Alex Samuelson News
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The biggest Wall Street banks have spent more than $93 billion dealing with the fallout from the housing bust, settling disputes with the U.S. government and homeowners. Now they must face the Germans.
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A telephone call between a financial adviser in Beverly Hills and a trader in New York was all it took to fleece taxpayers on a water-and-sewer financing deal in West Virginia. The secret conversation was part of a conspiracy stretching across the U.S. by Wall Street banks in the $2.8 trillion municipal bond market.
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Citigroup Inc. hired Gage Olcott , former head of retail structured-note sales in the Americas at Barclays Plc, for a similar role at the New York-based bank, according to a person familiar with the matter.
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In early 2007, with subprime-mortgage defaults soaring, Wing F. Chau teamed with Merrill Lynch & Co. to create a $300 million pool of assets that shared a name with the main character in The Matrix movies who discovers reality isn’t what it seems.
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Citigroup Inc . hired Simon Yates as head of equity derivatives for the Americas, according to a company memo.
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Los Angeles Community College District, whose 137,000 students make it the nation’s largest two-year system, plans to market a $1.2 billion offering, its biggest on record, as soon as this month.
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Water and electric customers in the Seattle area, most of whom pay U.S. taxes, will pay an additional $14 million to get out of an agreement with American International Group Inc., the insurance company rescued from insolvency in 2008 by American taxpayers.
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The court official overseeing the liquidation of Lehman Brothers Holdings Inc.’s brokerage called for firms to have liquidation plans in place to avoid the disorder following Lehman’s collapse in 2008.
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Illinois sold $300 million of Build America Bonds at a yield premium over Treasuries about 40 percent higher than two months ago after lawmakers failed to close a $13 billion budget deficit for the year starting July 1.
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Bank of America Corp. ’s Countrywide Financial unit was sued over pension-fund losses by Michigan, which joined Oregon in seeking to recover investments in the mortgage lender.
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