../../../..//2008/01/15/citigroup-writes-down-181-billion/
Citigroup writes down $18.1 billion due to investments related to subprime debt. Observers and analysts unanimously agree that that is a lot of billions. [Reuters]
banks
Wachovia Hands $100,000 To Fake Armored Car Driver
By 1.12.08
Lt. William Farr, the head of the D.C. police bank robbery unit, told the Washington Post that investigators are playing catchup.
BREAKING: Bank Of America Buys Countrywide, CEO Gets Up To $115 Million Parachute
By 1.11.08
Hey there, sports fans: Bank of America will buy everyone’s favorite evidence-forging subprime lender, Countrywide for a cool $4 billion dollars.
Mother Daughter Identity Thief Duo Used Jobs To Rip Off Citizens
By 1.10.08
A Washington mother/daughter tag-team of identity thieves abused their jobs as realtor and bank vice president, respectively, to apply for credit cards and cellphones in other people’s names. Cassidy Janosky, the daughter, would rifle through customer records at Bank of the West and get the necessary personal and financial details. Cynthia Walker, the mother, had access to unoccupied for sale homes through her job at Caldwell Real Estate and set them up as drops for the fraudulently obtained credit cards and cellphones. The pair were arrested spending thousands of dollars at Sears. Over 25 victims have been identified so far, and two flat screen TVs and an iPod seized. The number of victims, fraudulent goods, and even suspects could rise as the investigation continues.
Pair Ties Knot In Bank As Customers Watch
By 1.10.08
In a scene like something straight out The Office, a bank teller and her beau got married in a Bank of America branch as customers did their bank business, AP reports.
For ambiance, a candle was put on top of a copier, a linen tablecloth was draped over a desk and music from rocker Bryan Adams played over a speaker. “We’re having a wedding,” branch manager Deanna Kinsey told customers.
Countrywide Says It's So, Like, Totally Not Going To Go Bankrupt, OK?
By 1.9.08
Reacting to the bankruptcy rumors, Countrywide spokesman Rick Simon said, “There is no substance” to them “and we are not aware of any basis for the rumor that any of the major rating agencies are contemplating negative action relative to the company.”
So, if you’re seeking better interest rates, and are morally flexible about who you give your money too, look for companies that are in dire need of an infusion of cash. Who’s the predatory lender now? Don’t you feel cool?
86,000 Mortgage Related Jobs Cut In 2007
By 1.9.08
A new study says that 86,000 mortgage related jobs were cut due to the weakening housing market, says CNNMoney. Diabolical mustache-twirling evidence-forging lender Countrywide unburdened itself of the most workers, cutting 11,665.
TV Star Includes Bank Account In Editorial Saying Identity Theft Is No Big Deal, Gets Defrauded
By 1.8.08
Jeremy Clarkson, a British TV star, wrote an editorial describing privacy activism as “palaver,” and just to prove how safe we all are, included his bank account number. Soon afterwards someone snagged £500 from the Top Gear host’s account. “I was wrong and I have been punished for my mistake,” the presenter later told reporters. Needless to say, you should never share your bank account information with anyone who doesn’t need it, for instance, millions of faceless readers.
Chase Rep Insider Answers Your Questions
By 1.7.08
The Chase customer service rep whose 10 Confessions we posted last week has been reading your comments and has responded to some of your questions. The rep also offers five more tips that they forgot to include in their original post.
Creditors Can Steal Your Social Security Check Right Out Of Your Bank Account
By 1.6.08
Nathalie Martin’s elderly cousin had her social security check garnished straight from her bank account by a collections agency. Apparently, most banks skip over the section of federal law that protects social security and other public benefits from creditors. Good thing Nathalie is a bankruptcy scholar and knows how to fight the sleazy debt collectors.
10 Confessions Of A Chase Customer Service Rep
By 1.4.08
Do you know the one thing to never say to a customer service rep if you’re late on your bill? Do you know how Chase ranks you, and how you’re ranked determines whether they help you out in a bind? Do you know the best way to get what you want from customer service? After you read these 10 confessions from a Chase customer service rep, you will.
Stockton, California Shows Us How Bad The Mortgage Meltdown Can Get
By 1.2.08
Steve Carrigan is in charge of economic development for Stockton. He says bank loans made it a party every day.
Wachovia Thinks Its Computers Are Perfect
By 1.2.08
Terry writes:
I’m writing to tell you about the miserable service I’ve received from Wachovia Bank. On several occasions I’ve logged into my checking account to sent payments for various things. It seems that more often that not I end up hearing from these businesses wanted to know where the payments are. I know full well that I’ve sent them, and even having the confirmation codes to prove it. I log in to my account and can find no record whatsoever of these payments.
WaMu No Longer Provides Plastic Cutlery, Hot Chocolate, Keeps Tea
By 1.2.08
We had an email go out to employees here at WaMu. They’re going to stop providing us plastic cutlery, hot chocolate, creamer, and anything but regular tea.
Will Car Loans Be The Next Credit Meltdown?
By 12.31.07
Gone are the days of the three-year car loan. The length of the average automobile loan hit five years, four months in October, up more than six months from 2002, according to the Federal Reserve. And nearly 45% of loans written today are for longer than six years. Even some staid lenders owned by the carmakers, such as Toyota Financial Services and Ford Credit, are offering seven-year financing. And a few credit unions, particularly in the West, are tinkering with the eight-year note.
Bank Of America Can't Afford Soap For Employee's Break Room
By 12.31.07
After waving good-bye to billions in the subprime mortgage market and bailing out nefarious mustache-twirling mortgage lender Countrywide, Bank of America says it can no longer afford soap for its employee’s break rooms.
