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Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to http://pennystockpaycheck.com for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

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Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

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Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

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UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

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Legal settlements often ease investors’ minds, but the size of BofA’s ([[BAC]] -1.5%) $2.34B tab for settling claims it misled investors about Merrill Lynch’s financial health before its purchase was an unwelcome surprise. Some analysts…

Category : Stocks

Legal settlements often ease investors’ minds, but the size of BofA’s (BAC -1.5%) $2.34B tab for settling claims it misled investors about Merrill Lynch’s financial health before its purchase was an unwelcome surprise. Some analysts worry BofA’s legal exposure doesn’t seem to be tapering off; it’s the bank’s 11th settlement totaling $29B since the start of the financial crisis. 6 comments!

More: Legal settlements often ease investors’ minds, but the size of BofA’s ([[BAC]] -1.5%) $2.34B tab for settling claims it misled investors about Merrill Lynch’s financial health before its purchase was an unwelcome surprise. Some analysts…

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Recent online service interruptions at Bank of America (BAC) and JPMorgan Chase (JPM) are believed to have been caused by Iranian hackers who have targeted big U.S. banks repeatedly during the past year. It’s not known if Iran’s cyber attacks can…

Category : Stocks, World News

Recent online service interruptions at Bank of America (BAC) and JPMorgan Chase (JPM) are believed to have been caused by Iranian hackers who have targeted big U.S. banks repeatedly during the past year. It’s not known if Iran’s cyber attacks can cause significant damage, but “It’s like the nuclear program: It isn’t particularly sophisticated but it makes progress every year.” 2 comments!

Go here to see the original: Recent online service interruptions at Bank of America (BAC) and JPMorgan Chase (JPM) are believed to have been caused by Iranian hackers who have targeted big U.S. banks repeatedly during the past year. It’s not known if Iran’s cyber attacks can…

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No U.S. bank cracks Global Finance magazine’s list of the world’s 50 safest banks until Bank of New York Mellon (BK) comes in at no. 29. Wells Fargo (WFC) ranks 48th; J.P. Morgan (JPM), BofA (BAC) and Citigroup (C) miss the cut entirely. Topping the…

Category : Stocks

No U.S. bank cracks Global Finance magazine’s list of the world’s 50 safest banks until Bank of New York Mellon (BK) comes in at no. 29. Wells Fargo (WFC) ranks 48th; J.P. Morgan (JPM), BofA (BAC) and Citigroup (C) miss the cut entirely. Topping the list is Germany’s KfW; the first publicly traded bank is Canada’s TD Bank (TD) at no. 11. 7 comments!

Continued here: No U.S. bank cracks Global Finance magazine’s list of the world’s 50 safest banks until Bank of New York Mellon (BK) comes in at no. 29. Wells Fargo (WFC) ranks 48th; J.P. Morgan (JPM), BofA (BAC) and Citigroup (C) miss the cut entirely. Topping the…

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The FDIC filed suit on Friday against 11 major banks for allegedly mispresenting the quality of the loans that were packaged together in over $388M of mortgage bonds sold to Alabama-based Colonial Bank, which failed three years ago after being…

Category : Stocks, World News

The FDIC filed suit on Friday against 11 major banks for allegedly mispresenting the quality of the loans that were packaged together in over $388M of mortgage bonds sold to Alabama-based Colonial Bank, which failed three years ago after being defrauded by Taylor, Bean & Whitaker Mortgage. The banks sued include the usual suspects of JPMorgan (JPM), Citigroup (C), BofA (BAC) and Wells Fargo (WFC). 1 comment!

View post: The FDIC filed suit on Friday against 11 major banks for allegedly mispresenting the quality of the loans that were packaged together in over $388M of mortgage bonds sold to Alabama-based Colonial Bank, which failed three years ago after being…

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Bank of America, HP, United Technologies: Dow Movers

Category : Business, Stocks

NEW YORK (TheStreet) — U.S. stocks fell sharply Friday on fresh worries about the eurozone’s stability spurred by a spike in Spanish borrowing costs.

The Dow Jones Industrial Average lost 121 points, or 0.93%, to close at 12,823. The blue-chip index still managed to book a 0.46% gain and it’s up 4.95% year-to-date.

Breadth within the Dow was negative with 27 of the index’s 30 components posting losses. …

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Patriot Coal Declares Bankruptcy, Citing Industry ‘Transformation’ (Update 1)

Category : Business, Stocks

Updated to reflect Patriot Coal bankruptcy filing

NEW YORK (TheStreet) — Struggling coal company Patriot Coal has filed for bankruptcy, citing a coal industry “transformation” that made its financial position untenable.

The St. Louis-based thermal and metallurgical coal producer has arranged for $802 million in debtor-in-possession financing from Citigroup, Barclays and Bank of America Merrill Lynch to help finance its operations through the bankruptcy process. …

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See the rest here: Patriot Coal Declares Bankruptcy, Citing Industry ‘Transformation’ (Update 1)

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They Just Don’t Get JPMorgan!

Category : Stocks

Marek Fuchs, TheStreet’s media analyst, calls out The New York Times for hyperventilating over JPMorgan Chase.

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They Just Don’t Get Morgan Stanley!

Category : Business, Stocks

NEW YORK (TheStreet) — Moody’s took a pipe wrench to Morgan Stanley’s reputation.

The bank and its defenders, in turn, are claiming that Moody’s has a blinkered perspective, but that carping won’t do much good.

Fact is: Even if Morgan Stanley apologists claim not to give a damn about the firm’s bad reputation, it will have an impact. The effects will obviously be psychological, tarnishing the bank’s image in the eyes of customers and employees. It will also hit Morgan Stanley in the moneymaker, potentially increasing its borrowing and collateral by about $7 billion. …

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Moody’s Cuts the Ratings of 15 Banks: Hot Trends

Category : Stocks

A look at the most searched trends on the Web, including Moody’s after the ratings agency cut the credit ratings of 15 major banks.

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Stocks Stay Upbeat on Easing European Fears

Category : Stocks

NEW YORK (TheStreet) — The major U.S. equity averages were holding steadfast in positive territory early Friday afternoon as the European Central Bank pursued measures to boost banks on the continent and a growth package was put forth at a “mini” European summit in Rome.

The news provided a measure of relief for investors still digesting earlier statements from U.S. central bank officials that the Federal Reserve is unlikely to pursue any aggressive measures to stimulate the economy in the near term.

The Dow Jones Industrial Average was gaining 44.4 points, or 0.35%, at 12,618. The S&P 500 was rising more than 4 points, or 0.37%, at 1330, and the Nasdaq was ahead by 18.8 points, or 0.66%, at 2878. …

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