Fannie Mae sees 1st gain since crisis
posted: 05/10/2012 4:12 a.m. Discuss
U.S. mortgage giant Fannie Mae made money in the first three months of the year and is not seeking additional federal aid. It’s the first time the company has reported a net income gain since it was taken over by the government during the 2008 financial crisis.
