debt

Capital One To Pay $210 Million In Fines From Governemnt's New Consumer Watchdog Agency

Submitted by News Desk 2 on Wed, 07/18/2012 - 14:10

The new Consumer Financial Protection Bureau, CFPB, has fined Capital One for misleading customers as part of its first enforcement action as the agency undertakes its duties.

Capital One will pay $210 billion in all, with $140 million of it being refunded to customers, $25 million penalty to the CFPB for using deceptive marketing tactics, and $35 million penalty to the Office of the Comptroller of the Currency and lastly $10 million to customers for unfair billing practices.

Europe Hopeful that China Will Be a Participant in the Bailout Agreement

Submitted by News Desk 2 on Fri, 10/28/2011 - 12:28

The head of the EFSF, Klaus Regling, said in announcing a possible deal to handle the crushing debt of its partners that he is hopeful that China will play a part in the process by continuing to buy EFSF bonds.

As part of the deal, European lenders will forgive 50% of the Greek debt they hold and the EFSF will be empowered to buy and sell more bonds. "We all know China has a particular need to invest surpluses," Regling told a Beijing news conference, referring to the country's $3.2 trillion of foreign exchange reserves, the world's biggest.

Americans Don't Trust the Government and Don't Trust Congress to do The Voters' Will

Submitted by News Desk 2 on Wed, 10/26/2011 - 14:29

Americans are getting fed up with politics, Congress and the Federal government, and say they no longer trust the government or Congress's ability to fix it. A record number of Americans also say the country is on the wrong track.

According to a new CBS/NYTimes poll, the public's trust in the government has reached an all time low, and trust that Congress will do the will of the voters has reach a miserable 15%, with most saying Congress does the will of special interest and anonymous corporations.

Unemployment Remains Stuck, Despite More New Jobs Added

Submitted by News Desk 2 on Fri, 10/07/2011 - 09:14

New York City -

The U.S. Dept of Labor released its newest figures that shows the economy added 113,000 jobs last month, but about 40,000 of those were returning striking workers at Verizon. In fact the economy has added only 72,000 jobs on average per month. That rate does not even keep up with population growth.

Unemployment remains stuck at 9.1% nationally, and the real unemployment rate, determined by calculating those who are under-employed or out of work so long they've stopped looking along with those still registered for unemployment, is at 16.4%.

Germany Steps up to Back EU and Euro-zone

Submitted by News Desk 3 on Thu, 09/29/2011 - 16:23

Germany has helped Europe to once more step back away from disaster during its spreading debt crisis. The German Parliament's lower house, the Bundestag, has approved giving additional powers to the 440 billion euro EFSF fund to make precautionary loans, help recapitalize banks and buy distressed countries' bonds in the secondary market, according to Reuters.

IMF Warns of Global Recession Next Year If the U.S. and Europe Do Not Fix Problems

Submitted by News Desk 2 on Tue, 09/20/2011 - 11:13

New York City -

The International Monetary Fund, IMF, warned that the global economy is at risk of slipping back into a recession if the U.S. does not take significant steps to bolster its weak recovery and Europe does not take strong action to prop up its failing banks and sovereign debt problems within each country.

European Debt Problems Force Dow Down 300 and growing

Submitted by News Desk 2 on Fri, 09/09/2011 - 13:27

New York City -

The Dow Jones Industrial Average, has dropped more than 300 points already today and is down to 10990.81 as of 1:30pm over fears of the growing European debt problems and overall solvency of Italy, Greece, Spain and Portugal.

Many large U.S. banks, investment firms and corporate businesses have significant exposure in the European market and European banks causing them to lead the downward drop in the U.S.