FDIC Seeking Private Investors

With fewer larger banks unwilling to purchase troubled banks, the FDIC is now looking to private investors to bail out these banks. Private investors recently extended funds to CIT Bank to keep it from bankruptcy filings.
Since private investors tend to cut costs by eliminating jobs, unions are against private investors getting involved with acquiring [...]

Nervous shoppers send July Sales South
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Restaurants at Risk for Identity Theft

Hackers recently targeted 7 Eleven stores and Hannaford Brothers customers for identity theft and secured information from 130 million credit card and debit card accounts. Fortunately, Albert Gonzalez of Miami was arrested. Gonzalez apparently cooperated with federal investigators on other cases of identity theft in the past. This is the largest [...]

Asian Countries Showing Signs of Economic Recovery

Japan, China South Korea, Indonesia, Singapore, and Hong Kong are all reporting quarterly growth for the first time in a year. Blaine Harden, of the Washington Post Foreign Service reports on August 17, 2009 that the growth is due to “a spurt in manufacturing, an easing of credit, and the health of Asian [...]

CIT Working to Strengthen Management

As CIT was forced to pledge most of its assets to secure a $1 billion dollar note, the company has also agreed to “strengthen its management and risk oversight, submit a plan to raise capital and fix its loan loss accounting,” reported Colin Barr, Senior Writer for Fortune in his August 13, 2009 article.
This means [...]

Bankruptcy Still Possible for CIT Bank

Although CIT bondholders will not push for bankruptcy, it is still possible for CIT Bank who is looking for the final $1 billion dollars by August 17, 2009 in order to pay a note that is due.
CIT is looking for ninety percent of the money in order to avoid the filing. This is a [...]

More consumers Using Credit Cards and Debit Cards

British consumers today are using credit cards and debit cards more because of the economic crisis. There has been a 10% increase over last year. Therefore, if you are not accepting credit cards at your retail store or at your website, you stand to lose business. Despite the admonitions to spend less [...]

Identity theft – Consumers and Institutions are being More Proactive

Institutions and consumers are becoming wiser in protecting themselves from identity theft. Insitutions are notifying consumers earlier about their information and consumers are now checking their records for triggers relating to possible identity theft. Unfortunately, Jeffrey Roman of Bank Info Security reports that “Because of ID theft (and the current recession), credit card [...]