The Banking Industry

19 Nabbed as Zeus-Based Scam Unravels

Updated: 2010-09-30 19:57:10

London Attack Is Just the BeginningThe early morning arrests earlier this week of 19 people in London has England Scotland Yard's special electronic crimes unit unraveling what appears to be a online banking scheme that stole at least $9 million from thousands of banking customer accounts.

Consumer Protection: A Look Ahead

Updated: 2010-09-30 19:57:10

Elizabeth Warren, Regulatory Reform and the Watchdog AgencyWith the naming of Harvard professor Elizabeth Warren as the effective head of the soon-to-be-formed Consumer Financial Protection Bureau, the financial services industry is one step closer to getting its watchdog agency that was the centerpiece of the regulatory reform bill passed in July.

In massive Fisher-Price recall, gov’t cites hazards of 11 million tricycles, toys, high chairs

Updated: 2010-09-30 19:28:41

Fisher-Price recalls more than 11M kid products WASHINGTON — Fisher-Price is recalling more than 11 million tricycles, toys and high chairs over safety concerns. The Consumer Product Safety Commission said Thursday that the tricycles and high chairs were blamed for children’s injuries. In the recall of about 7 million Fisher-Price Trikes and Tough Trikes toddler tricycles, the agency .... Original article on Gaea Times at In massive Fisher-Price recall, gov’t cites hazards of 11 million tricycles, toys, high chairs.

Bernanke, other regulators say they’ll work together to put into effect big financial overhaul

Updated: 2010-09-30 19:01:20

Bernanke, others working together on overhaul WASHINGTON — Federal Reserve Chairman Ben Bernanke and other top regulators said Thursday their agencies are working vigorously to put into effect the sweeping overhaul of U.S. financial rules and are closely coordinating with each other. Bernanke said the Federal Reserve is working with the Treasury Department to develop ways for .... Read the original article Bernanke, other regulators say they’ll work together to put into effect big financial overhaul.

House GOP leader who hopes to be next speaker suggests ‘cut-as-you-go’ rule for federal budget

Updated: 2010-09-30 17:35:50

House GOP leader suggests ‘cut-as-you-go’ budget WASHINGTON — The Republican leader who hopes to be the next speaker of the House is laying out his thoughts on what’s wrong with the place and how it can work better. House Minority Leader John Boehner (BAY-nur), who’s hoping that Republicans take control of the chamber in November, says that .... Source article House GOP leader who hopes to be next speaker suggests ‘cut-as-you-go’ rule for federal budget.

Stocks retreat on last day of quarter as investors pocket profits from big September

Updated: 2010-09-30 16:45:36

Stocks pull back as investors take profits NEW YORK — Stocks retreated Thursday as investors decided to lock in profits at the end of a historically strong month. Indexes rose sharply just after the market opened following news that unemployment claims dropped and manufacturing activity in the Chicago area rose. But since the initial burst of buying, .... Source article Stocks retreat on last day of quarter as investors pocket profits from big September.

Convenience store group says possible menthol cig ban could hurt business, create black market

Updated: 2010-09-30 16:37:46

Trade group pushes against menthol cig ban RICHMOND, Va. — A possible federal ban on menthol cigarettes could hurt convenience store business and create a black market for the minty smokes, a still-growing part of the shrinking cigarette market, the National Association of Convenience Stores said Thursday. The group is urging a Food and Drug Administration scientific .... Source Convenience store group says possible menthol cig ban could hurt business, create black market.

Strong US economic data help world stock markets look past European debt problems

Updated: 2010-09-30 15:30:54

World markets mixed amid US jobs data, debt news LONDON — World markets were mixed Thursday as investors booked profits at the end of a month of solid gains and amid upbeat signs about the U.S. economy. Ireland’s announcement that it would sink billions more into its failed banks was greeted with equanimity. European stocks fluctuated all .... Source article Strong US economic data help world stock markets look past European debt problems.

McDonald’s denies report it would drop health insurance unless government waives requirement

Updated: 2010-09-30 15:24:14

McDonald’s denies report of dropping health care OAK BROOK, Ill. — The fast-food restaurant chain McDonald’s Corp. has denied a report that it’s considering dropping health care coverage for some employees in response to a health care reform provision. The Wall Street Journal reported Wednesday that McDonald’s, the world’s largest hamburger chain, has warned regulators it could .... Source Gaea News Network.

Ireland to pump €12 billion more into debt-hit banks; total bill to reach €45 billion

Updated: 2010-09-30 14:41:54

Europe debt crisis rolls on as Irish bailouts grow DUBLIN — Ireland will have to pump €12 billion ($16 billion) more into the country’s crippled banking system, dealing more grief to shellshocked Irish taxpayers. Coupled with the downgrade of Spain’s bonds by a third ratings agency, the news Thursday from Dublin provided more evidence that Europe has .... Source Ireland to pump €12 billion more into debt-hit banks; total bill to reach €45 billion.

Nepal parliament’s ninth attempt to elect new prime minister fails, prolonging political limbo

Updated: 2010-09-30 14:38:19

Nepal lawmakers fail to elect PM for the 9th time KATMANDU, Nepal — Nepal’s parliament failed to elect a new prime minister for the ninth time Thursday, leaving the Himalayan nation in a political limbo that has delayed its annual budget and stalled a peace process with former insurgents. Lone candidate Ram Chandra Poudel of the Nepali ... Original source on Gaea Times at : Nepal parliament’s ninth attempt to elect new prime minister fails, prolonging political limbo.

Stocks jump on last day of quarter after upbeat reports on unemployment claims, GDP

Updated: 2010-09-30 14:38:06

Stocks set to end September surge with more gains NEW YORK — Stocks are ending a strong September with more gains Thursday after new reports on unemployment claims, economic growth and manufacturing topped expectations. Major indexes have been surging all month on signs of incremental improvement in the economy, which have allayed worries that the country would .... Original article Stocks jump on last day of quarter after upbeat reports on unemployment claims, GDP.

Job losses sends families flocking to low-income health insurance program

Updated: 2010-09-30 14:34:25

Medicaid enrollment spikes to 48M in weak economy WASHINGTON — More people signed up for Medicaid last year than at any time since the program’s inception, as the recession wiped out jobs and workplace health coverage. A report released Thursday by the nonprofit Kaiser Family Foundation found that enrollment in the safety-net medical insurance program jumped to .... Read the original article Job losses sends families flocking to low-income health insurance program.

In massive Fisher-Price recall, gov’t cites hazards of 10 million tricycles, toys, high chairs

Updated: 2010-09-30 14:31:15

Fisher-Price recalls more than 10M kid products WASHINGTON — Fisher-Price is recalling more than 10 million tricycles, toys and high chairs over safety concerns. The Consumer Product Safety Commission said Thursday that the tricycles and high chairs were blamed for children’s injuries. In the recall of about 7 million Fisher-Price Trikes and Tough Trikes toddler tricycles, the agency .... Source In massive Fisher-Price recall, gov’t cites hazards of 10 million tricycles, toys, high chairs.

Your Free Credit Score: New Options With Loan Denial

Updated: 2010-09-30 12:32:20

If you have been rejected for a loan, credit card, or mortgage, it is usually because your credit score has been deliberately stagnant probably due to missed payments. Rejection is somewhat hard to accept, especially if the reason for the refusal is not clear. Lenders make use of credit scores to [...]

AIG announces plan to repay government; return to independent company after bailout

Updated: 2010-09-30 12:09:03

AIG reaches deal to repay government NEW YORK — AIG, which became a lightning rod for criticism over government bailouts, said it reached a deal to repay billions of dollars it received during the credit crisis. The plan announced Thursday could return a profit to taxpayers who footed the bill for AIG’s near collapse in September 2008. “This .... Read the original article here.

In massive Fisher-Price recall, CPSC cites dangers for 10 million tricycles, toys, high chairs

Updated: 2010-09-30 12:05:53

Fisher-Price recalls more than 10 million items WASHINGTON — Fisher-Price is recalling more than 10 million tricycles, toys and high chairs over safety concerns. The Consumer Product Safety Commission said Thursday that two of the products being recalled involved injuries. In the recall of about 7 million Fisher-Price Trikes and Tough Trikes toddler tricycles, the agency is aware .... Original source In massive Fisher-Price recall, CPSC cites dangers for 10 million tricycles, toys, high chairs.

Stock futures slip to end quarter as traders await reports on jobs, GDP

Updated: 2010-09-30 12:02:43

Stock futures slip on last day of quarter NEW YORK — Stock futures slipped Thursday as investors entered the last day of the quarter cautiously. An upcoming report on first-time claims for unemployment benefits and a final reading on second-quarter gross domestic product kept traders from making any big moves. Stocks are set to end the third quarter .... Original article Stock futures slip to end quarter as traders await reports on jobs, GDP.

Stock futures show little movement on last day of quarter as traders await jobs, GDP data

Updated: 2010-09-30 11:52:56

Stock futures little changed to end quarter NEW YORK — Stock futures are little changed as investors enter the last day of the quarter cautiously. An upcoming report on first-time claims for unemployment benefits Thursday and a final reading on second-quarter gross domestic product are keeping traders from making any big moves. Investors have bid up stocks throughout .... Source article on Gaea Times at Stock futures show little movement on last day of quarter as traders await jobs, GDP data.

Spain’s hurting economy hit hard again by Moody’s government debt downgrade

Updated: 2010-09-30 11:34:27

Spain’s hurting economy hit with debt downgrade MADRID — Spain’s hurting economy got hit again Thursday with yet another downgrade of its government debt by a major ratings agency, meaning the nation’s borrowing costs will likely rise as it struggles to cut its deficit amid gloomy economic recovery prospects. Moody’s Investors Service lowered the rating from Aaa ... Original article on : Spain’s hurting economy hit hard again by Moody’s government debt downgrade.

AIG to sell 2 Japanese life insurance units to Prudential Financial for about $4.2 billion

Updated: 2010-09-30 11:27:57

AIG to sell 2 Japanese units for $4.2 billion NEW YORK — AIG, which reportedly is close to a deal that would allow the U.S. government to exit its ownership interest, says it will sell its two Japanese life insurance units to Prudential Financial Inc. for about $4.2 billion in cash. The transaction also includes $600,000 in .... Read the original article here.

China tightens curbs on lending, plans tax in renewed effort to cool housing prices

Updated: 2010-09-30 10:52:07

China curbs lending in move to cool housing market SHANGHAI — China has tightened limits on mortgage lending and plans to roll out a new tax on home sales, acting once again to cool a property market that some fear is frothing into a bubble. The required downpayment for a first home purchases rises to 30 percent, .... Source Gaea News Network.

China warns US currency bill might harm trade ties, violates global trade rules

Updated: 2010-09-30 10:17:15

China warns US currency bill might harm ties BEIJING — Beijing warned Washington on Thursday that economic ties might be damaged after American lawmakers escalated the conflict over China’s currency controls, inching the two economic giants closer to a trade war. The Commerce Ministry said a measure approved Wednesday by Congress to allow Washington to penalize governments .... Source article on Gaea Times at China warns US currency bill might harm trade ties, violates global trade rules.

Ireland to put Allied Irish Banks under state control, pump billions more into 3 banks

Updated: 2010-09-30 09:28:03

Ireland to pump billions more into debt-hit banks DUBLIN — Ireland will take majority control of Allied Irish Banks and pump billions more into two smaller banks, driving the deficit to record levels and requiring more austerity measures, the government announced Thursday. Finance Minister Brian Lenihan said the latest figures were “horrendous but manageable,” and promised there ... Original source on Gaea Times at : Ireland to put Allied Irish Banks under state control, pump billions more into 3 banks.

Mobile Money: the Samee and Dave Show

Updated: 2010-09-30 08:43:36

: : The Financial Services Club's Blog Your email : address Powered by FeedBlitz Subscribe to this blog's feed About Recent Posts Mobile Money : the Samee and Dave Show Things worth reading : 30th September 2010 What happens when there is no more poverty Things worth reading : 29th September 2010 Exclusive : Interview with First Direct Things worth reading : 28th September 2010 Why does the card securities council not care about card security Things worth reading : 27th September 2010 The Finanser's Week : 20th September 26th September 2010 If you like card fraud , this one's for you Recent Comments Robert on What happens when there is no more poverty Sretko Povic on What happens when there is no more poverty Steve Brunswick , Thales on Why does the card securities council not care about

SBI Clerk Interview Result 2010 Announced

Updated: 2010-09-30 07:36:06

NEW DELHI, INDIA (GaeaTimes.com) — Finally the much anticipated SBI Clerk Interview result is out. SBI has announced the results of 11000 clerks recruitment today. SBI, the largest public sector bank of India was expected to announce the results couple of months back. But took 3 weeks extra to make the merit list for more than ... Original article on : SBI Clerk Interview Result 2010 Announced.

Things worth reading: 30th September 2010

Updated: 2010-09-30 07:03:17

Senate will consider bill to give FDA power to prevent foodborne illness after Nov. elections

Updated: 2010-09-30 05:32:35

Senate to take up food safety bill after elections WASHINGTON — The Senate will consider a food safety bill after the November elections that would give the Food and Drug Administration more power to prevent foodborne illness. Senate Majority Leader Harry Reid, D-Nev., laid the groundwork late Wednesday for a vote to end debate on the bill ... Read this article on Gaea Times at : Senate will consider bill to give FDA power to prevent foodborne illness after Nov. elections.

House sends Obama stopgap spending bill to avoid government shutdown

Updated: 2010-09-30 05:24:14

House clears stopgap spending bill for Obama WASHINGTON — With battle-weary lawmakers eager to bolt the Capital, the House is sending President Barack Obama a stopgap spending bill that’s needed to avert a government shutdown on Friday. The bill funds the government at current levels through early December. Lawmakers will return after the elections to vote on ... Read the original article on Gaea Times at : House sends Obama stopgap spending bill to avoid government shutdown.

Bernanke says Fed working with other regulators to put into effect big financial overhaul

Updated: 2010-09-30 05:09:01

Bernanke: Fed, others working on overhaul rules WASHINGTON — The Federal Reserve is working closely with other regulators to put into effect the most sweeping overhaul of U.S. financial rules since the Great Depression, Fed Chairman Ben Bernanke is telling a Senate panel. The new law, enacted in July, toughens government oversight of Wall Street and banks, .... Original source Bernanke says Fed working with other regulators to put into effect big financial overhaul.

China criticizes US currency bill as protectionism, violation of global trade rules

Updated: 2010-09-30 04:52:53

China criticizes US currency bill as protectionism BEIJING — Beijing accused Washington of protectionism Thursday after U.S. lawmakers escalated the conflict over China’s currency controls, inching the two economic giants closer to a trade war. The Commerce Ministry said a measure approved Wednesday to allow Washington to penalize governments that manipulate exchange rates would not narrow the ... Read more .

Agree to our 51 percent control of businesses or stay away, Zimbabwe’s Mugabe tells investors

Updated: 2010-09-30 01:57:55

Agree to our terms or go, Zimbabwe tells investors HARARE, Zimbabwe — Zimbabwe’s president on Thursday told foreign investors that they must accept black Zimbabweans as the major shareholders in their projects — or stay away from the southern African nation. Strict empowerment laws scheduled for phased enforcement over the next five years require black Zimbabweans to ... Original source on Gaea Times at : Agree to our 51 percent control of businesses or stay away, Zimbabwe’s Mugabe tells investors.

Stock futures climb on last day of quarter after reports on unemployment claims, GDP

Updated: 2010-09-30 01:41:13

Stock futures climb on drop in unemployment claims NEW YORK — Stocks are set to end a strong September with more gains Thursday after new reports on unemployment claims and gross domestic product topped expectations. Thursday’s moves echo what has been driving stocks sharply higher throughout the month: investors are bidding up stocks as economic reports show .... Source Stock futures climb on last day of quarter after reports on unemployment claims, GDP.

Economic growth slows sharply in spring at just a 1.7 percent pace; more weakness ahead

Updated: 2010-09-30 01:35:30

Economy loses speed in spring; more weakness ahead WASHINGTON — The nation’s economic growth tailed off sharply in the spring and probably isn’t faring any better now. Gross domestic product — the broadest measure of the economy’s health — expanded at a feeble 1.7 percent annual rate in the April-June quarter, The Commerce Department reported Thursday. That’s a ... Read more »raquo;»

Applications for unemployment benefits fall for third time in 4 weeks

Updated: 2010-09-30 01:35:27

Jobless benefit applications drop to 453K WASHINGTON — Applications for jobless benefits dropped last week for the third time in four weeks, a sign that employers are cutting fewer jobs. New claims for jobless benefits fell by 16,000 to a seasonally adjusted 453,000, the Labor Department said Thursday. Still, they are higher than they would be in ... Read more .

Ireland to pump euro12 billion more into debt-hit banks; total bill to reach euro45 billion

Updated: 2010-09-30 01:18:16

Ireland to pump billions more into failed banks DUBLIN — Europe’s debt crisis dumped more woe on Ireland’s weary taxpayers Thursday, as the government said it needed to pour billions more of their money into a collapsed banking system. Coupled with new that Spain’s bonds had been downgraded by a third ratings agency, the news from Dublin ... Read more .

Egypt’s Orascom Telecom faces new $230 million tax bill from Algeria operations

Updated: 2010-09-30 01:08:08

Egypt’s Orascom faces new Algeria tax bill CAIRO — Egyptian telecom giant Orascom Telecom said Thursday its Algeria unit has been hit with a $230 million preliminary tax reassessment, marking a new and increasingly acrimonious chapter in the company’s relations with the North African nation. OT said in a statement that it would take all “necessary legal ... Read the original article on Gaea Times at : Egypt’s Orascom Telecom faces new $230 million tax bill from Algeria operations.

Overcoming Fear of the Cloud

Updated: 2010-09-29 11:54:13

Educator Jeff Reich on Virtualization and Cloud ComputingFor most organizations, the biggest barrier to cloud computing is fear - "Will my data be secure?" It's time to tackle that fear head-on

FDIC: Board Proposes Rules on Temporary Unlimited Deposit Insurance Coverage for Non-interest-Bearing Transaction Accounts

Updated: 2010-09-29 11:54:10

The Federal Deposit Insurance Corp. Board of Directors has approved the issuance of a proposed rule to implement provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act to provide depositors at all FDIC-insured institutions unlimited deposit insurance coverage on noninterest-bearing transaction accounts beginning Dec. 31 through Dec. 31, 2012.

FDIC: Regulatory Relief to Help Institutions in Areas of S.D. Affected by Severe Weather

Updated: 2010-09-29 11:54:09

The Federal Deposit Insurance Corp. has announced a series of steps intended to provide regulatory relief to financial institutions and facilitate recovery in areas of South Dakota affected by severe storms and flooding.

FDIC: Bair's Remarks for Dodd-Frank Act Notice of Proposed Rulemaking

Updated: 2010-09-29 11:54:08

The orderly liquidation process established under Title II of the Dodd-Frank Act imposes the losses on shareholders and creditors, while also protecting the economy and taxpayer interests.

FinCEN: Regulatory Requirement Proposed for Financial Institutions to Report Cross-Border Electronic Funds Transmittals

Updated: 2010-09-29 11:54:07

The Financial Crimes Enforcement Network has a notice of proposed rulemaking that would require certain depository institutions and money services businesses to provide records of certain cross-border electronic transmittals of funds.

Things worth reading: 29th September 2010

Updated: 2010-09-29 06:07:58

Smoking Loans Prove Wall Street Committed Fraud

Updated: 2010-09-28 21:18:50

Did big banks merely make mistakes that contributed to the financial crisis, or did such firms deliberately mislead investors? Evidence suggests the latter.

Things worth reading: 28th September 2010

Updated: 2010-09-28 05:56:39

What About Stuxnet?

Updated: 2010-09-27 22:45:57

Kevin Johnson, SANS instructor and security expert, on what you need to know about Stuxnet, Twitter worms and other new threats to organizations and privacy.

Now They Tell Us: Wall Street Doesn't Fear Dodd-Frank, Basel Reforms

Updated: 2010-09-27 20:26:14

During the fight over financial reform, financial executives made dire predictions about the potential impact of new regulations on the industry. Privately, however, such firms are far more...

The FDIC on Vendor Management

Updated: 2010-09-27 14:45:26

When it comes to managing third-party service providers, regulatory guidance hasn't evolved - but the technology landscape has.

How to Prevent Identity Theft

Updated: 2010-09-27 12:27:00

There is only one word that describes identity theft, FRAUD. When someone steals your identity they not only steal your name but also control your credit history, credit score and have access to all of your assets. While you may have spent years carefully managing your finances to give you [...]

Things worth reading: 27th September 2010

Updated: 2010-09-27 06:46:32

The Finanser's Week: 20th September - 26th September 2010

Updated: 2010-09-26 07:40:16

BankInfoSecurity.com Week In Review for Friday, Sept. 24, 2010

Updated: 2010-09-25 05:56:12

This week's top news and views: The arrest of 53 suspects charged with a sophisticated identity theft and fraud scheme gets the attention of federal agents, and the message from the PCI Security Standards Council's annual North American Community Meeting: "Stolen Credit Card Information Is a Commodity That Has Worth."

If you like card fraud, this one's for you

Updated: 2010-09-24 16:01:15

Due Credit: Banks Offer Second Chance to Small Businesses Rejected for a Loan

Updated: 2010-09-24 15:22:09

Hoping to boost small business lending, bankers are seeking out prospective borrowers who were previously rejected for a loan. The lesson? Your best customer may not be who you think.

Things worth reading: 24th September 2010

Updated: 2010-09-24 06:04:20

Savings Mistakes You Can Learn From

Updated: 2010-09-23 18:30:54

It is cheaper to learn from other people’s mistakes than to learn from trial-and-error. That’s why it is important to find out the experiences of people who have “been there, done that” especially with regards to financial management. Some wish they can go back to their 20’s to undo the mistakes of the past. Meanwhile, [...]

The end of the European Union?

Updated: 2010-09-23 08:35:17

Things worth reading: 23rd September 2010

Updated: 2010-09-23 07:20:43

How Ally Financial "Robo-Signed" People's Homes Away

Updated: 2010-09-22 22:04:07

Why did a taxpayer-owned mortgage loan servicer screw homeowners? Because foreclosures pay.

Things worth reading: 22nd September 2010

Updated: 2010-09-22 05:29:42

Chill Pill: How Treating Loans Like Drugs Can Help the Financial System

Updated: 2010-09-21 22:09:50

How do you promote safe financial products without strangling innovation? Require prescriptions.

The New Personal Finance Culture in America

Updated: 2010-09-21 18:14:54

Recently, there has been a major development that changed the way Americans looked at money management. As the US economy struggled to recovery, ordinary citizens have had to cope with the “new normal”. No longer are credit, loans, and credit cards offers as abundant as they used to be. People are being forced to adapt [...]

Things worth reading: 21st September 2010

Updated: 2010-09-21 07:44:31

What is Debt Counseling and is it important?

Updated: 2010-09-20 16:12:52

Debt counseling is a procedure that explains the many different ways of eliminating personal debt to a consumer. Debt counseling companies are not only really good in that field, but are also experts in the country’s financial laws. They give the debtor information about all the important and possible terms and conditions that will pull [...]