The Financial Times is reporting that the Italian finance police have seized 23 million euros and begun investigating the Pope’s top two bankers in a money-laundering probe.
The Pope’s bank, called the Institute for Religious Works, is headed up by Ettore Gotti Tedeschi, formerly of Spain’s Banco Santander. Tedeschi is also a professor Read More
This Old House
The AIA Asian life-insurance unit of enfeebled insurance behemoth AIG will hit the Hong Kong stock exchange on Oct. 29, according to Reuters. The sale could result in a $15 billion capital raise for AIG. AIG had previously rejected a $30 billion offer from Prudential to buy the whole company, saying that the Read More
The Securities and Exchange Commission plans to make new rules governing banks’ deployment of “window dressing,” the practice of reducing a company’s debt load shortly before providing a required quarterly balance-sheet update to investors, according to a report by The Wall Street Journal.
The Journal proudly proclaims that the SEC’s decision follows its Read More
Two of the biggest names in the banking space — JPMorgan Chase CEO Jamie Dimon and Bank of America head Brian Moynihan — spoke today on the primary issues affecting their companies and shed some light on what their stewardship will look like going forward.
Appearing as the keynote speaker at a conference hosted by Read More
On Sunday, the Bank for International Settlements announced an agreement that, in order to prevent another 2008-style crisis in which giant global banks reach the brink of failure and hold the global economy hostage, financial institutions now have to have a little extra capital socked away.
The new requirements, christened “Basel III” after Read More
Personal Finance, Charge It
U.S. commercial banks swung to impressive profits in the second quarter of 2010, up to $21.6 billion from a loss of $4.4 billion a year ago, largely because banks have reduced the amount of money they set aside to deal with losses from bad loans, the Federal Deposit Insurance Corp. announced today. The banking sector Read More
In response to the recently passed financial reform legislation, the Federal Reserve has begun work on imposing fee limits on debit-card transactions charged by big banks. Banks are unhappy about this, because every time a clerk swipes a card, a few coins jingle into their pockets. Now, billions of dollars in revenue are at Read More
Now that the demand for loans is basically tapped out — even as lending standards relax ever so slightly – banks seem to have found a new way to screw with their customers. A savings account at an American bank now offers little more than the tiniest sliver of interest. Banks are rewarding financial discipline — Read More
Yesterday, Bank of America CEO Brian Moynihan bought 30,000 shares in his company at around $13.02 a piece, or about $390,000 total, according to a filing with the Securities and Exchange Commission. Moynihan now owns 449,655 BofA shares, plus 4071.76 shares in his 401(k) and family trust. (Kind of weird to think of Read More
On both sides of the Atlantic, bankers have faltered in the public-relations management of new profit reports. Many of the largest banks, among them both willing and grudging recipients of government support, have reported heady profits for the year just ended. The disconnect between the performance of banks and the middling performance of businesses in Read More