The first sign of what would ultimately become a $ 3 billion fraud surfaced Jan. 11, 2000, when Fannie Mae executive Samuel Smith discovered Taylor, Bean & Whitaker Mortgage Corp. sold him a loan owned by someone else.
BusinessWeek.com — Finance
KBC Groep NV, Belgium’s biggest bank and insurer by market value, is seeking offers of about 2.5 billion euros ($ 3.6 billion) for its stake in Poland’s Kredyt Bank SA and insurance unit Warta SA, two people with knowledge of the matter said.
BusinessWeek.com — Finance
Bank of America Corp., the biggest U.S. bank, agreed to pay $ 8.5 billion to resolve claims over soured mortgages after bondholders including BlackRock Inc. demanded refunds. The company rose as much as 6.7 percent in New York trading.
BusinessWeek.com — Finance
Goldman Sachs Group Inc.’s Eric Kirsch plans to retire as global head of insurance asset management, a position that involved overseeing $ 75 billion for clients, according to a company spokesman.
BusinessWeek.com — Finance
Global hedge funds are vying for allocations from Japan’s corporate pension fund managers, who oversee about $ 740 billion and are seeking alternatives to stocks following the March earthquake.
BusinessWeek.com — Finance
Japan’s government is considering about 230 billion yen ($ 2.8 billion) in outlays for aid to Tokyo Electric Power Co. and radiation monitoring in its planned extra budget, according to a draft outline prepared by the Finance Ministry.
BusinessWeek.com — Finance
The Federal Reserve will remain the biggest buyer of Treasuries, even after the second round of quantitative easing ends this week, as the central bank uses its $ 2.86 trillion balance sheet to keep interest rates low.
BusinessWeek.com — Finance
The Federal Reserve will remain the biggest buyer of Treasuries, even after the second round of quantitative easing ends this week, as the central bank uses its $ 2.86 trillion balance sheet to keep interest rates low.
BusinessWeek.com — Finance
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