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Big Banks

BofA CEO: We Have A 'Right To Make A Profit'

Posted 12.06.2011 | Business

Bank of America CEO Brian Moynihan has said his bank’s new $5 fee debit card fee is justified because the bank “has a right to make a profit,” a...

Bank Of America Blames Website Issues On Upgrade

Posted 12.06.2011 | Business

Bank of America Corp (BAC.N) said an ongoing upgrade and heavy traffic was behind six days of problems with its banking website, easing concerns a...

LIVE UPDATES: Occupy Wall Street Protesters To March With Unions, Others

Posted 12.05.2011 | Business

Occupy Wall Street, the gathering that began as a relatively marginalized group in a Manhattan park, will march Wednesday with the support of union an...

Federal Reserve: Big Banks Should Tie More Employee Pay To Risk

Posted 12.05.2011 | Business

WASHINGTON (Dave Clarke) - Large banks need to tie more employees' compensation to the risk their decisions pose to the banks through such things...

LIVE UPDATES: Occupy Wall Street Movement Spreads To Other Cities

Posted 12.04.2011 | Business

Occupy Wall Street began as a relatively marginalized group protesting in a Manhattan park. That has changed. (CLICK HERE FOR LIVE UPDATES) ...

Inspired By Occupy Wall Street, Protests Start In Other Cities

AP | By CHRIS HAWLEY | Posted 12.04.2011 | Business

BY CHRIS HAWLEY, Associated Press NEW YORK -- Protests against Wall Street entered their 18th day Tuesday as demonstrators across the country show ...

Man Sues BofA After He's Locked In Connecticut Branch

Posted 11.26.2011 | Business

Already this year Bank of America has allegedly dealt with depositing $30,000 of Social Security payments into the wrong account and asking a man to p...

'Governments Don't Rule The World, Goldman Sachs Rules The World'

The Huffington Post | Jillian Berman | Posted 11.26.2011 | Business

Goldman Sachs rules the world and the Euro zone is poised to crash, according to trader Alessio Rastani. "This is not a time right now for wishful...

SEC Reportedly Probes Possible Insider Trading Before U.S. Downgrade

Posted 11.20.2011 | Business

Securities regulators have sent subpoenas to hedge funds and other trading firms as it probes possible insider trading before the U.S. government'...

Big Bank Surcharge Not 'Anti-American,' Top European Regulator Says

Posted 11.19.2011 | Business

FRANKFURT, Sept 19 (Reuters) - A proposed capital surcharge for big banks is not anti-American and will help reduce the risk of big bank failures,...

Rogue Trader Fallout: UBS Starts Internal Probe Into $2.3 Billion Loss

Posted 11.19.2011 | Business

ZURICH (Reuters) - UBS kicked off an internal investigation into the catastrophic failure of its risk systems after rogue equity trades cost the S...

Loss From Bank Giant's Scandal Reaches $2.3 Billion

AP | FRANK JORDANS | Posted 11.18.2011 | Business

GENEVA — Oswald Gruebel, the chief executive of UBS, has dismissed calls for his resignation as politically motivated, even as the Swiss banking...

Capital One Merger Presents Federal Reserve With 'Too Big To Fail' Test

Posted 11.18.2011 | Business

(ALEXANDRA ALPER, Reuters) - Consumer groups will try to convince the Federal Reserve this week that rubber stamping the Capital One Financial Cor...

Citigroup To Start Charging Customers For Not Having Enough Money

Posted 11.16.2011 | Business

Citigroup Inc said it will start charging a monthly fee of $10 on checking and savings accounts with combined balances of less than $1,500, joinin...

Wells Fargo Sues JP Morgan Over Hundreds Of Mortgage Loans

Posted 11.15.2011 | Business

JPMorgan Chase & Co (JPM.N) was sued by Wells Fargo & Co (WFC.N), which seeks to force it to buy back more than 800 soured mortgage loans that it ...

Suspected Rogue Trader's Family: 'Fraud Not Our Way Of Life'

Posted 11.15.2011 | Business

ACCRA (Reuters) - The father of a trader accused of losing Swiss banking giant UBS about $2 billion in unauthorized deals said on Thursday he was ...

On Lehman Day, Elizabeth Warren Runs Against "Wall Street's Favorite"

Mary Bottari | Posted 11.15.2011 | Business
Mary Bottari

Elizabeth Warren announced that she was running against Scott Brown for a U.S. Senate seat on the eve of the anniversary of the Lehman Brothers collapse. For many, Lehman's bankruptcy marks the day the wheels came off the bus and the U.S. economy went over a cliff.

Rogue Trader Loses Swiss Bank $2 Billion

Posted 11.15.2011 | Business

Swiss bank UBS said a rogue trader had lost it $2 billion in unauthorized dealing, and police in London arrested a man in connection with the case...

Labor Dept.: Bank Of America Used 'Illegal Retaliatory Tactics' Against Worker

Posted 11.14.2011 | Business

WASHINGTON (Reuters) - Bank of America Corp must reinstate a Countrywide whistle-blower fired shortly after the two companies merged in 2008 and p...

The President's Story, and the Progressive Response

Mike Lux | Posted 11.09.2011 | Politics
Mike Lux

We should not let the fact that we are conflicted on the president's proposal slow down our willingness to take action to fight for what we believe in. We need to be strong and clear in what we are calling for, and fight for everything we believe in.

Major Banks Engineered Decade-Long Kickback Scheme, Investigators Say

American Banker | Jeff Horwitz | Posted 11.06.2011 | Business

Many of the country's largest banks received $6 billion in kickbacks from mortgage insurers over the course of a decade, according to a previously und...

U.S. Set To File Suits Against Big Banks Over Mortgages

Posted 11.01.2011 | Business

WASHINGTON - The agency that oversees mortgage markets is preparing to file suit against more than a dozen big banks, accusing them of misrepresen...

LAPD Visits Artist Over Painting; Asks If He Is A 'Terrorist'

Posted 10.29.2011 | Arts

Los Angeles-based artist Alex Schaefer, 41, recently learned just how problematic it can be to have your work misinterpreted. A painting of his, whic...

AIG Repays $2.15 Billion Of Its Bailout Money

AP | By MARCY GORDON | Posted 10.18.2011 | Business

WASHINGTON -- American International Group Inc. has paid the federal government $2.15 billion this week after selling off a life insurance subsidiary,...

Friday Talking Points -- More Tea, Anyone?

Chris Weigant | Posted 10.05.2011 | Politics
Chris Weigant

With the conclusion of the debt ceiling "crisis," the media pivoted swiftly to their standard larger questions (to them, at any rate) about any politi...