Park Avenue Bank CEO Arrested for TARP Fraud

Manhattan, New York – Earlier today, the Federal Bureau of Investigation, along with five other government agencies, announced the arrest of Charles J. Antonucci, Senior, ex-CEO of Park Avenue Bank. Authorities say that Antonucci made fraudulent claims in an attempt to receive federal bailout funds from the Troubled Asset Relief Program (TARP). Antonucci is the first person ever charged with TARP Fraud.

California Ponzi Scheme Preyed On Korean-Americans

Santa Ana, CA – On March 9, 2010, special agents for the Federal Bureau of Investigation arrested a California man and his girlfriend for allegedly running a Ponzi scheme that defrauded 60 people out of $8 million.

Watch Out for Tax Refund Shakedowns

Well, it’s tax time again and, if you’re one of those fortunate enough to get a refund, you’ll likely want to get your money as quickly as possible. Like most of us, you could probably use it right about now. But, before you head off to the local office of your favorite nationally branded tax service, you might want to consider being just a little bit patient this year.

Big Bank Tax Faces New Hurdles

So, the big Wall street banks are paying out some of their biggest bonuses ever, which explains why they were in such a hurry to repay the TARP money. Now the President is considering levying a tax on some of these institutions to attempt to recoup some more of the taxpayer funds. Naturally, this has [...]

Bank of America to Face New SEC Charge

Bank of America, currently the subject of an official SEC inquiry, will have to answer yet another charge relating to the merger with Merrill Lynch.

Bloomberg and the Fed Battle Over Bank Info

Bloomberg, the respected New York reporting site, is in a court struggle with the Federal Reserve over details of the 2008 bailout program. Bloomberg’s parent company has been fighting for more than two years to get full disclosure of the banks and corporations that would have failed were it not for the trillion-dollar financial program.

Will Cyber Monday Save the Retail Season?

So, another Black Friday has come and gone. The retail sector is now hoping that online sales on Cyber Monday today will boost profits. Among the sites offering bargains are…

GMAC! Come On Down! You’re the Next Company to Get Another Bailout!

One year in and the TARP money just keeps on rolling.

Major Pharmaceutical Companies – The New Pushers?

If you’ve been on the fence about whether health care reform is needed, this just might push you over the edge.

Bailed Out Credit Companies Stick It to Consumers

What’s the old saying about “looking a gift horse in the mouth”? Whatever that means, that’s basically what bailed-out banks are doing to taxpayers.

CIT Bankruptcy Judge Slides to the Side

Is anyone else thinking that this guy might have had stock in the company? If so, I can’t blame him for wanting to dodge this mess.

Nigeria’s Massive Bad Loan Debt Prompts Government Bailout

Apparently, the measures taken by the United States Federal Reserve last fall are not as peculiar as we thought. Reuters reports that Nigeria is so stuffed with bad loan debt that the country’s Central Bank had to “inject” billions of dollars into five of the nation’s largest banks.
What caused this predicament? Over 600 bad debtors, including individuals, firms, and guess [...]

Wal-Mart Determined to Be the World’s Biggest Retailer, No Matter the Cultural Cost

Wal-Mart is the biggest retail store in the world, posting sales of over $400 billion yearly. The company has redefined American shopping trends and firmly established itself in Europe. You’d think they’d be pretty content with that. But, they’re not.  Apparently, determined to take over every single large nation’s economy, BusinessWeek reports that Wal-Mart’s pursuit [...]

FBI Sting Nets Several of Wall Street’s Elite

Yahoo.com is reporting the arrest of several corporate execs on charges of insider trading. Among those arrested was Raj Rajaratnam, a billionaire and hedge fund manager for Galleon Group, one of the largest hedge funds on the Street. Rajaratnam and five others are accused of using insider information about corporate earnings to make beneficial trades.
One of [...]

Uh-Oh! Looks Like the Pay Czar Might Actually Have Teeth!

Remember Ken Lewis’ big retirement package that I reported on earlier this week? Evidently some high-ups in the government were not thrilled about it. Yahoo! News is reporting that Kenneth Feinberg, the Treasury Special Master for Compensation (read: exec pay czar), is going to require Lewis to repay the $1 million salary he has received [...]