Wednesday, February 23, 2011
For the first time in 15 years, more banks closed than opened in 2010. Looking closer into the numbers shows that the majority of banks that closed were located in poor areas, whereas, most new banks opened in wealthier areas. The New York Times Wall Street and finance reporter Louise Story has the details.
Tuesday, January 18, 2011
Rudolf Elmer, an ex-employee of the Swiss Bank, Julius Baer, handed over two discs to Julian Assange and WikiLeaks, in a press conference yesterday. The discs reportedly contain information on tax evasion and other crimes of more than 2,000 individuals and companies around the world. Louise Story, Wall Street and finance reporter for The New York Times, sees these events as a preview of what could come shortly, as rumors swirl that WikiLeaks will release damning information on a major American bank; perhaps Bank of America. Is the website's new target corruption in the financial industry?
Monday, January 17, 2011
China's President Hu Jintao is heading to the United States this week and will meet with President Obama at the White House on Wednesday. Marcus Mabry, associate national editor for The New York Times, and Charlie Herman, economics editor for The Takeaway and WNYC, discuss what they expect to come out of this meeting between the leaders of two of the most powerful countries in the world.
Tuesday, January 11, 2011
On Wall Street, banks have wagered big bets that the economy will improve. The 18 banks that trade with the Federal Reserve have reported that holdings of U.S. government debt, in treasuries, has fallen at the fastest pace since 2004. Holdings of treasuries fell from $81.3 billion on November 24th to just $2.34 billion on December 29th. This dramatic drop indicates that the economy may be looking up, but it also makes the banks' balance sheet look better since they hold less debt.
Thursday, December 16, 2010
Over the past two years, we’ve been told to expect a silver lining to the housing crisis. At a first glance, the release of tomorrow’s foreclosure numbers should add to that optimism, as analysts expect the number of new foreclosures to drop dramatically. But does that mean we’ve truly passed the worst moments of the housing crisis?
Friday, December 03, 2010
Back when WikiLeaks wasn’t a household name, editor Julian Assange mentioned to ComputerWorld magazine that he had 5 gigs of information from a Bank of America executive’s hard drive. Then last week, Assange mentioned to Forbes that he has something that may take down “a bank or two,” refusing to specify which ones.
Friday, November 12, 2010
Yesterday, Britain’s government announced a plan to more closely monitor its financial services firms, including large investment banking companies. Their financial watchdog arm, called the Financial Services Authority, is going to start recording the cell phone conversations of investment bankers to try and cut down on fraud and insider trading.
Friday, October 15, 2010
Shares of financial companies dropped yesterday on concerns about how reviews of home-foreclosure practices will affect their balance sheets. Louise Story, Wall Street and finance reporter for our partner, The New York Times, has been looking at analyses of how hard the blow may be for banks, and how long it might last.
Monday, September 13, 2010
Both the House and Senate head back into session this week, and the decision whether or not to extend the Bush-era tax cuts will be high on the agenda. Takeaway's economics editor Charlie Herman and National Journal managing editor Terence Samuel look at what else Congress has to look forward to
Tuesday, August 31, 2010
By John Hockenberry : Host, The Takeaway
I just spoke with a hopeful banker on the show and it really brightened my day. Hartie Spence is the President and CEO of Lakeside Bank in Louisiana. That may sound a little more impressive than the reality of Mr. Spence’s new gig, but then most banks have tortured metaphorical names like “First Federal Mutual Providential Acceptance Savings Bank and Trust Company,” designed to reassure people about the safety of their money.
Tuesday, August 31, 2010
Since the financial crisis began in 2008, hundreds of banks have folded and federal regulators have become more cautious about the banks they approve to go into business. Hartie Spence is the President and CEO of Lakeside Bank in Lake Charles, La. He explains how Lakeside Bank became the only truly new bank to open this year.
Wednesday, July 21, 2010
Wall Street powerhouses like Goldman Sachs, JP Morgan Chase and Bank of America release their second quarter earnings this week; and those numbers are less than stellar. In fact, Goldman Sachs released it's lowest returns since the financial crisis of 2008.
Monday, July 19, 2010
The federal Community Reinvestment Act (CRA) requires banks to invest and provide services in low- and moderate-income communities. But a recent report by a local housing group shows a sharp drop in CRA activity in 2007 and 2008.
Tuesday, June 15, 2010
The treasury department announced yesterday that it will start sending the majority of its 136 million benefit checks through a system of direct deposits, eliminating the use of paper checks and postage. The move will likely save the U.S. government approximately $303 million during the first five years after the switch, and about $49 million dollars in postage.
Tuesday, June 08, 2010
By Charlie Herman : Business and Economics Editor
The Federal Trade Commission announced on Monday that Countrywide Financial, now owned by Bank of America, will pay $108 million to settle charges that it collected excessive fees from homeowners struggling to pay their mortgages. The settlement represents the largest for the FTC in a mortgage servicing case. The money will be used to reimburse homeowners who had their loans serviced by Countrywide prior to Bank of America buying the company in July 2008.
Thursday, May 13, 2010
- FINANCE TAKEOUT: New York Times finance correspondent, Louise Story, explains a new investigation into eight banks which may have misled ratings agencies in order to inflate the grades of certain mortgage securities.
- LISTENERS RESPOND: Yesterday we discussed the benefits and risks of drinking raw milk. Our listeners shared their strong opinions about whether milk should be raw or pasteurized.
Monday, April 26, 2010
The Senate is scheduled to vote today on whether to begin work on the finance regulatory overhaul bill, which President Obama promoted in New York last week. If Democrats have their way, the Senate will proceed to a debate on the bill, which is sponsored by Sen. Chris Dodd. Otherwise, the bill, S.3217, will stall and require more negotiations.