Bernard Madoff’s deputies made fake paperwork showing trading losses to save $1.7 million owed to an investor who died with “too much money” in his account even as the firm was being flooded with new customers and cash in the 1990s, the con man’s former finance chief told a jury.
Doug Parker, poised to lead the new American Airlines Group Inc., wants to beat a $1 billion goal for added revenue and savings in the AMR Corp.-US Airways Group Inc. merger and is about to start meshing frequent-flier plans.
The largest U.S. mortgage servicers, including Citigroup Inc. and Bank of America Corp., must do more to improve handling of delinquent home loans, according to a court-appointed monitor overseeing an accord with the firms.
Wall Street banks, which already shut proprietary trading units that helped fuel record profits, are girding to learn next week how much revenue the Volcker rule may cut from the $44 billion they say comes from market-making.
At least three U.S. regulators will meet on Dec. 10 to adopt the final version of the Volcker rule banning banks from making speculative bets with their own money, according to three people familiar with the planning.