The 10 largest U.S. retail banking companies on the eve of the financial crisis:1. Citigroup — The Fed let it gamble beyond its means, allowing the company to circumvent basic regulations requiring banks to hold capital reserves against unexpected losses.2. Bank of America — Needed more than $45 billion in federal aid.3. J.P.
Posts Tagged ‘Wachovia’
What became of the biggest banks
December 21st, 2009 
Before You Invest 
Posted in Finance Fraud 
Tags: Bank Of America, Biggest Banks, Bumps And Bruises, Capital One, Capital One Financial, Capital Reserves, Chevy Chase, Chevy Chase Bank, Clean Bills, Fed Officials, J P Morgan Chase, Mortgage Lender, Regions Financial, S Board, Subprime Loans, Suntrust Bank, U S Bancorp, Unexpected Losses, Wachovia, Wells Fargo 
No Comments »Colorado Settles ARS Dispute With Wachovia
May 9th, 2009 Before You Invest Colorado settled with Wachovia Securities, which is changing its name to Wells Fargo Advisors this month, regarding its sale of auction-rate securities, the state’s securities commissioner announced.St. Louis-based Wachovia, formerly A.G. Edwards & Sons Inc., agreed to buy back $157 million of auction-rate securities from Colorado investors by June 30, Commissioner Fred Joseph said in a news release.
Wells Fargo’s profit expectation lifts bank stocks
April 10th, 2009 Before You Invest Wells Fargo said it expects to report a $3 billion first-quarter profit. The outlook sparked a rally by bank stocks, but results from other financial institutions will test that budding optimism. Wells Fargo’s surge in net income comes mostly from a recent increase in mortgage volume and its acquisition of Wachovia.
WSJ FINRA Update – March 24, 2009
March 24th, 2009 Before You Invest The Financial Industry Regulatory Authority fined Wachovia Securities LLC and First Clearing LLC $1.1 million for failing to provide more than 800,000 required notifications to customers during a five-year period.Separately, the market regulator awarded hurts of $8.9 million against Associated Securities and a broker for investing 16 households in a hedge fund that was allegedly misidentified to the investors.Finra said the troubles at Wachovia Securities and First Clearing were the result of computer programming and operational problems undetected by the firms’ internal controls procedures and supervisors.
Posted in Finance Fraud Tags: Arbitration Panel, California Law, Changes Of Address, Claimants, Computer Programming, Deceit, Financial Industry Regulatory Authority, Finra, Hedge Fund, Investment Objectives, Investor Protection, Market Regulator, Operational Problems, Options Trading, Securities Broker, Wachovia, Wachovia Securities, Wells Fargo, Wells Fargo Co, Wsj No Comments »Wealthy NYC Lawyer Admits $150 Million Securities Fraud
December 9th, 2008 Before You Invest DOH! From the “hard to believe” news department, prominent New York city lawyer Marc Dreier (formerly represented Jon Bon Jovi and Jay Leno) recently admitted to selling fake securities worth millions to unwitting investors. According to a release issued by the U.S. attorney’s office in New York and an accompanying criminal complaint, Dreier was arrested late Sunday night, presumably upon his arrival back in New York, on charges stemming from a $100 million fraud against various hedge funds.
Posted in Finance Fraud Tags: 100 Million, Bon Jovi, City Lawyer, Criminal Complaint, Doh, Dreier Llp, Financial Trouble, Greed, Hedge Funds, Jay Leno, Jon Bon Jovi, Lemming, News Department, Promissory Notes, Revolver, Securities Fraud, Sophisticated Investors, Term Loan, Wachovia, Wachovia Bank No Comments »
