Failed Banking

Latest News for: Failed banking

Las Vegas man shut down 13 Nevada banks during recession

Las Vegas Review-Journal 20 Sep 2018

And it toppled Nevada banks like dominos ... Those failures wiped away more than half of Nevada’s chartered banks ... His bank took over two of the failed banks and managed the shutdown of a third ... After the dust settled in 2013, depositors in the failed Nevada banks had lost only $9.3 million out of $5.05 billion, or 0.2 percent ... backstopped $1.7 billion, or more than one-third of the combined deposits in those failed banks....

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The Las Vegas man who shut down 13 Nevada banks during recession

Las Vegas Review-Journal 20 Sep 2018

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Carige picks new board as shareholder feud clouds future

This is Money 20 Sep 2018

A boardroom fight that erupted over the summer has thrust Italy's last remaining large problem bank back into the spotlight, after it struggled to push through its third cash call in four years in late 2017 ... Italy's worst post-war recession and a crisis in the shipping industry which Genoa-based Carige had been financing have saddled the bank with a pile of soured loans which it has been sweating to reduce ... "This bank ......

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Danske Bank faces new money-laundering inquiry amid political furore

Business Day 20 Sep 2018

Thomas Borgen, Danske Bank's CEO resigned on Wednesday after an investigation it had commissioned exposed failings in controls and compliance ... Danish Prime Minister Lars Løkke Rasmussen voiced his concern over the failings exposed by the country's biggest lender, saying he was "shocked" at the scope of the suspicious payments and pushed the bank for more answers....

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N.J. chiropractor owes $500K in back taxes after admitting to evasion charge

NJ dot com 20 Sep 2018

A former Ocean County chiropractor pleaded guilty Wednesday to evading more than $500,000 in income taxes and failing to report a Russian bank account where he deposited more than $1.5 million ... Amato also failed to report more than $500,000 in taxable income deposited into his business bank accounts, including an account he opened in Russia, according to the government....

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Danske Bank faces fresh money laundering inquiry amid political furore

RTE 20 Sep 2018

Thomas Borgen, Danske Bank's chief executive, resigned yesterday after an investigation it had commissioned exposed failings in controls and compliance.  ... Danish prime minister Lars Lokke Rasmussen voiced his concern over the failings exposed by the country's biggest lender, saying he was "shocked" at the scope of the suspicious payments and pushed the bank for more answers....

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Bank merger

The Hindu 20 Sep 2018

One wonders whether the strategy to bail out weak banks by infusing funds through recapitalisation has failed to produce results so that a merger is resorted to while near the general election ... Bank dues should be ... Bank boards should be apolitical....

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Danish FSA reopens Danske Bank money laundering inquiry

This is Money 20 Sep 2018

COPENHAGEN, Sept 20 (Reuters) - Denmark's financial watchdog will reopen its investigation into Danske Bank and the alleged laundering of billions of euros from Russia and elsewhere through its Estonian branch following the bank's admission of compliance failings....

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photo: Creative Commons / Mohamed Yahya

Top French court throws out latest appeal by SocGen rogue trader

This is Money 20 Sep 2018

The judges ruled Kerviel failed to present new facts to justify a fresh investigation ... bank has always rejected ... In September 2016, the Versailles Court of Appeals slashed the damages liable to the bank from Kerviel to 1 million euros down from almost 5 billion euros, judging the bank to be partially responsible for failing to halt Kerviel's bets....

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Danske Bank could be fined $8 billion after its huge money laundering scandal, analysts say

Business Insider 20 Sep 2018

Danske Bank admitted on ... "It is clear that Danske Bank has failed to live up to its responsibility in the case of possible money laundering in Estonia," he said in resigning on Wednesday....

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CBI books aluminium firm for loan default

The Hindu 20 Sep 2018

The Central Bureau of Investigation (CBI) on Wednesday registered an FIR against Parekh Aluminex Ltd, a Mumbai-based aluminium foil manufacturing firm, after the Cuffe Parade branch of EXIM Bank filed a complaint against them earlier this week ... After several reminders, the bank even extended a Corporate Debt Restructuring option to the firm, despite which the firm failed to clear its outstanding dues,” the officer said....

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Former Trump adviser says ‘waitress in Las Vegas’ shares blame for recession

Las Vegas Review-Journal 20 Sep 2018

... and workers when they recklessly and irresponsibly sold all sorts of risky financial weapons of mass destruction and fattened their own wallets with fees, commissions, and bonuses while we the taxpayers, bailed out the big banks that were ‘too big to fail,’” union Secretary-Treasurer Geoconda Arguello-Kline said via email....

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Japan's Abe says has met key goal on jobs, distances himself from BOJ inflation target

Yahoo Daily News 20 Sep 2018

TOKYO (Reuters) - Japanese Prime Minister Shinzo Abe said on Thursday his key economic policy goal has been fulfilled, with job losses at record lows, signalling that he was no longer persisting on achieving the central bank's elusive 2 percent inflation target. Abe said the purpose of the Bank of Japan's inflation target was to take measures to push price growth, so that more jobs would be created....

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