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Eileen Ambrose | September 20, 2013
JPMorgan Chase must refund $309 million to customers who were billed for credit monitoring services they never received, according to the Consumer Financial Protection Bureau. The agency has taken similar action against credit card companies. In the case of Chase, the CFPB said the credit giant enrolled customers into credit monitoring programs between October 2005 and June of last year, often without the necessary written authorization. Monthly fees ranged from about $8 to $12. If that's not bad enough, the CFPB also said these charges sometimes caused customers to exceed their credit limits, causing them to be dinged by other fees and interest.
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NEWS
January 28, 2014
Outgoing Federal Reserve Chairman Ben Bernanke, 60, probably won't win many popularity contests. He's frequently been vilified by the political left for doing too little and by the right for doing too much. Most Americans probably have no idea what he does - and, whether in full-blown crisis or too-slow growth, the U.S. economy, his chief responsibility as head of the nation's central bank since 2006, has been underwhelming for most of his tenure. But he will be remembered as being the right man for the times.
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BUSINESS
By New York Times News Service | September 26, 2008
Washington Mutual, the giant lender that came to symbolize the excesses of the mortgage boom, was seized by federal regulators last night in a bid to prevent the largest bank failure in American history. Regulators simultaneously brokered an emergency sale of virtually all of Washington Mutual to JPMorgan Chase. The remainder of WaMu, the nation's largest savings and loan, will be operated by the government. Shareholders and some bondholders will be wiped out. WaMu deposits are guaranteed by the Federal Deposit Insurance Corp.
NEWS
By Luke Broadwater, The Baltimore Sun | December 16, 2013
A subsidiary of banking giant JPMorgan Chase & Co. will invest $67 million in Baltimore's Harbor Point development for a 90 percent stake in the 23-story skyscraper that is the planned regional headquarters of energy firm Exelon Corp., city officials said. The massive $1.8 billion waterfront project, planned for a former chemical plant site between Fells Point and Harbor East, also will be supported by $178 million in construction loans from M&T Bank to the developer, Michael S. Beatty, officials said.
NEWS
By Robert B. Reich | December 11, 2013
The Justice Department has just obtained documents showing that JPMorgan Chase, Wall Street's biggest bank, has been hiring the children of China's ruling elite in order to secure "existing and potential business opportunities" from Chinese government-run companies. "You all know I have always been a big believer of the Sons and Daughters program," says one JPMorgan executive in an e-mail, because "it almost has a linear relationship" to winning assignments to advise Chinese companies.
BUSINESS
July 17, 2005
A weekly briefing on the economic calendar Monday Earnings: 3M Co.; Bank of America Corp.; Citigroup Inc.; MBNA Corp. Tuesday June housing starts Earnings reports: Amgen Inc.; Ford Motor Co.; Intel Corp.; Johnson & Johnson; Kraft Foods Inc.; Lucent Technologies Inc.; Wells Fargo & Co.; Yahoo Inc. Wednesday Earnings reports: AMR Corp.; Eastman Kodak Co.; eBay Inc.; General Motors Corp.; JPMorgan Chase & Co.; Pfizer Inc. Thursday June leading economic indicators; Federal Reserve June 30 meeting minutes Earnings reports: Caterpillar Inc.; Coca-Cola Co.; Google Inc.; Merck & Co.; SBC Communications Inc. Friday Earnings reports: Halliburton Co.; Schlumberger Ltd.
BUSINESS
April 11, 2010
Monday Earnings: Alcoa Inc. Tuesday Report: February trade balance Earnings: CSX Corp.; Intel Corp. Wednesday Shareholder meeting: T. Rowe Price Reports: March retail sales; March consumer price index; Federal Reserve beige book; February business inventories Earnings: JPMorgan Chase & Co.; W.W. Grainger Inc. Thursday Reports: Weekly initial jobless claims;...
BUSINESS
By NEW YORK TIMES NEWS SERVICE | April 21, 2006
NEW YORK -- JPMorgan Chase & Co. said yesterday that it would pay $425 million to settle its part of a class action lawsuit that contends that dozens of banks cheated investors out of hundreds of millions of dollars from initial public offerings during the 1990s market boom. JPMorgan Chase is the first to settle of the 55 investment banks named as defendants, and its agreement may prompt other Wall Street firms to follow. The agreement needs the approval of two federal judges. Morgan Stanley, Credit Suisse, Lehman Brothers, Citigroup and Goldman Sachs are among largest investment houses involved in the case.
NEWS
Eileen Ambrose | September 29, 2011
Reuters reports that Bank of America next year will start charging $5 a month for customers who use a debit card. And other banks, Reuters says, are expected to follow: "Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are already testing or plan to fully roll out monthly debit card fees. " Recent regulations -- such as restrictions on overdraft programs -- have cut into banks' fee income. And thanks to the Wall Street reform law, starting next month banks will collect less revenue from merchants to process debit card transactions.
BUSINESS
By BLOOMBERG NEWS | May 2, 2006
NEW YORK -- Aramark Corp., the food-service company that runs concessions at Oriole Park at Camden Yards and other sports venues, received a $5.8 billion takeover offer from a group led by its chairman and Goldman Sachs Group Inc. The group, which also includes JPMorgan Chase & Co., Thomas H. Lee Partners LP and Warburg Pincus LLC, bid $32 a share, Aramark said yesterday. That's 14 percent above the Philadelphia company's closing price Friday. The company's shares rose $5.79, or nearly 21 percent, to close at $33.90 on the New York Stock Exchange.
NEWS
By Robert B. Reich | December 11, 2013
The Justice Department has just obtained documents showing that JPMorgan Chase, Wall Street's biggest bank, has been hiring the children of China's ruling elite in order to secure "existing and potential business opportunities" from Chinese government-run companies. "You all know I have always been a big believer of the Sons and Daughters program," says one JPMorgan executive in an e-mail, because "it almost has a linear relationship" to winning assignments to advise Chinese companies.
NEWS
November 19, 2013
U.S. banks don't come any bigger than JPMorgan Chase, so no one should be surprised by the size of its settlement with the U.S. Department of Justice that was announced today - $13 billion to end civil litigation regarding mortgage lending practices. The question people should be asking is whether that's enough to prevent such irresponsible behavior from happening again. In the run-up to the financial collapse, JPMorgan took subprime home loans made by other financial institutions and sold them to others, including Fannie Mae and Freddie Mac. Much of this was done by two companies JPMorgan acquired - Bear Stearns and Washington Mutual - both of which the company was encouraged to buy by Bush administration officials, including then-Treasury Secretary Hank Paulson.
BUSINESS
Eileen Ambrose | September 20, 2013
JPMorgan Chase must refund $309 million to customers who were billed for credit monitoring services they never received, according to the Consumer Financial Protection Bureau. The agency has taken similar action against credit card companies. In the case of Chase, the CFPB said the credit giant enrolled customers into credit monitoring programs between October 2005 and June of last year, often without the necessary written authorization. Monthly fees ranged from about $8 to $12. If that's not bad enough, the CFPB also said these charges sometimes caused customers to exceed their credit limits, causing them to be dinged by other fees and interest.
NEWS
Eileen Ambrose | September 29, 2011
Reuters reports that Bank of America next year will start charging $5 a month for customers who use a debit card. And other banks, Reuters says, are expected to follow: "Wells Fargo & Co, JPMorgan Chase & Co and SunTrust Banks Inc are already testing or plan to fully roll out monthly debit card fees. " Recent regulations -- such as restrictions on overdraft programs -- have cut into banks' fee income. And thanks to the Wall Street reform law, starting next month banks will collect less revenue from merchants to process debit card transactions.
BUSINESS
April 11, 2010
Monday Earnings: Alcoa Inc. Tuesday Report: February trade balance Earnings: CSX Corp.; Intel Corp. Wednesday Shareholder meeting: T. Rowe Price Reports: March retail sales; March consumer price index; Federal Reserve beige book; February business inventories Earnings: JPMorgan Chase & Co.; W.W. Grainger Inc. Thursday Reports: Weekly initial jobless claims;...
BUSINESS
By Tribune Newspapers | January 22, 2010
Culminating weeks of increasingly angry words and bolder action aimed at Wall Street, President Barack Obama has proposed the toughest new restrictions yet on the nation's largest banks in the aftermath of the nation's financial crisis. The plan would reconstruct a barrier similar to one erected during the Great Depression, but repealed in 1999, to limit the risks that banks could take with federally insured deposits. Obama also wants to broaden restrictions on the growth of large banks so none would have too large a share of the U.S. financial system.
BUSINESS
By BLOOMBERG NEWS | September 24, 2004
NEW YORK - Lehman Brothers Holdings Inc., the fifth-biggest U.S. securities company, agreed yesterday to pay $222.5 million to resolve a lawsuit filed by investors over the bank's role as an underwriter for Enron Corp., the bankrupt energy trader, people familiar with the settlement said. Lehman, accused of misleading investors in Enron debt offerings stretching back to 1998, won't admit wrongdoing in the settlement, the people said. The accord is subject to the approval of Lehman's board and the University of California Board of Regents, lead shareholder in the case, the people said.
BUSINESS
By Tribune Newspapers | January 22, 2010
Culminating weeks of increasingly angry words and bolder action aimed at Wall Street, President Barack Obama has proposed the toughest new restrictions yet on the nation's largest banks in the aftermath of the nation's financial crisis. The plan would reconstruct a barrier similar to one erected during the Great Depression, but repealed in 1999, to limit the risks that banks could take with federally insured deposits. Obama also wants to broaden restrictions on the growth of large banks so none would have too large a share of the U.S. financial system.
BUSINESS
June 18, 2009
EPA declares health emergency in Montana towns WASHINGTON - The Environmental Protection Agency on Wednesday declared its first-ever "public health emergency," saying the federal government will funnel $6 million to provide medical care for people sickened by asbestos from a mine in a section of northwest Montana. The declaration applies to the towns of Libby and Troy, where for decades workers dug for vermiculite, a mineral used in insulation. They were unknowingly poisoning themselves: The vermiculite was contaminated with a toxic form of asbestos, which workers carried home on their clothes.
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