Headlines

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Format: 07-28-2014
December 20, 2012
Mortgage finance giants Fannie Mae and Freddie Mac may have lost up to $3 billion from the ma­nipu­la­tion by several big banks of the global interest rate known as Libor, the Washington Post reported today. The ma­nipu­la­tion likely caused Fannie and Freddie to lose billions of dollars on their...
December 20, 2012
Ally Financial, formerly GMAC, said yesterday that it had repaid the last of the debt it had borrowed in response to the financial crisis under a Federal Deposit Insurance Corporation program, the New York Times DealBook blog reported yesterday. Ally, which became a bank holding company after the...
December 20, 2012
The Treasury Department said yesterday that it planned to sell off its entire 32 percent stake in General Motors within 15 months, eliminating another reminder of the bailouts precipitated by the financial crash of 2008, the New York Times DealBook blog reported yesterday. The news comes a week...
December 20, 2012
Videogame maker THQ Inc. said yesterday that it filed for chapter 11 protection and entered into an agreement with private investment firm Clearlake Capital Group for a potential sale of its assets, Reuters reported yesterday. The assets to be sold include THQ's four studios and games in...
December 20, 2012
Eastman Kodak Co. agreed to sell its digital imaging patents for about $525 million, a key step to bringing the photography pioneer out of bankruptcy in the first half of 2013, Reuters reported yesterday. The deal for the 1,100 patents allows Kodak to fulfill a condition for securing $830 million...
December 20, 2012
Journal Register Co. has agreed to push back its auction date three weeks in response to protests from Pension Benefit Guaranty Corp., which took aim at the company's "rushed" efforts to sell its assets, Dow Jones DBR Small Cap reported today. The publisher of newspapers including the New Haven...
December 19, 2012
Michigan Governor Rick Snyder (R) yesterday appointed a financial review team for Detroit, the latest development in a process that could lead the city to file for biggest-ever U.S. municipal bankruptcy, Reuters reported yesterday. "Given the financial crisis that continues to grip the City of...
December 19, 2012
The biggest U.S. pension fund argued in a court filing that its status as a state agency gave it sweeping powers in the San Bernardino, Calif., bankruptcy case and that the federal jurisdiction that applies in bankruptcy should be overridden by the state's rights, Reuters reported yesterday. The...
December 19, 2012
Bank of America Corp.'s Merrill Lynch unit was sued by two trusts that hold and administer mortgages on behalf of investors who own more than $1 billion of securities collateralized by the loans, Bloomberg News reported yesterday. Merrill bought more than 6,000 mortgages with an original principal...
December 19, 2012
General Motors Co. said it will purchase 200 million shares of stock held by the U.S. Treasury Department in the first step of the government's eventual exit from the automaker within the next 12 to 15 months, the Wall Street Journal reported today. The auto maker will pay $5.5 billion for the...
December 19, 2012
While thousands of former MF Global Holdings Ltd. customers still do not have a chunk of their money more than a year after the brokerage firm's collapse, some of its big clients largely avoided similar losses thanks to arrangements struck with the firm before its demise, the Wall Street Journal...
December 19, 2012
UBS AG, Switzerland’s biggest bank, must pay about 1.4 billion Swiss francs ($1.5 billion) to U.S., U.K. and Swiss regulators for trying to rig global interest rates, triple the penalties levied against Barclays Plc., Bloomberg News reported today. Fines from the U.S. Commodity Futures Trading...