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Citigroup, Inc. To Pay $7B Settlement For Role In 2008 Financial Disaster

Officials and Citigroup, Inc. said in an effort to settle multiple state and federal government investigations, the company will pay $7 billion in consumer relief and cash regarding its sale of substandard mortgage investments during the subprime housing boom. The company is paying the amount as follows: $4 billion in civil fines and $500 million […]

July 14th, 2014 | Posted in Business,Finance,New | Read More »

Bankruptcy Proceedings for Detroit will Go Forward after Judge Ruling

U.S. Federal Judge Steven Rhodes announced on Tuesday that the City of Detroit, Michigan, met all of the criteria required for moving forward with its bankruptcy proceedings. The case will mark U.S. history as the largest city ever to seek relief from debt under Chapter 9 bankruptcy. Over the last four months prior to this […]

December 4th, 2013 | Posted in Finance,New | Read More »

JP Morgan under Shadow of Criminal Prosecution over Bernie Madoff

Banking giant JP Morgan had more added this week to its plate of woes when word was announced that U.S. Federal authorities are looking to criminally prosecute certain members of the corporation. Authorities allege that some members of JP Morgan knew about the activities of one of its clients, Bernard L. Madoff, and the Ponzi […]

October 25th, 2013 | Posted in Finance,New | Read More »

Market Surges on Word of End to U.S. Government Shutdown However More Turmoil on the Horizon

U.S Stock Market

Stock markets surged late Wednesday upon word that U.S. lawmakers were likely to reach a deal by the end of the day to reopen the government and raise the debt ceiling. The deal resulted in a continuing funding resolution for the government and a raise in the debt ceiling. However the solution is only temporary […]

October 17th, 2013 | Posted in Featured,Finance,New | Read More »

U.S. Stocks, Oil Affected by Possible Syria Strike

US Stock Exchange

U.S. stocks made a sharp drop on Tuesday amid speculation of a likely U.S. military strike against Syria for suspected use of chemical weapons. Oil, which typically is sensitive to Middle East crisis situations, saw its greatest jump in price since the year started because of fears that production will be disrupted due to the […]

August 28th, 2013 | Posted in Featured,Finance,New | Read More »

Obama Wants Financial Regulators to Accelerate Reform

President Obama met with financial regulators on Monday to stress the urgency for implementing all of the provisions of the Dodd-Frank Act of 2010. The Act was signed by the President in the same year yet regulators are behind in finalizing the rules that will carry out the provisions. The Act directs sweeping reforms on […]

August 20th, 2013 | Posted in Business,Finance | Read More »

House Passes Bill, Linking Student Loan Interest Rates To The Financial Markets, Bill Headed To President’s Desk

After a long battle between the White House and Congress, a measure that links student loan interest rates to financial markets has passed the House, in a 392-31 vote. The compromising legislation is being sent to the president, who is expected to sign it into law. The move will temporarily bring the student loan rates […]

August 1st, 2013 | Posted in Finance,New | Read More »

Congress Resolves Issues of Student Loan Rates

On Wednesday, the U.S. Congress passed the Bipartisan Student Loan Certainty Act of 2013 which lowers student loan rates by tying them to market conditions. President Obama has expressed that he will sign the bill as soon as it reaches him. The overwhelming vote in Congress was 392 for and 31 against. It resolves a […]

August 1st, 2013 | Posted in Finance,New | Read More »

U.S. Consumer Confidence Drops amidst Rise in Home Prices

house price

The Conference Board announced Tuesday that the consumer confidence index dropped in July to 80.3. The drop comes amidst a rise in home prices on the U.S. market. It is a slight drop compared to May’s index of 82.1 and still reflects the second-highest level since January of 2008. The Standard & Poor’s/Case-Shiller 20-city home […]

July 31st, 2013 | Posted in Featured,Finance,New | Read More »

Congress Fails To Take Action, Federal Stafford Loans Double to 6.8%

college students

Congress failed to take action and strike a deal on federally subsidized Stafford student loan rates, causing them to double from 3.4 percent to 6.8 percent. It’s possible for lawmakers to pass a bill that would undo the damage that’s been done. According to the Joint Economic Committee, students – if Congress fails to act […]

July 1st, 2013 | Posted in Featured,Finance,New | Read More »

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