Items Tagged with 'Los Angeles Times'


  • Stop crediting CFPB Director Richard Cordray for nailing Wells Fargo

    Journalists did it
    Wells Fargo made national headlines last September after investigations revealed bank employees opened more than 2 million fake accounts to get sales bonuses. Get past the proud press releases from government agencies, and you’ll find that one of the biggest financial scandals to ever be uncovered was exposed by journalists, not Richard Cordray's Consumer Financial Protection Bureau, which so many Democrats in Congress like to give him credit for.
    Read More
  • LA demolishes affordable housing to build luxury homes

    More than 20,000 units taken off the market since 2001
    There is already a huge gap when it comes to income as well as finding a place to stay in California, especially in Los Angeles. In the city, instead of helping low income families, investors are demolishing rent-controlled buildings in favor of luxury homes.
    Read More
  • BofA's Lewis: We're Going to Repay TARP Funds, ASAP

    The growing public outrage towards bankers, evident in the AIG bonus debacle, clearly has banking executives anxious to get out of the government's back pocket as soon as possible, with Bank of America Corp. [stock BAC][/stock] CEO Ken Lewis telling the Los Angeles Times earlier this week that he intends BofA to begin repayment of government funds as soon as a "stress test" of the bank is complete at the end of next month.
    Read More
  • Schwarzenegger Gets Tough on Deficit

    As the nation struggles to come to terms with its own deficit and breathtaking unemployment rates, at least one state is taking matters into its own hands. Governor of California Arnold Schwarzenegger has told state lawmakers he will lay off up to 10,000 government employees if the legislature was unable to pass a suitable budget to counter a staggering deficit and growing unemployment rate, which was at 8.4 percent as early as November, according to the governor's statements.
    Read More
  • Treasury, FDIC Near Plan to Guarantee Distressed Mortgages

    The U.S. Treasury Department and Federal Deposit Insurance Corp. are nearing an agreement on a plan that may guarantee as many as three million distressed mortgages, according to a report Thursday by the Washington Post. The plan, which would cost from $40 billion to $50 billion and use funds from the Treasury's TARP program, would result in a "significant departure for the federal rescue program," according to the WaPo.
    Read More
  • U.K. to Follow U.S., Inject Capital Into Banks

    In the most recent of a series of globally coordinated efforts to stabilize financial sectors and "guarantee inter-bank lending," European leaders agreed Sunday to inject unspecified amounts of euros into the banking sector, according to a Monday report by the Los Angeles Times.
    Read More
  • Then versus now

    Via Peter Viles at the Los Angeles Times, a visual history of then and now. Then: waiting in line to buy a house in Simi Vallley, circa 2003....   Now: waiting in line to claim at least some deposited funds from failed Indymac Bank, circa 2008....
    Read More