Posts Tagged ‘Federal’

FBI probes JPMorgan’s $2 billion trading loss

The Justice Department is investigating the $ 2 billion trading loss of financial firm JPMorgan Chase & Co. with its sub-agency Federal Bureau of Investigation (FBI) leading the inquiry, according to an unnamed source cited by the Wall Street Journal. Article © AHN – All Rights Reserved Economy, Business And Finance Stories

How Citibank Dumped Lousy Mortgages on the Government

Citigroup agreed yesterday to pay $ 158 million to settle a lawsuit over bad loans that the bank passed on to the Federal Housing Administration to insure. The whistle-blower who originally brought the case, Sherry Hunt, an employee of Citi’s mortgage department, said the company actively undermined the process that was supposed to check for […]

Premier Community Bank is year’s 91st failure

SAN FRANCISCO (MarketWatch) — Premier Community Bank of the Emerald Coast in Crestview, Fla., was closed by regulators Friday in the 91st bank failure of 2011, the Federal Deposit Insurance Corp. said. Summit Bank of Panama City, Fla., has agreed to purchase its assets will assume all deposits. Premier Community Bank had $126 million in […]

Number of distressed U.S. banks declines

The Federal Deposit Insurance Corp. released its third quarter report on Tuesday that showed some fruitful signs of life for the troubled banking industry. View full post on Banking Stories

U.S. stocks rebound Tuesday after steep sell-off Monday

Diane Alter – AHN News Reporter New York, NY, United States (AHN) – U.S. stocks jumped right after the opening bell on Tuesday, trying to make up for the steep losses equities faced Monday. Just after 9:30 a.m., the Dow Jones Industrial Average rose 143 points, the Standard and Poor’s 500 Index was up 16 […]

Judge rejects Wamu reorganization plan

share: digg facebook twitter The reorganization plan is based on settling lawsuits that pitted Washington Mutual, the Federal Deposit Insurance Corp. and JPMorgan Chase against one another after the FDIC seized WaMu’s Seattle-based flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion in the largest bank failure in U.S. history. View […]

Fed improves ability to handle big bank failures

Vittorio Hernandez – AHN News D.C., Washington, United States (AHN) – U.S. Federal Reserve Chairman Ben Bernanke told the Senate Banking Committee Thursday that the Feb has improved its ability to handle big bank failures. He said the improvement the past 24 months was partly because of the Dodd-Frank Act that revamped financial regulation as […]

FDIC mulls tighter Wall Street bonus rules

The Wall Street Journal is reporting that the Federal Deposit Insurance Corp. could approve measures tying executive pay incentives at top financial firms to long-term performance.The newspaper … View full post on Business Stories

Al Shabaab executes Somali man accused of spying for FBI

Abdi Hajji Hussein – AHN News Correspondent Mogadishu, Somalia (AHN) – Somalia’s Al Qaeda inspired Al Shabaab militants has executed a Somali man in the center of war-decimated Mogadishu, charging him with being spy for United States’ Federal Bureau Investigation FBI, an Al shabaab official said on Sunday afternoon. Al shabaab fighters called upon all […]

Gold edges towards $1 400

Gold hit another record around $1 394/oz before speculators cashed in, but an unpopular decision by the Federal Reserve could still spur buying. View full post on Finance Stories