Before Lehman crashed, there was “The Bear.” Bear Stearns, once the nation’s fifth-largest investment bank, had been a fixture on Wall Street since 1923 and had survived the crash of 1929 without laying off any employees.
Like millions of Americans who tried to stave off foreclosure in recent years, Lanette Worles says her bank repeatedly lost vital paperwork she submitted, scuttling her chance at saving her home.
Unexpectedly large quarterly profits at JPMorgan Chase & Co and Wells Fargo & Co hide a more worrisome forecast for the rest of the year for many U.S. banks. Things could get worse before they get any better.
JPMorgan Chase & Co made mistakes while suing thousands of its credit card customers over non-payments, the Wall Street Journal reported, citing the bank's internal review of its debt-collection process.
Everyone should read and understand the implications of these two sentences from the 2011 report of the Financial Crisis Inquiry Commission (FCIC).
The four Republicans appointed to the commission investigating the root causes of the financial crisis plan to bypass the bipartisan panel and release their own report Wednesday, according to people familiar with the commission's work.
The Financial Crisis Inquiry Commission (FCIC) is holding its first public hearings and will hear testimony from the CEOs of some of the largest financial institutions. This is not the hearing at which experienced investigators would produce fireworks.
Alan Greenspan's testimony before the Angelides Commission certainly provided a target-rich environment, as they say in the Pentagon. While there were some memorable moments, however, the Commission essentially missed its target, leaving the American public as undefended from financial depradation and ruin as it was before the hearing began.
During the overheated debate on health insurance reform, the Republicans stated the bill would create death panels that would kill grandma.
"Too Big to Fail" banks played a key role in causing the last financial crisis. Since then they've grown even bigger, without much discouragement from the government (and in some cases with government support).