Cyprus is paying a high price for the $13 billion financial rescue it obtained from the E.U.: the destruction of a key pillar of its economy, its status as the offshore tax haven of choice for wealthy Russians
Banking
Cyprus Banking Crisis: The Endgame Begins
The ultimatum has been issued: the E.U. is pressuring Cyprus to end its standoff over a proposed financial-rescue package and agree to new terms very rapidly — or face bankruptcy. Cyprus is scrambling to respond with a revised …
Can the U.S. Dollar Become Almighty Once Again?
A stronger dollar could be a bellwether of an improving economy and a brighter outlook for U.S. stocks.
Too Big To Fail: 3 Lessons of the “London Whale” Debacle
Of the many scandals that have plagued Wall Street of late, the “London Whale” trades, which cost banking giant JPMorgan Chase more than $6 billion, has captured the attention of the financial media more than any other. The biggest reason for journalists’ obsession with this story is that it tarnished the reputation of JPMorgan CEO Jamie …
Cyprus Banking Crisis: Will Russia Ride to the Rescue?
The Cyprus government is scrambling to find alternative ways to fund its part of an E.U. bailout, including asking for help in Moscow, after the island’s parliament resoundingly rejected the terms initially agreed. The …
Cyprus: The E.U. ‘Rescue’ That Risks Backfiring
With its $13 billion agreement to bail out Cyprus, the E.U. this weekend thought that it had successfully doused the latest threat to its single currency, the euro. Cyprus has run into trouble because its banks are heavily …
Not Knowing About This Credit Report Can Burn You
Even if we’re not quite sure what goes into our credit report or how that information boils down to a three-digit score, we know that a higher number means a better shot at getting a credit card or mortgage loan, along with a better interest rate on money we borrow. But many Americans don’t know about another type of credit report that’s …
Viewpoint: Why Capping Bankers’ Pay Is a Bad Idea
Why the proposed limits on banker pay being considered by the European Union are a misguided – if not dangerous – intrusion of government into the affairs of private companies.
Should Credit Unions Have to Pay Income Tax?
The American Bankers Association, the lobbying group that represents America’s banking industry, has recently launched an ad campaign across Washington D.C. aimed directly at the nation’s credit unions. The print version of the campaign is to the point, reading simply:
“Today credit unions are a $1 trillion industry that pays no
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Could Being Racist Make It Harder to Get a Loan?
All sorts of stuff factors into your credit score: How many credit cards you have; whether or not you’ve paid bills late in the past; the age of your oldest account; what types of loans you have; whether you’ve maxed out your credit cards; and so on.
But a handful of high-tech startups now see an opportunity to sift through …
You’ll Never Guess What Banks Have Started Charging For Now
Banks are charging record-high fees for existing services such as account maintenance and overdrafts. But banks are also getting creative, rolling out services — and fees — that never existed before. For instance, at one bank, if you’re sick of waiting on hold to talk to a customer service rep, you can pay a fee to cut the line.
Mergers and Acquisitions Boom! Is This a Good Sign for the Economy?
Wall Street dealmakers are off to a busy start to 2013, as some of corporate America’s most recognizable names have become involved in multi-billion-dollar mergers and acquisitions. Just yesterday, American Airlines and US …