Streams

 

Banking

The Takeaway

Wells Fargo to Pay $175 Million Settlement in Discrimination Lawsuit

Friday, July 13, 2012

A court has ruled that Wells Fargo will pay $175 million as a result of a lawsuit based on discriminatory actions of the firm from 2004 to 2009. The Assistant Attorney General for the U.S. Justice Department's Civil Rights Division talks about the recent court ruling and what it could mean for the sinister trend of discrimination in the banking industry.

Comment

The Takeaway

Why Americans Are Unfazed by Corporate Corruption

Thursday, July 12, 2012

There was once a time when the bank was a respected institution. But in 2007, only two in five Americans trusted in banks. Now, just five years later, the number has dipped even lower. 

Comments [1]

The Takeaway

How Libor Affects Main Street

Thursday, July 12, 2012

The Libor manipulation scandal has dominated the news with stories of a culture of corporate greed and bankers who don't know right from wrong. But why should we care about a few London traders who fudged the numbers?

Comments [1]

WNYC News

Nassau County Likely To Sue Banks Over Interest Rates

Wednesday, July 11, 2012

Officials in one of New York's wealthiest and most populous suburban counties say they are preparing to sue major banks for manipulating a key interest rate, which allegedly cost the county millions of dollars.

Comment

The Brian Lehrer Show

Joe Nocera Explains LIBOR

Tuesday, July 10, 2012

The New York Times op-ed columnist Joe Nocera explains the London InterBank Offered Rate (LIBOR) index in the context of the allegations that Barclays manipulated that key rate benchmark.

Comments [21]

The Takeaway

Whistleblower Exposes Dishonest Practices at Citigroup

Thursday, May 31, 2012

Sherry Hunt grew up in the Midwest, wears plaid flannel shirts, and likes to ride horses. She is also the whistleblower who cost Citigroup $158.3 million and exposed deep deceptions at the massive bank. In an expose out today in Bloomberg Markets Magazine, projects and investigations reporter Bob Ivry details the cover-up culture at Citigroup — and the courage it took for Hunt to come forward.

Comments [2]

Features

Banking Booms — and Busts — Through History

Tuesday, May 22, 2012

Whether it's JPMorgan's multi-billion dollar trading loss or shareholders rejecting the pay package of Citigroup's CEO debates about banks regularly dominate headlines. A new exhibit at the Museum of the City of New York about the history of banking in America shows, it's been this way since the founding of the Republic.

Comments [1]

The Takeaway

Deceptive Average Daily Balance-Based Fees

Monday, January 30, 2012

Many banks charge a fee if a minimum balance isn't maintained in a checking account. Frequently this is calculated in terms of an "average daily balance", a running total of where an account holder stands every day in maintaining that minimum average. But no bank provides a way for account holders to track it themselves, nor provide the metric they use. And, as The New York Times has noted, banks frequently don't calculate the average until the end of the month.

Comments [3]

The Takeaway

US Bank Blocks Transfers to Somalia

Monday, December 26, 2011

On Friday, Somali authorities pleaded with U.S. officials to ease restrictions on wire transfers to the region after Sunrise Community Banks of Minnesota announced plans to halt the service. Due to the large number of Somalians living in that state, Sunrise handles many of these transactions. The U.S. views wire transfers to the Horn of Africa as risky because of terrorism concerns, yet thousands in famine-ravaged Somalia are dependent of them.

Comment

The Takeaway

Corzine Resigns From MF Global; Hires Criminal Attorney

Friday, November 04, 2011

Former New Jersey governor and Goldman Sachs executive Jon Corzine resigned as chairman and CEO of MF Global, the brokerage firm that filed for bankruptcy on Monday. Corzine has chosen to forfeit his $12 million severance package. Under Corzine's leadership, MF Global lost two-thirds of its market value. A federal investigation is now under way after MF Global disclosed that $630 million of customer money was missing. Corzine is said to have retained a criminal defense attorney. Michael de la Merced, reporter for The New York Times' DealBook, discusses the latest developments.

Comment

On The Media

The Foreign Press On Occupy Wall Street

Friday, October 21, 2011

The American press has begun playing closer attention to Occupy Wall Street. But what does the foreign press make of it? Brooke spoke with TheAtlantic.com contributor Heather Horn about foreign press coverage of Occupy Wall Street. Horn says the foreign press was quick to take the protests seriously and quick to connect them with protests around the world.

Comments [5]

The Takeaway

What Would You Ask A Big Bank Representative?

Monday, October 03, 2011

Last week and today, we've been covering added charges for basic banking needs as well as the Wall St. protest movement that seems to be emerging. Tomorrow, we plan to speak to a person from a big bank — or at least, someone who represents their point of view. We want to ask them questions from listeners. What would you ask a representative of big banks? 

Read More

Comments [4]

It's A Free Country ®

Did It Work? Dodd-Frank

Wednesday, July 20, 2011

I don’t want to yell fire in a crowded movie theater, but... these firms are even too-bigGER-to-fail now.

Roben Farzad, senior writer for Bloomberg Businessweek, on The Brian Lehrer Show.

Comments [4]

The Leonard Lopate Show

William Rhodes, Banker to the World

Thursday, June 23, 2011

William R. Rhodes, former senior vice chairman and senior international officer of Citigroup and Citibank, discusses the lessons he’s learned about managing amid crises. In Banker to the World: Leadership Lessons from the Front Lines of Global Finance, Rhodes presents the collected wisdom, best-practices, analysis, and anecdotes he’s gathered in high-level negotiations around the world—including those with the Sandinistas, heads of state, and corporate CEOs.

Comments [4]

The Takeaway

Financial Reform: Dodd-Frank Bill Lags Behind Schedule

Tuesday, June 07, 2011

It's been almost a year after Congress passed the Dodd-Frank financial regulatory law and many of the legislation’s rules are behind schedule. Regulators have extended the comment periods on the rules under pressure from Wall Street and Congress. "You have a lot of people on Wall Street who are concerned that they need lots of time to put rules in effect," says Louise Story, Wall Street and finance reporter for The New York Times. However, "the longer it takes for the regulations to go into effect, the longer the banks have to make money off of the derivatives." She details the need for the bill and the cause of the delays.

Comments [1]

The Takeaway

Citibank as a Government Entity?

Wednesday, April 13, 2011

Many of the big banks received huge bailouts from the government during the great recession. If they faced a crisis again, what would stop them from expecting another bailout the next time around? That question has led one Fed official, Thomas Hoenig, president of the Kansas City Fed, to raise the issue of whether big banks should be reclassified as government sponsored entities, kind of like Fannie Mae and Freddie Mac.

Comment

The Leonard Lopate Show

William D. Cohan on How Goldman Sachs Came to Rule the World

Tuesday, April 12, 2011

William D. Cohan tells how Goldman Sachs became the most dominant, feared, and controversial investment bank in the world. In Money and Power: How Goldman Sachs Came to Rule the World, Cohan chronicles Goldman's rise and looks at its corporate culture, reputation, and the firm’s cultivation of powerful people. Robert Rubin and Henry Paulson, who both became Secretaries of the Treasury, are two of the powerful people under discussion. Their actions surrounding the financial crisis fueled much controversy and conspiracy theories.

Comments [10]

The Leonard Lopate Show

Argentina's Central Bank, the Economic Crisis, and Power

Wednesday, February 23, 2011

Martin Redrado, president of Argentina’s Central Bank from 2004 to 2010, looks into the dangers of mixing political power and economics in an emerging country. No Reserve: The Limit of Absolute Power is an account of his appointment by Argentina’s President, Nestor Kirchner, to lead Argentina through difficult economic times. He explains emerging world markets, tenets of central banking, and how governments can cause—and avoid—financial crises.

Comments [2]

WNYC News

Wall Street Won't Be Hurt By Reform Bill, Says Bloomberg Official

Wednesday, January 26, 2011

A Bloomberg administration official said sweeping new financial regulations being written in Washington, D.C., will not harm Wall Street.

Comment

The Takeaway

Major Mortgage Shift on the Horizon?

Friday, January 21, 2011

The Obama administration is weighing a decision that could fundamentally change the way Americans buy houses. Wells Fargo, JPMorgan Chase and other large banks are pressing the Treasury Department to allow private companies to bundle individual mortgages into securities, which the government would guarantee. Should this very public role be given to big banks? Should tax-payers be on the hook for guaranteeing mortgages?

Comment