Regulators close Warren Bank in Michigan; 96th US bank closed this yearNEW YORK — Regulators have shut down Warren Bank in Warren, Mich., the 96th U.S. bank failure this year as loan defaults rise in the worst financial climate in decades. Relief from required retirement account distributions helpful but temporaryDES MOINES, Iowa — Hundreds of thousands of retirees have more money in their accounts thanks to a one-time waiver of a government required withdrawal that kicks in after age 70. World Bank’s Zoellick warns of funding constraints by middle of next yearISTANBUL — World Bank president Robert Zoellick warned Friday that the international lender could find money running tight within a year if crisis-driven demands on its funding keep up at their record pace and the richer countries fail to stump up more cash. Global recession has boosted jobless lines worldwide, but data shows marked differencesPARIS — Unemployment is rising around the world as the recession leaves few corners untouched — but sharp differences remain between companies directly hit by financial or housing-market collapses and those that have deliberately protected jobs with expensive measures — including subsidizing shorter working weeks. CIT Group seeks to restructure in debt swap or through prepackaged plan in bankruptcy courtNEW YORK — Struggling CIT Group Inc. has launched a debt restructuring effort it hopes will trim at least $5.7 billion from its balance sheet, but also is asking bondholders to approve a prepackaged reorganization plan in case it is forced to file for Chapter 11 bankruptcy protection. Bar brawl study, bra that converts into gas masks among winners of the 2009 Ig Nobel awardsBOSTON — Can’t get milk from a cow? Try calling her Bessie or Buttercup. Banks reduce borrowing from Federal Reserve’s emergency lending programsWASHINGTON — Banks reduced their borrowing from the Federal Reserve’s emergency lending facility over the past week, and cut back on their use of other programs designed to ease the financial crisis. Troubled W.Va. bank agrees to greater scrutiny by regulatorsCHARLESTON, W.Va. — The parent company of Summit Community Bank says it has agreed to closer government scrutiny and been ordered to suspend dividends. Socialist opposition seen likely to win Greek election as PM faces tough fight for 3rd mandateATHENS, Greece — Greece’s beleaguered prime minister faces a tough fight to win a third mandate in early elections Sunday, with voters widely expected to reject his conservative party in favor of the opposition socialists. IMF raises 2010 global growth forecast to 3.1 percent but warns that recovery will be slowISTANBUL — The International Monetary Fund said the global economy is recovering faster than expected — but that governments should not be hasty in withdrawing the added spending and low interest rates that have helped restore growth. After Ken Lewis’ departure, next Bank of America CEO must make Merrill deal pay offNEW YORK — Ken Lewis’ legacy as CEO of Bank of America Corp. will likely be determined by whether his successor can do what Lewis couldn’t: prove that the bank’s messy acquisition of Merrill Lynch & Co. was worth the money. Poor manufacturing report upsets stock rally; Market still posts best quarter in 11 yearsNEW YORK — The stock market had a fitting end to a stellar but erratic third quarter as investors still ambivalent about the economy shuttled between bouts of buying and selling. US financial regulators say G-20 goals for more global coordination worthy but hard to meetWASHINGTON — U.S. financial regulators told Congress on Wednesday that national differences are vexing efforts to make good on pledges by world leaders to establish new international mechanisms to prevent another financial meltdown. Bank of America CEO Ken Lewis to retire from troubled bank by end of the yearNEW YORK — Ken Lewis, the embattled CEO of Bank of America Corp., is leaving the company, succumbing to nearly a year of strife that followed his company’s acquisition of Merrill Lynch & Co. Meltdown 101: Why do we have so many different bank regulators, and what do they do?WASHINGTON — The financial crisis has renewed the focus on bank regulation. Critics contend the patchwork system contributed to the crisis by allowing some banks to slip through the cracks and others to seek weaker oversight. Key lawmaker proposes group liability for credit rating agencies to stem conflictsWASHINGTON — A key House lawmaker wants to make credit rating agencies — widely criticized for failing to give investors adequate warning of the risks in subprime mortgage securities that triggered the financial crisis — collectively liable for inaccuracies. Former Moody’s employees lay out misconduct claims as lawmakers aim at rating industryWASHINGTON — Two former Moody’s Investors Service employees detailed allegations of misconduct at the big ratings firm as lawmakers took aim at a credit rating industry they condemned as rife with conflicts of interest and needing reform. Moody’s executive says ex-analyst’s allegations of inflated ratings are groundlessWASHINGTON — The chief credit officer of Moody’s Investors Service told Congress Wednesday that a former analyst’s allegations of inflated ratings and conflicts of interest at the firm are groundless. CIT Group shares plunge in premarket amid report lender is again on brink of bankruptcyNEW YORK — CIT Group Inc. shares plunged Wednesday as the commercial lender is reportedly trying to craft an exchange that would cut its debt and offer bondholders an equity stake in the company in a bid to avoid bankruptcy. IMF says losses from financial crisis have fallen by $600 bln to $3.4 trillion as shares riseISTANBUL, Turkey — Likely losses from the financial crisis in the three years to 2010 have been reduced by $600 billion to $3.4 trillion as the world economy grows faster than previously expected, the International Monetary Fund said Wednesday. Fisher: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, a Fed official warned Tuesday. Officials: Fed will need to move quickly when time comes to boost rates, battle inflationWASHINGTON — To prevent inflation from taking off, the Federal Reserve will need to start boosting interest rates quickly and aggressively once the economy is back on firmer footing, Fed officials warned Tuesday. Britain’s Brown makes final conference speech to revive political fortunes before electionBRIGHTON, England — British Prime Minister Gordon Brown lashed out against youth crime in a keynote speech Tuesday at his Labour Party’s conference that he hopes can spark a revival of his foundering fortunes. Moderate Democrats draft proposal that would shield major banks from tighter state regulationWASHINGTON — Moderate House Democrats are drafting a proposal that would continue to shield big banks from potentially tougher state regulations of credit cards, mortgages and savings accounts. Center-left Socialists re-elected in Portugal on promise of economic stimulus packageLISBON, Portugal — The center-left Socialist Party has retained power in Portugal’s parliamentary elections. As Congress probes ratings agencies, allegations by 2nd former Moody’s employee come to lightWASHINGTON — A former employee of Moody’s Investors Service warned federal regulators in March about deficiencies in the credit rating agency’s monitoring of municipal bonds after being rebuffed by Moody’s executives, a document shows. AP INTERVIEW: Greek opposition leader vows to fight corruption if elected PM next weekATHENS, Greece — Socialist opposition leader George Papandreou, who is widely expected to win Greece’s national election next weekend, says fighting endemic corruption and creating a stimulus package are essential if Greece is to emerge from a deep financial crisis. Bank of America suspends dealings with ACORN housing entity amid controversy over videotapesWASHINGTON — Bank of America Corp. is suspending its work with the housing affiliate of embattled community organizing group ACORN. Incumbent Socialists forecast to win Portugal elections dominated by crisisLISBON, Portugal — Portuguese voters, anxious about an unemployment rate that has hit a 20-year high, were expected to return the Socialists to government in Sunday elections after the party campaigned on promises of big-ticket public works projects to help stimulate growth. Chavez, Gadhafi build alliances at Africa-South America summit in VenezuelaPORLAMAR, Venezuela — Hugo Chavez made diplomatic inroads in Africa on Sunday at a summit of South American and African leaders where he offered Venezuela’s help in oil projects, mining and financial assistance. |
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