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BUSINESS
By WERNER RENBERG | August 9, 1992
While stock prices, on the average, may be near all-time highs, the broad stock market, as measured by the Standard & Poor's 500 Composite Stock Price Index, is barely up for the year to date.The same can be said about the performance of equity mutual funds, whose average total return was a mere 0.2 percent for the first seven months, according to Lipper Analytical Services.Because a return of only 1 percent was above average under these circumstances, a return of 16.8 percent has to be regarded as impressive.
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NEWS
By Robert B. Reich | June 11, 2014
General Motors has fired 15 employees after an internal investigation into the company's handling of defective ignition switches that led to at least 13 fatalities. But the only way to stop lawbreaking at GM or any other big corporation is to prosecute the people who break the law. And so far, no one at GM has been prosecuted. "What GM did was break the law. ... They failed to meet their public safety obligations," scolded Secretary of Transportation Anthony Foxx after imposing the largest possible penalty on the giant automaker.
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BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 29, 2012
Finally, a spotlight will be shone on a widespread business practice that forces unhappy customers to settle disputes through binding arbitration — rather than by telling their story in court. The Consumer Financial Protection Bureau now is seeking public input about mandatory arbitration clauses in the contracts of financial products and services. More important, the board has the power to limit or even eliminate the clauses if they hurt consumers. For far too long, consumers have been forced to sign away their rights to sue a company should a problem arise.
NEWS
By Cassandra Jones Havard | March 13, 2014
If you are among America's 68 million people who can't, won't or just don't do business with private banks, the post office wants you. Recognizing a need for affordable banking services among the nation's lower-income consumers, the U.S. Postal Service also sees a way to bolster its own bottom line by offering financial services. We'll get back to the post office in a minute. But first, who are these consumers who require a new model of financial services? The first, the so-called unbanked, are those who prefer to deal in cash and who don't use traditional, regulated banks for a myriad of reasons, including an inability or unwillingness to pay high fees or a poor credit history that precludes access to loans.
BUSINESS
By Kevin G. Hall and Kevin G. Hall,McClatchy-Tribune | September 6, 2007
WASHINGTON -- Amid tightening credit, rising default rates on home loans and concerns that larger investors aren't sufficiently scrutinized, a top Treasury Department official told Congress yesterday that his agency is reviewing rules with an eye toward greater regulation of the financial services sector. Robert K. Steel, Treasury's undersecretary of domestic finance, told the House Financial Services Committee in written remarks that by early next year Treasury would release "a blueprint of structural reforms" to provide broader and more effective regulation.
BUSINESS
By New York Times News Service | January 11, 1995
WASHINGTON -- The United States and Japan reached a broad accord yesterday to open a range of Japanese financial markets to foreign competition, allowing U.S. investment firms for the first time to vie for the right to manage nearly $1 trillion in Japanese pension funds.The accord was reached just hours before Japan's first Socialist prime minister, Tomiichi Murayama, landed in Washington for a meeting with President Clinton today.Wall Street brokerage houses and investment advisers have complained for years about a web of government regulations and corporate relationships that froze them out of the world's second-largest pool of pension funds.
BUSINESS
By Andrew Leckey and Andrew Leckey,Tribune Media Services | October 9, 1992
What goes around, comes around. Mutual funds emphasizing the once-downtrodden financial services stocks have been transformed into the stars of 1992, posting a 17 percent average gain.Meanwhile, once-mighty Japanese funds have tumbled 18 percent and previously adored health and biotechnology funds have dropped 17 percent.The nation's stock mutual funds averaged just a paltry 0.04 percent increase in the first three quarters of 1992, somber evidence that even a low-yield passbook account was a better deal.
BUSINESS
By Shannon D. Murray and Shannon D. Murray,SUN STAFF | April 6, 2000
Troubled Creditrust Corp. said yesterday that it filed an 18-count lawsuit seeking $130 million in compensatory damages and $390 million in punitive damages from its insurer, New York-based Enhance Financial Services Group Inc. The suit also names an Enhance subsidiary, Asset Guaranty Insurance Co., which insures three of Creditrust's four asset-backed bonds, and Charles Henneman, a former Enhance senior vice president, as defendants. In its suit, Creditrust, a Baltimore-based company that buys and manages delinquent credit-card accounts, alleges that Enhance, through Henneman, posted "maliciously false and disparaging statements" about the company on a Yahoo!
BUSINESS
By BLOOMBERG NEWS | March 13, 1998
WASHINGTON -- Travelers Group Inc. Chairman and Chief Executive Officer Sanford I. Weill made $220.2 million last year exercising stock options, collecting one of the biggest annual payoffs ever for a U.S. executive.Travelers, the insurance company that owns Salomon Smith Barney and other financial units, also paid Weill $49.9 million in salary, bonus, restricted stock and options, almost double his 1996 compensation of $26.8 million, according to Travelers' proxy statement filed with the Securities and Exchange Commission.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | November 17, 1999
Nathan A. Chapman Jr., chairman and president of the Baltimore brokerage bearing his name, plans to raise as much as $53 million as he takes his new Internet financial services company public. The company, called eChapman.com, is offering 3.33 million shares at prices ranging from $14 to $16 each, according to a prospectus filed with the Securities and Exchange Commission.The offering began Monday and should close in January. Shares will be traded on the Nasdaq stock market under the symbol ECMN.
NEWS
By Frederick N. Rasmussen, The Baltimore Sun | August 7, 2012
Robert S. "Barry" Skinner III, a Baltimore businessman and sports fan, died Sunday of a heart attack at his home in the Hampton neighborhood of Baltimore County. He was 54. Robert Stansbury Skinner III, who was known as "Barry," was born in Baltimore and raised in Wiltondale and later in Hampton. After graduating in 1976 from Towson High School, he attended Denison University in Granville, Ohio, for two years before transferring to Towson University, where he played lacrosse and earned a bachelor's degree in 1980.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | April 29, 2012
Finally, a spotlight will be shone on a widespread business practice that forces unhappy customers to settle disputes through binding arbitration — rather than by telling their story in court. The Consumer Financial Protection Bureau now is seeking public input about mandatory arbitration clauses in the contracts of financial products and services. More important, the board has the power to limit or even eliminate the clauses if they hurt consumers. For far too long, consumers have been forced to sign away their rights to sue a company should a problem arise.
EXPLORE
March 26, 2012
Freedom Federal Credit Union has named Sue Manning, a longtime Harford County resident, a business development specialist. Manning is an established veteran in the financial services and sales arena, as well as non-profit management, with more than 20 years of experience. In her role as the business development specialist for Freedom, Manning will concentrate on the southern region of Harford County with particular focus on the Route 40 corridor and Aberdeen Proving Ground. Before joining Freedom, Manning held management positions with AT&T Capital Corporation and Global Payment Solutions.
NEWS
By Douglas F. Gansler | December 13, 2011
"Balanced. " "Fair-minded. " Showing "great personal integrity. " These are some of the terms a bipartisan group of 37 state attorneys general used to describe former Ohio Attorney General Richard Cordray, President Barack Obama's nominee for director of the Consumer Financial Protection Bureau (CFPB). Add to that list "good public servant," the phrase Ohio Republican Sen. Robert Portman used to describe him just days ago. Sounds like a radical, doesn't he? If he's not, how else do we explain last week's move by 45 members of the U.S. Senate to block his appointment to that post?
BUSINESS
Eileen Ambrose | September 7, 2011
Military service members are often taken advantage of by unscrupulous lenders. It's so bad, that Congress required that the new Consumer Financial Protection Bureau have a special office designed just to deal with the education and protection of service members and their families. Now the CFPB is seeking public input on products and services tailored to service members so it can use the information to design education and outreach programs for the military. This initiative is headed up by Holly Petraeus, the CFPB's Assistant Director for the Office of Servicemembers Affairs and, yes, the wife of the former general.
NEWS
By Frederick N. Rasmussen and Frederick N. Rasmussen,fred.rasmussen@baltsun.com | June 23, 2009
Marshall Clayton Roop Jr., a retired Black & Decker Corp. executive whose career with the Towson toolmaker spanned five decades, died of cardiovascular disease Thursday at Gilchrist Center for Hospice Care. The Mays Chapel resident was 77. Mr. Roop was born in Baltimore and raised in Roland Park. He was a 1951 graduate of McDonogh School, where he played varsity football and lacrosse. He served as a submariner in the Navy for several years before earning a bachelor's degree from the University of Maryland, College Park, in 1957.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | May 2, 2000
Republic Security Financial Corp., a Florida banking company, said yesterday that it has acquired marine finance lender National Horizon Inc. for an undisclosed price, and will operate it from a new headquarters in Annapolis. As part of the acquisition, National Horizon has also been merged into First New England Financial, a subsidiary of the West Palm Beach banking company. The combined companies have retained the First New England name. With the acquisition, First New England Financial is now able to tap into the small and midsize boating market that is National Horizon's specialty, said Dave Blancett, president of First New England Financial.
BUSINESS
By BLOOMBERG NEWS | March 12, 1998
STAMFORD, Conn. -- Xerox Corp. said yesterday that it will sell its Crum & Forster Holdings Inc. subsidiary to Fairfax Financial Holdings Ltd. for $680 million, completing its five-year exit from the financial services industry.Fairfax, a Toronto insurance and investment management company, will pay Xerox $565 million in cash for the commercial property and casualty insurer and assume $115 million of its debt.The purchase is the latest by Fairfax Chairman Prem Watsa, who has built a reputation for buying and turning around insurers.
NEWS
By Frederick N. Rasmussen and Frederick N. Rasmussen,fred.rasmussen@baltsun.com | May 20, 2009
Mary F. Zorzi, a co-founder of a North Baltimore financial management services firm, died of lung cancer Saturday at her home in the Melrose Apartments. The former longtime Cedarcroft resident was 79. Mary Elizabeth Fannon, a daughter of a sanitary engineer and homemaker, was born in Baltimore and raised on Cloverhill Road in the Tuscany-Canterbury neighborhood. After graduating from Notre Dame Preparatory School in 1947, she attended what is now Towson University. She left college and entered the Bard Avon School, a Baltimore business and secretarial school, from which she graduated in 1949.
BUSINESS
By Jim Puzzanghera and Walter Hamilton and Jim Puzzanghera and Walter Hamilton,Tribune Washington Bureau | March 24, 2009
The Obama administration released the long-awaited details Monday of its plan to cleanse banks of bad home loans and toxic assets, igniting a major Wall Street rally as investors glimpsed what might be the beginning of the end of a problem at the core of the financial crisis. The Dow rocketed nearly 500 points after Treasury Secretary Timothy F. Geithner briefed reporters on the administration's innovative but untested plan, which makes a strategic bet that partnering with private investors to buy the assets will stabilize the crisis while limiting the risk to taxpayers.
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