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Although pawn loans are far pricier than credit-card and bank loans, they also are faster, don't require complicated paperwork and don't affect one's personal credit. Since the loan is backed by merchandise, if the loan isn't repaid, the person simply loses the pawned item - "whereas with other types of loans, I could lose my house or car," says Henry Coffey, a senior analyst at Sterne Agee & Leach...
...Nonetheless, on Wednesday, in front of the Financial Crisis Inquiry Commission (FCIC), the bank executives tried to paint a picture that the failures that caused the crisis were missteps by management, sometimes even themselves, but not the result of faulty regulation. Lloyd Blankfein, CEO of Goldman Sachs, told the panel, "After the shocks of recent months and the associated economic pain, there is a natural and appropriate desire for wholesale reform. We should resist a response, however, that is solely designed around protecting us from the 100-year storm." (See the top 10 crooked CEOs...
...recently blamed Goldman for bankrupting the insurance company. (Goldman, not surprisingly, does not concur with Greenberg's version of events.) Goldman received $12.9 billion when the government bailed out the insurer. Goldman has also been accused by critics of making large profits by betting against mortgage bonds the investment bank put together. (See more about Goldman Sachs...
...others say the charity plan is likely to fall short of its assumed goal: reversing a slide in Goldman's public image. That's because the amount the program is likely to generate in donations will be dwarfed by bank bonus payouts. In the next week or so, Goldman and other large financial firms will hand out an estimated $140 billion in 2009 bonuses. Goldman alone is expected to enrich its employees by $18 billion. The large bonuses have drawn scrutiny because they are being paid at a time when the unemployment rate is 10% and many Americans are suffering...
...Monday, New York Attorney General Andrew Cuomo asked eight large banks to turn over data on their expected 2009 bonus payouts. President Barack Obama is considering leveling a fee on financial firms to help the government recoup the costs of last year's bank and auto bailouts. FDIC officials, too, are considering charging banks that pay a large portion of their executive compensation in bonuses a higher fee for its deposit insurance. The U.K. recently adopted a 50% tax on bank bonuses.(See the worst business deals...