-
Northwestern Mutual Fined Over Securities
Posted on September 2nd, 2009 No commentsNorthwestern Mutual Investment Services was fined $200,000 and has bought back $103 million in auction-rate securities in a settlement over how the investments were portrayed when sold to customers, according to the Financial Industry Regulatory Authority. FINRA found that Northwestern Mutual and other firms “sold auction-rate securities using advertising, marketing materials or communications with its sales force that were not fair and balanced, or that failed to contain adequate disclosure of the risks,” the Milwaukee Journal Sentinel reported.
-
First Security CU to Merge with Landmark
Posted on September 2nd, 2009 No commentsFirst Security Credit Union of Elm Grove will be merged into New Berlin-based Landmark Credit Union, the National Credit Union Administration announced. Read the Milwaukee Journal Sentinel article.
-
Execs at 20 Top TARP Banks Net $3.2B
Posted on September 2nd, 2009 No commentsThe 20 financial firms that have received the most money from the government’s Troubled Assets Recovery Program (TARP) have, in the three years through 2008, awarded their top five executives pay packages worth a combined $3.2 billion, according to a study released by the Institute for Policy Studies, a liberal think tank, The Business Journal of Milwaukee reported.
-
FDIC’s Bair Warns of CRE Trouble Ahead
Posted on September 2nd, 2009 No commentsFDIC Chairman Sheila Bair, in an interview on CNBC, warned that commercial real estate loan problems are catching up with the threat posed to banks from residential mortgage defaults and foreclosures. As a result, more banks could be out of business in the year ahead. Read The Business Journal of Milwaukee article.
-
Wells to Repay TARP Money, CEO Says
Posted on September 2nd, 2009 No commentsWells Fargo & Co. CEO John Stumpf said that the San Francisco-based bank plans to repay “shortly” a government investment made in the bank during last fall’s financial crisis, The Business Journal of Milwaukee reported.