Word: billion
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
...worst is far from over. The FDIC says 416 banks are at risk of failure, up from 117 a year ago. Soured commercial real estate loans alone may generate a fresh $600 billion in losses by 2013. Veteran bank analyst Gerard Cassidy of RBC Capital Markets expects as many as 1,000 lenders to go bust in total...
Despite those numbers, the banking system is no longer at risk of collapse. Megabank JPMorgan Chase, for instance, announced on Oct. 14 it earned $3.6 billion in the third quarter. Most of the institutions in danger are small. But those failures are straining the FDIC, which underwrites the nation's saving and lending by insuring deposits. When a bank fails, the FDIC makes up the difference between what's left and what's owed depositors, up to $250,000 per person per bank. Two years ago, the FDIC had about $52 billion in its deposit-insurance fund. Today that fund...
...bank, and some believe it has been waiting too long to act, adding to the cost of failures. Regulators labeled Chicago-based Corus Bank critically undercapitalized in March, but it took the FDIC until mid-September to shut it down--a closure that could cost the FDIC $1.7 billion...
...Guinean government says it has signed a $7 billion agreement with a Chinese mining company, just one month after a massacre of protesters by government troops drew international condemnation. The unnamed firm will dig for diamonds, gold and bauxite and provide Guinea with much-needed revenue as it faces the prospect of economic isolation. The deal--which could give Guinea's $23 billion GDP a massive boost--puts China in direct competition with U.S. and Russian mining companies. China's trade interests in Africa have increased tenfold since...
Stocks continued their seven-month rally, lifting the Dow Jones industrial average above 10,000 points for the first time since last October. The symbolic milestone followed better-than-expected September retail sales and once troubled banking giant JPMorgan Chase's report that it earned $3.6 billion in the third quarter. Optimists considered the news an omen of improved economic conditions despite stubbornly high unemployment...