U.S. Commerce Secretary nominee Penny Pritzker received $54 million last year from an offshore trust in the Bahamas, according to a disclosure report that describes an empire of casinos, hotels, energy companies and family trusts that may be worth more than $2 billion.
Almost six years after the start of the worst financial crisis since the Great Depression, bond issuers are again exploiting credit ratings by seeking firms that will provide high grades on debt backed by assets from auto loans to office buildings considered inappropriate by rivals.
General Motors Co.’s Opel brand is starting loans for purchases of new cars as the unprofitable European division of the world’s second-biggest automaker seeks to increase vehicle sales in its home region.
Deutsche Bank AG is moving closer to turning U.S. rental home payments into bonds, which would be one of the first new types of securitization since the 2008 credit crisis, and pave the way for an infusion of capital.
Jason Schmitt lost his $90,000-a- year job at an oil rig in 2009. The bank repossessed his Tulsa, Oklahoma home and the former Army combat engineer went bankrupt. Last month, after moving with his family to his Missouri hometown, he got a Veterans Administration mortgage that lets borrowers buy property just two years after a foreclosure.