Mary Eshet News
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Banks that opened more than 15,000 branches across the U.S. in the decade leading to the financial crisis are retreating from lower-income neighborhoods, even as the industry posted its second-most-profitable year on record.
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Citigroup Inc., the bank that took the most U.S. aid during the credit crisis, said it’s better- prepared than some rivals to withstand the impact of new anti- bailout rules that could force lenders to sell more debt.
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Just before sunset on April 10, 2006, a DC-9 jet landed at the international airport in the port city of Ciudad del Carmen, 500 miles east of Mexico City. As soldiers on the ground approached the plane, the crew tried to shoo them away, saying there was a dangerous oil leak. So the troops grew suspicious and searched the jet.
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The bank, now a unit of Wells Fargo, leads a list of firms that have moved dirty money for Mexico’s narcotics cartels--helping a $39 billion trade that has killed more than 22,000 people since 2006.
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Wells Fargo & Co. failed to hand over documents demanded in U.S. subpoenas and should be forced to cooperate with a probe into its sale of almost $60 billion in residential mortgage-backed securities, regulators said.
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Wells Fargo & Co.’s argument that it can’t be sued by the U.S. over illegal mortgage practices because of an earlier deal with the government was rejected by a federal judge as a misreading of the settlement terms.
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Wells Fargo & Co. failed to hand over documents demanded in U.S. subpoenas and should be forced to cooperate with a probe into its sale of almost $60 billion in residential mortgage-backed securities, regulators said.
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Jon S. Corzine, MF Global Holding Ltd.’s former chief executive officer, may face potential legal liability if investigators show he knew customer money might be used when he ordered $200 million transferred to a U.K. account as his brokerage neared collapse, Bloomberg News’ Linda Sandler and Phil Mattingly report that former prosecutors said.
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Wells Fargo & Co., the biggest U.S. home lender, said it reached a $590 million settlement in principle with plaintiffs who claimed in a lawsuit that Wachovia Corp. misled investors.
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Gibbs & Bruns LLP, the law firm that won an $8.5 billion settlement from Bank of America Corp. tied to faulty mortgage bonds said Wells Fargo & Co. and Morgan Stanley failed to service $73 billion of similar securities, creating a default.
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