August 31, 2011
The American International Group (AIG) building is seen in New York's financial district March 16, 2009. Top Bank of America Corp lawyers knew as early as January that American International Group Inc was prepared to sue the bank for more than $10 billion, seven months before the lawsuit was filed, according to sources familiar with [...]
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August 1, 2009
Restrictions on financial industry bonuses heading to a vote in the US House may be rejected by the Senate and the Obama administration, which are reluctant to increase governmentâs role in deciding compensation. The House, emboldened by New York Attorney General Andrew Cuomoâs report Thursday that showed nine banks getting US aid paid US$32.6 billion [...]
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May 8, 2009
Mizuho Securities Co., created Thursday through the merger of securities businesses affiliated with Japanâs second-largest bank by revenue, said it is seeking to open branches in emerging markets in Asia. Mizuho Securities aims to establish offices in Seoul, Ho Chi Minh City, Taipei and Malaysia to offer broking services for Japanese and Asian companies, and [...]
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May 8, 2009
U.S. regulators Thursday unveiled the long-waited results of the government’s stress tests and urged 10 of the nation’s 19 largest banks to raise about 75 billion dollars in new capital to withstand future losses if the recession worsened. Federal Reserve chairman Ben Bernanke said the results “should provide considerable comfort to investors and the public,” [...]
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April 14, 2009
Tech Mahindra Ltd. has wrested control of Satyam Computer Services Ltd., which is currently at the center of Indiaâs biggest corporate-fraud inquiry. The company outbid competitors, including Larsen & Toubro Ltd., to acquire control of Satyam.Tech Mahindra needs to âact fast and successfully integrate Satyam in the next four or five weeksâ to benefit from [...]
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March 20, 2009
AIG CEO Edward Liddy (R) is sworn in before a US Congress committee hearing on March 18 at the US Capitol in Washington, DC. American International Group Inc. (AIG) CEO Edward Liddy finds himself fighting to prevent the insurer from tarnishing his reputation, a fate suffered by his three predecessors. Facing another barrage of congressional [...]
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March 18, 2009
The Bank of Japan (BOJ) said it may buy subordinated loans from banks for the first time to revive lending and replenish capital depleted by falling stock prices. The central bank is considering the purchase of up to Â¥1 trillion (US$10 billion) of the debt in an âexceptionalâ step, it said in a statement in [...]
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March 17, 2009
US President Barack Obama Monday ripped into bailed-out company AIG, vowing to block multi-million-dollar bonus payouts by the giant insurer as public anger builds against Wall Street excess The U.S. government will modify a planned $30 billion capital injection for American International Group Inc to try to recoup hundreds of millions of dollars in controversial [...]
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March 12, 2009
A share prices board in Tokyo on March 9. Japanâs financial regulator will make unprecedented inspections of banks to avert a loan drought that would increase bankruptcies, as real estate manager Pacific Holdings Co. collapsed after failing to raise funds. The Financial Services Agency will visit Japanâs biggest lenders, including Mitsubishi UFJ Financial Group Inc. [...]
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March 2, 2009
The US governmentâs third attempt to help rescue Citigroup Inc. wonât stanch the companyâs losses, which will continue to swell and may lead the bank to require more money in coming months, analysts said. Fridayâs action didnât furnish the New York-based bank with new money, although it cuts expenses by eliminating dividends on preferred stock. [...]
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