Edna Love’s 58 years as a nurse for Detroit’s health department earned her a $2,000-a-month pension when she retired in 2011. That pales next to the $1 million she got from a separate city-sponsored savings plan where she put 5 percent of her pay year after year.
Brazil’s cabinet chief, Gleisi Hoffmann, urged the Supreme Court to be reasonable as it begins deliberations today on lawsuits dating back two decades that threaten to cost the nation’s lenders a quarter of the capital in the banking system.
Brazilian President Dilma Rousseff is mobilizing her cabinet to persuade the nation’s highest court to delay ruling on a case that could cost banks $65 billion and shrink credit, according to two government officials briefed on the matter.
Banco do Brasil SA fell to an 11- week low, leading a decline among Brazilian lenders before the Supreme Court starts ruling on depositor lawsuits that could cost the country’s banks 149 billion reais ($65 billion).
Brazil’s economy would be shaken and credit might contract by as much as 1 trillion reais ($437 billion) if the nation’s high court rules against banks this week on depositor lawsuits, former Finance Minister Marcilio Marques Moreira said.
Brazil’s banks may have to spend 149 billion reais ($65 billion) if the Supreme Court supports consumers seeking to recover deposits lost in an economic overhaul more than two decades ago, the central bank said.
British regulators expanded their probe into the manipulation of global currency markets by asking banks to examine foreign-exchange traders’ personal transactions, said a person with knowledge of the matter.