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.
Wednesday, July 11, 2012
By Ilya Marritz
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.
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.
Tuesday, May 22, 2012
By Charlie Herman : Business and Economics Editor
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.
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.
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.
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.
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.
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?
Wednesday, July 20, 2011
By Alec Hamilton : Assistant Producer, WNYC News
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.
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.
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.
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.
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.
Wednesday, January 26, 2011
By Ilya Marritz
A Bloomberg administration official said sweeping new financial regulations being written in Washington, D.C., will not harm Wall Street.
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?