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By Tad Friend
$16.49
By Susan Jacoby
$16.32
$24
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Image via Shutterstock
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Business is clearly good again for the financial institutions that were rescued by American taxpayers just a few short years ago. Thanks in part to increased revenue from customer fees, U.S. banks’ profits soared to a record high for the first quarter of 2013, the Federal Deposit Insurance Corp. reported Wednesday.
Posted on May 29, 2013
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Screenshot via WFTV
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Did you know you could make your mortgage payments early and still be foreclosed on? That’s exactly what happened to a Florida man who says he not only made his loan payments ahead of time, but even paid more than was required each month, and is still being foreclosed on by Wells Fargo.
Posted on May 26, 2013
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peasap (CC BY 2.0)
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A Bloomberg Markets magazine study estimates that dirt-cheap borrowing programs and other benefits have saved the nation’s six largest banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley—$102 billion since 2009.
Posted on May 10, 2013
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Flickr/MoneyBlogNewz
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A typo by banking giant Wells Fargo resulted in a more than two-year legal battle that came to a tragic conclusion in December when Larry Delassus’ heart stopped in a Los Angeles area courtroom, a new LA Weekly report reveals.
Posted on Mar 10, 2013
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Flickr/Thomas Hawk
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Meet the major banks’ newest partner: payday lenders, the owners of those check cashing stores that offer short-term loans with interest rates that sometimes exceed 500 percent.
Posted on Feb 24, 2013
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Photo by Taber Andrew Bain (CC-BY)
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Homeowner advocates and some lawmakers are upset that an $8.5 billion settlement with JPMorgan Chase, Bank of America, Wells Fargo and other banks over improper foreclosures would let lenders off the hook both financially and legally.
Posted on Jan 7, 2013
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PMell2293 (CC-BY)
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You work hard. You pay taxes. But 26 corporations don’t—or at least they didn’t between 2008 and 2011. General Electric, Boeing and Verizon were among the major companies that together enjoyed more than $78 billion in tax subsidies over the last four years, according to a report by Citizens for Tax Justice.
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HA! Designs - Artbyheather (CC-BY)
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Bank of America: $11.9 billion; JPMorgan: $5.44 billion; Wells Fargo: $4.35 billion. These are the fines the banks have paid so far in settlements to the government for wrongdoing amid the financial crisis.
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AP / Susan Walsh
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By Paul Kiel, ProPublica —
On Feb. 9, administration officials stood alongside state attorneys general to announce a $25 billion mortgage settlement reminiscent of deal made three Februarys ago. Three years later, that program is widely considered a failure.
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Doug Wilson
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An analysis by Public Campaign reveals that between 2008 and 2010, 30 of America’s most profitable companies, including Verizon, Wells Fargo, FedEx, GE and Mattel, spent more money buying influence in Washington than they did paying taxes. (Full list after the jump.)
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Sasha Y. Kimel (CC-BY)
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Saturday is the day 80,000 people have pledged to punish “too big to fail” banks by moving their money to credit unions and local community institutions. How does it work? Will banks feel the hurt? How can it be done quickly and conveniently? Josh Harkinson at Mother Jones answers these questions and more.
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Flickr / MoneyBlogNewz
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Bank of America announced that it will charge its customers $5 a month for making purchases with debit cards, and Wells Fargo, Chase and SunTrust are poised to follow suit. (more)
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Flickr / Wonderlane (CC-BY)
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Moody’s downgraded the credit ratings of three major U.S. banks Wednesday, and so far it appears that Bank of America was the hardest hit by the move.
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AP / Paul Sakuma
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In a startling move, the Obama administration is holding three major banks—Wells Fargo, Bank of America and JPMorgan Chase—accountable for their bad lending habits on the mortgage market, cutting off funds from the Home Affordable Modification Program until they shape up.
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Flickr / respres Some rights reserved
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Investigators at the United States Trustee Program, which oversees U.S. bankruptcy cases, are collecting mountains of evidence that show that banks industrywide are hurrying huge numbers of borrowers out of their homes prematurely, based on false loan repayment claims. (more)
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entertainoz.com.au
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What’s a bunch of Wells Fargo bigwigs to do now that their struggling bank has gotten a whopping $25 billion from the federal government? Two words: Vegas, baby. Update
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AP photo / Lauren Victoria Burke
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Perhaps we should be more surprised than we are by the news that Treasury Secretary Henry Paulson and his DOT crew managed to sneak a handful of sentences into the approved bailout bill that amounted to a $150-billion “quiet windfall” for American banks, as The Washington Post put it.
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Guantanamo Prisoner’s Case Demonstrates Unfairness of Military Commissions
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