Banking Sees Profits, Future Still in Shadows »
It appears that the government knew what it was doing when it handed over all that money to banks that were failing. The banking industry has seen profits surge as it earned $21.6 billion in the second quarter of this year, compared to the $4.4 billion loss of last year.
Even though this is a good [...]
Prudential Financial Collects on Deceased Military Personnel »
Nothing upsets people more than when loved ones get screwed by insurance companies, and that is what is happening to the families of six deceased soldiers by Prudential Financial, according to lawsuit documents. These documents state that the insurer paid out small amounts and kept the higher interest rates for themselves.
The attorneys for these patriotic [...]
Trapped Chile Miners, Company Bankrupt »
Thirty three miners in Chile are clinging to hope as the company that owns the mine that they are stuck in is in preparations to file for bankruptcy. The San Esteban mining company has turned over the rescue plan to a state owned mining company as they no longer have the money to support the [...]
Housing Delinquencies Down, Apartments Up »
According to Freddie Mac, the rates for delinquent apartment buildings has risen, while the rates of past due loans on single family homes has somehow managed to fall slightly. Having late home loans of 90 days or greater improve over June and July is a great thing for the economy, but is it enough to [...]
Ireland Debt Status Drops »
Because of the hemorrhaging of the Irish banking system, Standard & Poor’s has decided to cut the Irish debt rating to double-A-minus. This comes in a time when Ireland’s finances are starting to loom even larger in the market system.
In order to pay off the bailout of the banks, the Irish government will have to [...]
Quaid Files Lawsuit against City National Bank »
Actor Randy Quaid is looking to cash in as he files a lawsuit against his financial advisors for conspiring with his bank in an attempt to forge his name on multiple loans for counterfeit real estate. Quaid, who is well known for his multiple movies, states that his advisors and City National Bank conspired against [...]
New Regulations Equals Less Fees »
New credit card rules will be going into effect on Sunday that should have people paying less money on their purchases. These new rules will rid the country of the overly enthusiastic practices of charging extremely high fees for everything a credit card company can think up.
The rules have taken away the huge late fees [...]
BofA and Lewis Looking at Lawsuits »
Lawyers for Ken Lewis, the former CEO of Bank of America, said that lawsuits being filed against him accusing him of misleading investors when Bank of America merged with Merrill Lynch would be highly implausible. They stated that these lawsuits should be thrown out of court and not investigated any further.
The filings were in response [...]
Chicago’s ShoreBank Fails »
For more than 30 years the ShoreBank, based in Chicago, has helped those people that weren’t able to find lending assistance anywhere else to purchase homes, start businesses, and apartment buildings. But, on Friday, they failed making it, the 118th bank to fail so far this year.
The good news is that its deposits and quite [...]
Financial Blow as Unemployment Hits 500,000 This Week »
Since the employment rate has been barely over water so far this year, the news that applications for unemployment jumped unexpectedly to 500,000 this last week. This is highly worrisome for everyone that keeps saying the economy is starting to recover.
This marks the third week in a row that new jobless claims have raised along [...]
