Editorial Results (free)
1. Citigroup to Pay $7 Billion in Subprime Mortgages Probe
- Tuesday, July 15, 2014
WASHINGTON (AP) – Citigroup agreed Monday to pay $7 billion to settle a federal investigation into its handling of risky subprime mortgages, admitting to a pattern of deception that Attorney General Eric Holder said "shattered lives" and contributed to the worst financial crisis in decades.
2. JPMorgan Chase Reaches $4.5 Billion Deal With Investors
- Monday, November 18, 2013
JPMorgan Chase & Co. has reached a $4.5 billion settlement with investors who said the bank deceived them about bad mortgage investments.
3. Rising Legal Costs Push JPMorgan to Rare Loss
- Monday, October 14, 2013
NEW YORK (AP) – Mounting legal costs pushed JPMorgan Chase to a rare loss in the third quarter, the first under the leadership of Jamie Dimon.
The largest U.S. bank by assets set aside $9.2 billion in the quarter to cover a string of litigation stemming from the housing crisis and the bank's "London Whale" trading debacle.
4. Airlines Promise a Return to Civility, For a Fee
- Tuesday, October 01, 2013
NEW YORK (AP) – Airlines are introducing a new bevy of fees, but this time passengers might actually like them.
Unlike the first generation of charges which dinged fliers for once-free services like checking a bag, these new fees promise a taste of the good life, or at least a more civil flight.
5. BlackBerry Weighs Putting Itself Up for Sale
- Tuesday, August 13, 2013
TORONTO (AP) – BlackBerry will consider selling itself after the long-awaited debut of its new phones failed to turn around the struggling smartphone maker.
The company said Monday that its board has formed a special committee to explore "strategic alternatives" in hopes of enhancing the company's value and boosting adoption of its BlackBerry 10 platform.
6. Delta Looks Ahead to December Refleeting
- Friday, October 26, 2012
Delta Air Lines executives are about to refleet. Leaders of the Atlanta-based airline with a hub in Memphis will roll out details at a December investors day conference in Atlanta.
But during Delta’s third-quarter earnings conference call this week, they talked in broad terms of a domestic fleet restructuring. It involves removing 50-seat aircraft and replacing them with “mainline” aircraft that are 76 seats and larger with the first arrivals in the refleeting next summer.
7. Foreclosure Help Notices Being Mailed in Tennessee
- Tuesday, October 09, 2012
Notices are going out in the mail to an estimated 37,000 Tennessee borrowers who may be eligible for payment under a $25 billion national mortgage foreclosure settlement.
Eligible borrowers will be receiving claim forms in the mail this month and Attorney General Bob Cooper of Tennessee urged residents to complete the forms and return them by the Jan. 18 deadline.
8. Tennessee Starting to Benefit From Foreclosure Settlement
- Friday, August 31, 2012
Tennessee homeowners have received more than $36 million in relief from March 1 through June 30 as part of a nationwide settlement reached with the country’s five big mortgage servicers.
That’s according to the office of Tennessee Attorney General Bob Cooper. The relief is in the form of loan modifications, refinances and facilitated short sales.
9. Collins is Wharton's Pick for Finance Director
- Monday, August 20, 2012
Memphis Mayor A C Wharton Jr. has picked Brian Collins, the interim president and CEO of the Postal Employees Credit Union, to be the city’s new director of finance and administration.
10. JPMorgan Suspends Stock Repurchase Plans
- Tuesday, May 22, 2012
JPMorgan Chase CEO Jamie Dimon says the bank is suspending plans to buy back its own stock.
Dimon said Monday the bank will continue to pay a dividend despite the $2 billion trading loss disclosed on May 10.
11. MAA Announces Closing of Unsecured Term Loan
- Tuesday, March 06, 2012
Memphis-based apartment-only real estate investment trust MAA announced Monday, March 5, the closing of a $150 million unsecured term loan agreement with a five-year term. Proceeds from the term loan will be used to repay outstanding balances on a secured line of credit.
12. JP Morgan to Pay $110M to Settle Overdraft Lawsuit
- Tuesday, February 07, 2012
MIAMI (AP) – JP Morgan Chase & Co. has agreed to pay $110 million to settle a class-action lawsuit claiming the bank charged excessive checking overdraft fees.
13. Wells Fargo Agrees to Pay $37M in Bid-Rigging Case
- Wednesday, November 09, 2011
DES MOINES, Iowa (AP) – Wells Fargo & Co. said Tuesday it has agreed to pay at least $37 million in a lawsuit which alleges several banks rigged bidding competitions to win business from state and local governments.
14. Banks Scramble to Make Up for Lost Debit Card Fees
- Monday, November 07, 2011
NEW YORK (AP) – After an intense public backlash, Bank of America and other banks have backed off charging monthly debit card fees.
It's a victory for angry customers and consumer advocates. But the move will be costly for banks. They are scrambling for ideas on how to make up for lost revenue at a time when interest rates are at rock bottom and there's little demand for loans, the traditional source of making profits for banks.
15. JPMorgan's Income Drop Casts a Pall Over Banks
- Friday, October 14, 2011
NEW YORK (AP) – If JPMorgan Chase can't do well, investors worry that other banks may do even worse.
The New York bank, widely considered the strongest in the industry, reported a 4 percent drop in income last quarter Thursday on weakness in investment banking and more costs related to litigation over mortgage investments.
16. JPMorgan Pays $211M to Settle Bid-Rigging Charges
- Friday, July 08, 2011
WASHINGTON (AP) – JPMorgan Chase & Co. has agreed to pay $211 million after admitting one of its divisions rigged dozens of bidding competitions to win business from state and local governments.
17. JPMorgan Chase Pays $2M to Settle Auto Credit Case
- Thursday, June 16, 2011
JPMorgan Chase Bank has agreed to pay $2 million to settle federal regulators’ civil claims that it used high-pressure tactics and false statements to get auto loan customers to buy contracts that would suspend or cancel loan payments in case they lost their job.
18. Investors' Return to US Stocks Could be too Late
- Wednesday, January 19, 2011
BOSTON (AP) — Investors are finally inching back into the stock market. But are they too late?
While millions sought refuge in traditionally stable bonds over the past two years, they missed a more than 90 percent rally in stocks. Suddenly bonds don't look so safe, and some of the $11 trillion that Americans have parked in mutual funds is shifting back to stocks.
19. JPMorgan Chase's Profit Jumps 23 Percent in Q3
- Thursday, October 14, 2010
NEW YORK (AP) – JPMorgan Chase & Co. said Wednesday that its third-quarter profit jumped 23 percent because the banking giant was able to set aside less money to cover loan losses.
20. Memphis Loans Part of Bear Stearns Rescue
- Monday, April 05, 2010
The Federal Reserve bought a piece of commercial loans that financed a handful of properties in Memphis when the central bank swallowed billions of dollars’ worth of new assets during its 2008 rescue of Bear Stearns.
21. JPMorgan Chase CEO Says Bank Could Raise Dividend
- Friday, April 02, 2010
NEW YORK (AP) - JPMorgan Chase & Co.'s CEO Jamie Dimon said the bank could hike its dividend if economic conditions improve and potential regulatory reform is settled.
22. Elvis Parent in Sale Talks
- Tuesday, March 30, 2010
The ownership of CKX Inc., the company that owns 85 percent of Elvis Presley Enterprises and is pursuing a $250 million revamp of Graceland and the surrounding area, may be getting all shook up.
23. Company Pursuing $250M Graceland Revamp in Sale Talks
- Monday, March 29, 2010
The ownership of CKx Inc., the company that owns 85 percent of Elvis Presley Enterprises and which is pursuing a $250 million revamp of Graceland and the surrounding area, may be getting all shook up.
24. Risk-taking is Back for Banks One Year after Crisis
- Tuesday, September 15, 2009
NEW YORK (AP) - A year after the financial system nearly collapsed, the nation's biggest banks are bigger and regaining their appetite for risk.
Goldman Sachs, JPMorgan Chase and others – which have received tens of billions of dollars in federal aid – are once more betting big on bonds, commodities and exotic financial products, trading that nearly stopped during the financial crisis.
25. Local Banks Hanker To Repay TARP Money
- Monday, June 15, 2009
Wall Street megabanks poised to repay the government’s bailout money aren’t the only ones eager to disentangle themselves from the grip of Uncle Sam.
Smaller banks on the local level also are intent to pay back loans they got last fall through the Troubled Asset Relief Program. And some of them want to dispose of those government IOUs soon – by the end of the year, if possible.
26. Dollar 3-Month Interbank Lending Rate in Big Fall
- Thursday, May 21, 2009
LONDON (AP) - The cost of three-month dollar loans slid to a new record low Wednesday after Bank of America Corp. said it had raised around $13.5 billion to shore up its capital position.
27. Credit Union Group Rejects Hill Mortgage Plan
- Thursday, April 23, 2009
WASHINGTON (AP) - Negotiations between the banking industry and Senate Democrats on a mortgage relief plan hit a snag Wednesday after a trade association representing credit unions said it could not endorse the proposal.
28. Official Warns Congress Not to Force Lending
- Thursday, March 12, 2009
WASHINGTON (AP) - The official in charge of the Treasury's $700 billion bailout program for the financial sector warned Congress Wednesday that the government should not force banks to make loans that bankers may deem risky.
29. Pfizer to Buy Wyeth for $68B; Cut 8,000 Jobs
- Tuesday, January 27, 2009
TRENTON, N.J. (AP) - No. 1 drugmaker Pfizer Inc. said Monday it is buying No. 12 Wyeth for $68 billion in a deal that ultimately will wipe out nearly 20,000 jobs but quickly boost Pfizer's revenue and profit and transform it overnight into a medicine cabinet for all.
30. Local Institutions Wait for Piece of Bailout Pie
- Monday, January 12, 2009
As part of its $700 billion effort to shore up the country’s financial system and stabilize a shaky economy, the U.S. Treasury Department had as of last week pumped more than $177 billion in new capital into 215 banks and financial institutions.
31. Lehman’s Chaotic Bankruptcy Destroyed Billions
- Tuesday, December 30, 2008
As much as $75 billion of Lehman Brothers Holdings Inc. value was destroyed by the unplanned and chaotic form of the firm’s bankruptcy filing in September, according to an internal analysis by the company’s restructuring advisers.
32. Banks Say They're Using Bailout Money for Loans
- Friday, November 14, 2008
WASHINGTON (AP) – Some of the nation's largest banks sharing in the $700 billion government bailout of the financial industry tried to assure lawmakers Thursday they are using the money to make more loans and help financially strapped homeowners avoid foreclosure.
33. UAW President Worried About GM, Chrysler Merger
- Monday, October 20, 2008
LIVONIA, Mich. (AP) - As negotiations for General Motors Corp. to acquire Chrysler LLC appear to be gaining momentum, United Auto Workers President Ron Gettelfinger said Friday he is very concerned that the deal may happen, with many workers losing their jobs.
34. Wells Fargo Plans Wachovia Buy; Regulators OK Deal
- Monday, October 13, 2008
NEW YORK (AP) – Wells Fargo emerged as the apparent victor in the battle for control of Wachovia bank Thursday night, after rival suitor Citigroup broke off talks with Wells Fargo and federal regulators but vowed to have its day in court.
35. Citigroup to Acquire Wachovia Banking Operations
- Tuesday, September 30, 2008
In the latest byproduct of the widening global financial crisis, Citigroup Inc. will acquire the banking operations of Wachovia Corp. in a deal facilitated by the Federal Deposit Insurance Corp.
Citigroup will absorb up to $42 billion of losses from Wachovia’s $312 billion loan portfolio, with the FDIC covering any remaining losses, the government agency reported Monday. Citigroup also will issue $12 billion in preferred stock and warrants to the FDIC.
36. Fed Could Suffer with New Role
- Tuesday, September 23, 2008
The Federal Reserve, responding to the nation's worst financial crisis since the Great Depression, is stepping into its most political role ever - using government funds and its credibility to end the turmoil.
37. Last Major Investment Banks Change Status
- Tuesday, September 23, 2008
WASHINGTON (AP) - The Federal Reserve said Sunday it had granted a request by the country's last two major investment banks - Goldman Sachs and Morgan Stanley - to change their status to bank holding companies.
38. Fed Observers: Shifting Markets Could Spell Rate Cuts
- Wednesday, September 17, 2008
WASHINGTON (AP) – With turbulence hitting financial markets as a global credit crisis claims heavyweight victims, suddenly the possibility of a reduction in interest rates by the Federal Reserve was back on the agenda by press time Tuesday.
39. Fed Moves to Deal With Financial Crisis
- Tuesday, September 16, 2008
WASHINGTON (AP) – The Federal Reserve announced late Sunday several steps to cope with the worst U.S. credit crisis in decades, including broadening the types of assets that investment banks can put up to get emergency loans from the Fed.
40. Economists Weigh Bailouts’ Impact
- Tuesday, August 26, 2008
JACKSON, Wyo. (AP) – Do Washington policymakers listen too much to Wall Street? A possible bailout of Fannie Mae and Freddie Mac, on the heels of similar action involving investment firm Bear Stearns, seems to send a loud signal to financial companies that the government will clean up their messes.
41. JPMorgan Chase Profit Falls 53% On Loan Losses
- Friday, July 18, 2008
NEW YORK (AP) – JPMorgan Chase’s profit took a 53 percent hit in the second quarter as mortgage and other loan defaults worsened, but the bank’s results were better than expected and gave Wall Street a lift.
42. Senator Suggests Congress Shorten Break To Work on Econ Proposals
- Tuesday, March 25, 2008
WASHINGTON (AP) - Congress should cut short its spring break to work on proposals this week that would tighten regulation of investment banks and help people facing foreclosure, a Republican senator said Sunday.
43. Administration Announces Program To Help Embattled Homeowners
- Wednesday, February 13, 2008
WASHINGTON (AP) - Homeowners threatened with foreclosure would in some instances get a 30-day reprieve under an initiative the Bush administration announced Tuesday.
Dubbed "Project Lifeline," the program will be available to people who have taken out all types of mortgages, not just the high-cost subprime loans that have been the focus of previous relief efforts.
44. California Company Buys Pendleton Place Apartments
- Tuesday, January 08, 2008
1780 Pendleton St.
Memphis, TN 38114
Sale Amount: $2.7 million
Sale Date: Dec. 14, 2007
Buyer: Pendleton Investors LLC
45. Subprime Hazards Lurk in Special Pipelines
- Friday, August 31, 2007
The subprime-mortgage downturn keeps showing up in unexpected places in unusual ways.
The latest are conduits, which have put some of the world's biggest banks under the spotlight for their lucrative but little-known and poorly disclosed operations. Most recently, State Street Corp., the big Boston bank and money manager, saw its share price fall on fears about its exposure to about $28 billion in off-balance-sheet conduits. State Street said in a statement that the credit quality of the assets in its conduits "is very good," and the conduits are still selling commercial paper.
46. Citi, JPMorgan Chase, Bank of America and Wachovia Say They Borrowed $500M Each From Fed
- Thursday, August 23, 2007
NEW YORK (AP) - Four major banks said Wednesday they each borrowed $500 million from the Federal Reserve's discount window, lending weight to the central bank's efforts to restore liquidity to tight markets.
47. Timbers Apartments Sell For Third Time in a Year
- Wednesday, June 13, 2007
The Timbers Apartments complex on New Allen Road in Raleigh has sold, marking the third time the property has changed hands since June 2006. Brocros Realty Corp., a 70-person company based in New York, bought the propert
48. Virginia Run Road BuildingSold for $6 Million
- Friday, March 09, 2007
A 30,060-square-foot office building at 842 Virginia Run Road has sold to a New York-based company for $6 million. The buyer, 842 Virginia Run LLC, financed the purchase with a $4.8 million loan through JP Morgan Chase B
49. $30 Million Mortgage FiledFor Distribution Center Property
- Wednesday, June 07, 2006
CRP Holdings B LP has filed a $30 million mortgage through JP Morgan Chase Bank for three warehouse storage facilities in Memphis Distribution Center near the northwest corner of Hickory Hill and Raines roads. The property inc
50. Archived Article: Benchmark
- Thursday, May 29, 2003
Angry investors sue over financiers collapse
Angry investors sue over financiers collapse
A group of 184 plaintiffs have filed a lawsuit against Bank One Corp., J.P. Morgan Chase & Co., Credit Suisse First Boston Corp. and others seeking d...
51. Archived Article: Burger King P2
- Thursday, December 05, 2002
Diageo says burger deal about done
Diageo says burger deal about done
Britain's Diageo expects to sell its Burger King chain this month to a Texas Pacific consortium despite one of the main franchisees, AmeriKing, filing for Chapter 11 bankr...
52. Archived Article: Ual P2
- Wednesday, December 04, 2002
United closing in on financing
United closing in on financing
United Airlines is close to lining up special financing for bankruptcy even as it awaits a crucial government decision on a separate loan package and a re-vote on pay cuts by mechan...