Headlines

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Format: 07-23-2014
July 22, 2014
Detroit's city workers and retirees overwhelmingly agreed to accept the city's debt-adjustment plan, according to results filed late Monday, potentially clearing the way for the struggling city to exit bankruptcy in the next few months, Reuters reported today. Documents filed in bankruptcy court...
July 22, 2014
Barclays and Deutsche Bank helped more than a dozen hedge funds avoid paying more than $6 billion in taxes on securities trades through the use of structured financial products, The Washington Post reported yesterday. The report from the Senate Permanent Subcommittee on Investigations, due to be...
July 22, 2014
Four years after the Dodd-Frank financial law became reality, Washington's regulatory machine is altering Wall Street in fundamental ways, The Wall Street Journal reported yesterday. Banks are selling off profitable business lines, pulling back from the short-term funding market, cutting ties with...
July 22, 2014
Auto loans to people with tarnished credit have risen more than 130 percent in the five years since the immediate aftermath of the financial crisis, with roughly one in four new auto loans last year going to borrowers considered subprime, The New York Times Dealbook reported yesterday. The...
July 22, 2014
Diamond McCarthy is suing ex-partner Sheila Gowan, seeking some of the $1.4 million that is likely to be paid to her for work in the Dreier law firm bankruptcy, The Global Legal Post reported today. She is expected to receive $1.4 million for her work as a chapter 11 trustee in the Dreier...
July 22, 2014
Lawyers representing ratepayers in the Jefferson County, Ala., sewer debt bankruptcy told a federal judge that the terms of a settlement are unconstitutional and will cost the ratepayers too much money in coming years, Reuters reported yesterday. County lawyers say that the agreement is a done deal...
July 22, 2014
The U.S. commonwealth of Puerto Rico asked a federal court to dismiss as premature a lawsuit filed by U.S. mutual funds that sought to strike down a recently enacted Puerto Rican law that the funds said posed a threat to American investors, Reuters reported yesterday. The Public Corporation Debt...
July 22, 2014
Pennsylvania received its third bond downgrade in two years yesterday after Gov. Tom Corbett signed a budget that papers over a massive deficit with stopgaps and failed to win passage of legislation to rein in the state’s rising public pension debt, The Associated Press reported yesterday. Moody's...
July 22, 2014
As the Federal Reserve Bank of Kansas City prepares to host next month’s annual gathering of central bankers in Jackson Hole, Wyo., seasoned Fed watchers from the financial markets, including the chief U.S. economists of the biggest American banks, aren’t being invited, according to past...
July 22, 2014
The family trust that owns the Los Angeles Clippers is in danger of defaulting on hundreds of millions of dollars in loans if a planned sale of the team doesn't go through, an executive testified Monday in a case over whether co-owner Donald Sterling can halt the sale, The Wall Street Journal...
July 21, 2014
Democratic and Republican lawmakers are cooperating on legislation that would lift some of the secrecy around the U.S. council that decides which companies pose the biggest risks to the financial system, Bloomberg News reported Wednesday. The proposed legislation, drafted with help from the main...
July 21, 2014
Detroit neighborhoods are being relit, its vacant homes are being sold off or torn down, its public transportation is cleaner and more often on schedule, and the city has renegotiated some burdensome union contracts, The Associated Press reported yesterday. In the little more than a year since...