Headlines

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Format: 04-23-2014
September 20, 2012
KBW Inc. may face a lawsuit by the liquidation trustee for Guaranty Financial Group Inc. accusing the investment bank of using inside information about the Texas lender and shorting its stock before it collapsed, Bloomberg News reported today. U.S. District Judge Sam Lindsay ruled yesterday that...
September 20, 2012
Billionaire Wilbur Ross won a judge’s approval to buy shares in a shipping company held by Lehman Brothers Inc., Bloomberg News reported yesterday. WL Ross & Co. offered about $110 million for the 34 percent stake in gas-tanker company Navigator Holdings Ltd. Hedge fund Elliott Management Corp...
September 20, 2012
Equipment once used to build state-of-the-art thin-film solar power panels for Abound Solar Inc. has been auctioned off, the Denver Business Journal reported. The Loveland, Colo.-based company filed for chapter 7 on July 2 as company officials blamed competition from less-expensive Chinese-made...
September 20, 2012
The mayor of Central Falls, R.I., resigned yesterday and has agreed to plead guilty to corruption charges of accepting gifts in exchange for a city contract, federal prosecutors said, MSNBC.com reported yesterday. Charles Moreau had been under investigation since 2009 when he said that he gave...
September 20, 2012
General Motors Co., the largest U.S. automaker, is preparing to bid this week for Ally Financial Inc.'s auto-lending arms in Europe and Latin America, Bloomberg News reported yesterday. GM is not pursuing an offer for Ally's Canadian operations or its Mexican auto insurer. Detroit-based Ally put...
September 20, 2012
A former sales executive at Washington Mutual Inc.'s subprime lending unit Long Beach Mortgage was convicted of fraud yesterday by a federal court jury, Bloomberg News reported yesterday. Joel Blanford was found guilty yesterday of six counts of mail fraud for his involvement in a scheme to falsify...
September 20, 2012
One of the most vexing problems for Chicago and its teachers went virtually unmentioned during the strike: The pension fund is about to run dry, the New York Times reported today. The Chicago Teachers’ Pension Fund has about $10 billion in assets, but is paying out more than $1 billion in benefits...
September 19, 2012
Bankruptcy lawyers may soon have to make an array of new disclosures on how they bill clients, Reuters reported today. One of the biggest points of contention is a proposal for firms to disclose and justify rate increases charged as a case goes on, drawing complaints from big law firms wary of more...
September 19, 2012
AMR Corp., parent of American Airlines and American Eagle, this week notified some 11,000 mechanics and groundworkers that they could be laid off as part of the company's bankruptcy restructuring, although actual layoffs will be far fewer, the Chicago Tribune reported today. Of the 11,000 members...
September 19, 2012
The Federal Reserve took aim at the nation’s wobbly housing market last week with its biggest stimulus action in two years, but that firepower is doing little to lower mortgage rates or make home loans more available for Americans, the Washington Post reported today. Instead, banks are set to see a...
September 19, 2012
Mortgage lending declined to its lowest level in 16 years in 2011 amid weak demand for mortgages and tighter lending standards, according to a report released by federal regulators yesterday, the Wall Street Journal reported today. Banks funded about 7.1 million mortgages in 2011, down 10 percent...
September 19, 2012
The City College of San Francisco is perilously close to bankruptcy, in part because it employs nearly twice as many faculty as similar colleges and pays them better - yet educates no more students on average, says a new financial analysis of the state's largest public school, the San Francisco...