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Greek Deficit Shoots Up; Citigroup Trader Probed for False Speculation
By Anthee Carassava - AOL NewsATHENS, Greece -- This country's 2010 deficit shot up significantly more than anticipated, European Union data revealed today, signaling ailing attempts by the government in Athens to rein in the country's runaway finances and avoid a painful debt makeover. At 10.5 percent of the country's gross domestic product -- well above the 9.4 percent forecast -- the Greek deficit ranked second highest in the European Union last year, according to a statement from Eurostat, the EU's statistics agency. Crisis-hit Ireland topped the list with 32.4 percent, while the U.K. ranked third with 10.4 ...
Banks, Credit-Card Issuers Warn of Security Breach
By not in system - AOL NewsNEW YORK -- With the possible theft of millions of email addresses from an advertising company, several large companies have started warning customers to expect fraudulent emails that try to coax account login information from them. Companies behind such brands as Chase, Citi and Best Buy said over the weekend that hackers may have learned their email addresses because of a security breach at a Dallas-based company called Epsilon that manages email communications. The email addresses could be used to target spam. It's also a standard tactic among online fraudsters to send emails to random ...
Jessica Fashano: 4 Facts About the Citigroup Banker Who Jumped to Her Death
By J. Richard - AOL NewsFriends and colleagues of Jessica Fashano are grieving today for the bright Citigroup analyst and philanthropist who jumped to her death from a 40-story high-rise in New York City this weekend. Early Saturday morning, the 27-year-old entered a luxury apartment complex where she didn't reside and rode the elevator to the roof, according to The New York Times. Police found her body in the building's internal courtyard at around 8 a.m. So who was Jessica Fashano? Surge Desk presents four facts about her. 1. She was brilliant and ambitious Fashano grew up in New Jersey and graduated ...
Peter Orszag, Former Obama Budget Chief, to Join Bailout Recipient Citigroup
By Tom Diemer - Politics DailyCitigroup, a huge banking conglomerate that the government rescued with a $45 billion bailout during the financial crisis, has hired Peter Orszag, who until recently served as President Obama's director of the Office of Management and Budget. Orszag, 41, will become vice president of global banking for the financial firm, according to the Associated Press. In line with ethics laws, he will not have contact with federal government officials. But Orszag got the attention of the White House last September, shortly after leaving the administration, when he advocated retaining the Bush-era tax ...
Government Sells Remaining Citigroup Shares, Makes $12 Billion
By Christopher Weber - Politics DailyTwo years after propping up Citigroup at the height of the financial crisis, the U.S. government has unloaded its remaining shares in the banking giant, making a tidy profit of $12 billion for its troubles. Investors cheered news of the sell-off, with Citigroup shares jumping about four percent Tuesday. The teetering company received $45 billion beginning in late 2008 as part of the Troubled Asset Relief Program. It paid back $20 billion in preferred stock, while another $25 billion was converted to 7.7 billion common shares held by the government, Reuters reported. Those remaining shares ...
Which American Bank Will WikiLeaks Put the Hurt On?
By Steven Hoffer - AOL News(Nov. 30) -- Watch your back, Wall Street: WikiLeaks founder Julian Assange says the private sector is next on his hit list. The whistle-blower organization shook the foundations of U.S. diplomacy earlier this week when it released a "mega-leak" of secret government cables, revealing gossipy correspondences between the State Department and American diplomatic outposts around the world. In a rare, exclusive interview published Monday, Assange told Forbes' Andy Greenberg that his next strike, planned for early 2011, might "take down a bank or two." "It will give a true and representative ...
States to Unveil Joint Probe Into Foreclosures
By not in system - AOL NewsWASHINGTON (Oct. 13) -- Up to 40 state attorneys general are preparing to launch a joint investigation into the mortgage industry over the foreclosure-document mess. If the states have their way, mortgage companies will have to revamp the way they handle foreclosures, pay penalties for violations and expand help to homeowners on the verge of foreclosure. The top law enforcement officials of states around the country are already weighing the outlines of a potential settlement with the industry, said Iowa Attorney General Tom Miller, who will lead the investigation. The inquiry will be ...
Citigroup to Pay $75 Million to Settle Subprime-Mortgages Complaint
By Christopher Weber - Politics DailyCitigroup said Thursday it will pay $75 million to settle a federal complaint that it misled investors about its holdings of subprime mortgage investments that nearly collapsed the banking giant. The deal makes Citigroup the third major Wall Street institution this year that has agreed to Securities and Exchange Commission sanctions for behavior that was at the core of the financial crisis, The Washington Post reported. Earlier this month, Goldman Sachs agreed to a $550-million settlement. Bank of America settled with the government earlier this year for $150 million. Two senior Citigroup ...
Opinion: What's Really 'Too Big to Fail'?
By not in system - AOL News(July 1) -- The financial reform bill passed by the House on Wednesday is, among other things, supposed to deal with the "too big to fail" problem among financial institutions. That issue -- too big to fail, or TBTF -- is everywhere these days. The concern is about institutions that grow so large that the government has no choice but to bail them out when things go wrong. It's certainly a concern, but in all the debate over TBTF, the one institution that deserves attention always gets overlooked: government. To get a sense of its size, think of the federal government as a corporation; ...
Gen. McChrystal Isn't Alone: 31 Other People Summoned by Obama
By David Knowles - Politics DailyGen. Stanley McChrystal is headed to the to the presidential woodshed -- a place that has seen its fair share of use in the first year and a half of Barack Obama's administration. In fact, the words "summoned to the White House" have been used frequently during Obama's tenure, whether in an attempt to woo political opponents, scold corporate executives, lavish praise on allies, or simply to hear another point of view. Here's a list of who's been called for a private audience, and what they've been summoned for: I. Summoned to the Woodshed Gen. Stanley McCrystal: Following the release of ...
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