HSBC Holdings announced Monday it has provisioned an additional $800 million to pay potential U.S. fines related to the ongoing money laundering charges against it, bringing the total to $1.5 billion. The fines are expected to be the largest on record for money laundering and related … [Read more...]
Swiss Bank Accounts May Not Be So Secret Anymore
Switzerland’s strict bank secrecy laws have made it the place the wealthy and powerful hide money for three-quarters of a century. The Swiss economy depends on its banking industry—with its ostentatious banks and their marble-lined hallways in Geneva and Zurick—although it’s unclear … [Read more...]
Savings-Savy Borrowers Look to Credit Unions for 5-Year-Fixed Mortgages
As mortgage rates remain at all-time lows and housing prices begin to rebound, homeowners continue to refinance at record rates—including those who have already refinanced in the past couple of years. A trend emerging among the trend, however, is the 5-year-fixed mortgage. … [Read more...]
Labor Department Releases October Jobs Report
Friday’s announcement from the Labor Department was welcome news, as employers added an estimated 171,000 new positions in October—more jobs than estimated the past two months. In fact, economists had forecast only 125,000 jobs would be added in October. Jobs growth from the previous … [Read more...]
Consumer Confidence Rises Again
The Conference Board announced Nov. 1 its Consumer Confidence Index increased again in October to a nearly five-year high of 72.2. Leaping from its last increase in September, when it hit 68.4, the index is at its highest point since February 2008, two months into the Great … [Read more...]
FTC Shuts Down Rachel from Cardholder Services
The Federal Trade Commission announced today it has shut down five companies involved in deceptive, illegal “robocalls” to credit card customers. The companies, based in Florida and Arizona, are responsible for millions of calls from “Rachel” or “Cardholder Services,” and allegedly … [Read more...]
Banks Offer Fee Waivers to Hurricane Sandy Sandy Storm Victims
America’s big banks have been criticized for accepting bailout funds and not easing strict fee policies which hurt customers. But in the wake of Hurricane Sandy, banks such as JPMorgan Chase, Bank of America, Citicorp and Wells Fargo are demonstrating a bit of compassion to customers … [Read more...]
Hurricane Sandy May Cost $50 Billion in Damage
Wall Street will reopen after Hurricane Sandy caused a two-day shutdown, the first time the New York Stock Exchange closed for weather since Hurricane Gloria in 1985. But experts don’t expect the market to carry on business as usual; instead they forecast the storm’s damage could cost … [Read more...]
Shoppers Plan to Spend More This Holiday Season
Holiday sales will increase by more than 4 percent this year, according to the National Retail Federation. Forecasting total holiday sales of $586.1 billion, the 2012 estimate is higher than the 10-year average holiday sales increase of 3.5 percent, although 2011 sales grew by 5.6 … [Read more...]
Homeless Man Stays at Hotels Using Stolen Credit Cards for Two Decades
Florida police were called to Disney’s Coronado Springs Resort in Lake Buena Vista, Fla. Oct. 23 to confront a man on charges of trespassing. When they arrived, the Orange County deputies got a confession of much greater proportions. … [Read more...]
Experian Database Compromise Leaves Hundred of Identities Vulnerable
Carolina Governor Nikki Haley promised millions of taxpayers free credit monitoring and protection from Experian after their information was stolen from the state’s department of revenue database by an international hacker. But recent reports question the security of all Americans’ … [Read more...]
Millions of Account Numbers, Social Security Numbers Stolen from South Carolina
An unprecedented security compromise of a government database occurred in August, according to reports from South Carolina. A server at the state’s department of revenue was hacked by a foreign criminal and millions of Social Security numbers and debit numbers—belonging to 77 percent … [Read more...]
Barnes & Noble Payment Systems Hacked
Customer payment information was stolen from 63 Barnes & Noble stores nationwide when thieves hacked into the keypads customers use to enter their PIN numbers during a purchase. The company discovered the compromise Sept. 14, but did not disclose the theft because the Justice … [Read more...]
Commerce Department Reports Stronger Economic Growth in Third Quarter
Consumer spending and home building gains boosted U.S. economic growth, which was also propelled by a consumer confidence level which reached a five-year high in October. The Commerce Department reported gross domestic product increased 2 percent in the third quarter, after a rise of … [Read more...]
Citi Fined $2 Million for Leaking Facebook Info to Press
Citigroup Inc. fired two analysts for leaking technology company secrets to the media in recent months, actions now costing the bank a $2 million fine. … [Read more...]
Amazon Reports First Quarterly Loss in Five Years
Amazon stock sank today after the company posted its first quarterly loss since 2003. It was no small stumble, either. The Seattle-based company reported a loss of $274 million. The 60-cents-per-share loss greatly exceeded the 8-cents-per-share loss Thomson Reuters analysts had … [Read more...]
Apple Reports Fourth Quarter Results Up 27%
In its fiscal fourth-quarter financial summary released today, Apple announced record revenue of $36 billion and net profit of $8.2 billion. Compared to one year ago, revenue for the same quarter increased by 27 percent—nearly $8 billion—and net profit rose by $1.6 billion, a … [Read more...]
Goldman Sachs Rajat Gupta Sentenced for Insider Trading
Former Goldman Sachs director Rajat Gupta was sentenced Oct. 24 for an insider trading conviction handed down by a Manhattan federal court in June. Gupta’s sentence includes two years in prison and a $5 million fine. … [Read more...]
Earned Income Tax Fate (47 percent) on the Chopping Block as Vulnerabilities are Examined
Republican presidential candidate Mitt Romney may have distanced himself from his recorded comments about the “47 percent” of Americans who pay no income taxes, but the media certainly hasn't strayed. Every word of Romney’s economic plan has been under close scrutiny. For example, … [Read more...]
Financial Watchdog Agency to Monitor Debt Collectors
The Consumer Financial Protection Bureau released its new rules for overseeing debt-collection agencies Oct. 23. Beginning Jan. 2, debt collection firms with more than $10 million in annual revenue will be regulated by the government watchdog agency. Although just 175 firms fall into … [Read more...]
