Word: deposit
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Moreover, the company disclosed last week that it is conducting an internal investigation to see whether Optima executives, either at its operations office in Jacksonville or at Manhattan headquarters, falsified records to hide the true degree of card-holder defaults. The Federal Deposit Insurance Corp. is probing the matter as well, because the American Express Centurion Bank, which issues Optima, filed incorrect documents with federal regulators as a result of the apparent cover-up. Amex investors, who suffered from a sharp drop in the company's stock when the Optima trouble came to light, have filed a class-action lawsuit...
...Minnesota may have found the easiest method yet. Next year the state's lottery, with the help of Control Data Corp., will test-market a system linking as many as 10,000 Nintendo video-game sets to the lottery's computers via phone lines. For a $200 advance deposit, money-mad Minnesotans will be given the necessary equipment to play all the state's gambling games at home. Despite barriers to prevent betting by minors, critics question the ethics of turning a children's toy into a one-armed bandit...
...remaining investor group is bidding only for a small part of Amoskeag, but the Federal Deposit Insurance Corporation (FDIC) may not split up the package, The Globe reported...
...enough when some 300,000 Rhode Island bank customers discovered last Jan. 1 that they were cut off from their money. Democratic Governor Bruce Sundlun had closed down 45 banks and credit unions following the collapse of the Rhode Island Share and Deposit Indemnity Corporation, which backed up deposits. Eight months later, legions of penny-pressed retirees and other average customers are still unable to get at some $1.2 billion in deposits. But what proved to be too much was the disclosure last week that 14 businessmen, government officials and bank executives, acting on inside information that RISDIC...
...many jobs could have been as exciting -- or stressful -- as overseeing the turbulent banking industry for the past six years. Since he became chairman of the Federal Deposit Insurance Corporation in 1985, William Seidman has seen more than 1,000 U.S. banks fail, and the number of institutions on the brink continues to grow. The FDIC, which guarantees the nation's bank deposits, has had to pay out more than $24 billion during Seidman's tenure and is running low on reserves. Congress is working on legislation to replenish the funds. No wonder Seidman, 70, has decided to step down...