Banking industry officials say it's unheard of: A state regulator, flying solo, threatens to take away the state license of a global bank — and then secures a very public settlement.
That's exactly what happened in New York this past week, when the state's Department of Financial Services reached a settlement with Britain's Standard Chartered Bank over allegations that it schemed with the Iranian government to launder billions of dollars.
Originally published on Mon October 15, 2012 11:04 am
Yesterday on All Things Considered, Allison Aubrey explained how coffee is the new wine — or, at least, how our morning brew is catching up with the evening Chardonnay in terms of our appreciation for its flavor and textures. And that's piquing our interest in learning where our coffee comes from.
The Securities and Exchange Commission says former University of Georgia football coach Jim Donnan used his influence to get high-profile college coaches and former players to invest $80 million into a Ponzi scheme. Donnan has denied the allegations
Families often pull together to help finance a college education, with parents and grandparents chipping in or co-signing loans. And now, a SmartMoney report finds the U.S. government withholding money from Social Security recipients who've stopped paying on federal student loans.
Refinance activity continues to boom, fueling the home-loan market. Low interest rates have created a class of "serial refinancers" — those lucky enough to borrow at lower rates — and given them new opportunities to spend their freed up cash.
Settlement attorney Robert Gratz never used to be on a first-name basis with his clients.
"In the past, our practice was such that you'd see people, and that was the end of it," he says.
Gratz now sees the same faces all the time, of clients refinancing again and again — these days in the mid-3 percent range.
For more: Why does the government subsidize crop insurance in the first place? We try to answer that question in our latest podcast.
The federal government spends about $7 billion a year on crop insurance for U.S. farmers. Policies are sold by private companies, but the government sets the rates, so the companies can't compete on price.