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Credit crunch creeps up on consumers
The credit crunch that has slammed Wall Street is also affecting consumers, only it’s been quietly sneaking up on them. Whether it’s credit cards, auto loans, home equity lines of credit or small...
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Fed lends money funds half-trillion bucks
Remember when a half-trillion bucks was real money … The Federal Reserve on Tuesday introduced a new program to finance the purchases of assets from money market mutual funds as the government...
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O.C. bank gets cut of $700 billion bailout
Saigon National Bank in Westminster is the only Orange County-based financial institution so far to receive a slice of the first $250 billion of the U.S. Treasury Department’s $700 billion bailout. The...
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FDIC moving to Irvine, now hiring
UPDATED with comments from Irvine Co. The Federal Deposit Insurance Corp. announced it has leased 200,000 square feet of office space in Irvine to “manage receiverships and to liquidate assets from...
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FDIC seizes Downey
Federal authorities seized Newport Beach-based Downey Savings and Loan as the thrift fell below capital requirements to stay in business, authorities said late Friday. The Federal Deposit Insurance...
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Little Saigon bank gets fed bailout funds
Saigon National Bank has received $1.55 million from the U.S. Treasury’s $700 billion Troubled Asset Recovery Plan, the first Orange County-based bank positioned to help with the U.S. economic revival...
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Capital shortage undermines American Sterling
The Office of Thrift Supervision approved the acquisition of Foothill Ranch-based American Sterling Bank by a Connecticut insurance company, after American Sterling fell short of capital requirements....
View ArticleLatest failure: Redlands bank with Brea branch
First Centennial Bank, a six-branch institution headquartered in Redlands, was ordered Friday to be taken over by First California Bank of Westlake Village, the Federal Deposit Insurance Corp....
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O.C. bank CEO says federal aid will help small business
Pacific Coast National Bank in San Clemente is the third Orange County-based bank to receive funding as part of the $700 billion federal Troubled Asset Relief Program to stimulate the economy....
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Stocks dive after new Treasury plan, Obama warnings
Stocks plunged today on Wall Street after Washington rolled out new plan for the federal bailout of financial institutions and President Barack Obama warned that inaction could lead to an economic...
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O.C. bank readies for share of $700 billion bailout
Pacific Mercantile Bank in Costa Mesa says it will has qualified to receive up to $25.5 million of the U.S. Treasury Department’s $700 billion fund for rescuing troubled assets, becoming the fourth...
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Garden Grove bank gets bailout funds
US Metro Bank, based in Garden Grove, has received a $2,861,000 cash infusion from the U.S. Treasury Department, part of the $700 billion in the federal government’s Troubled Asset Relief Program....
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Stocks dive on bad GM, bank, housing, jobless news
U.S. stocks fell to 12-year lows as General Motors reported in a securities filing that it will have trouble avoiding bankruptcy and as investors continued to lose faith in banks. Shares of Citigroup,...
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Pang resigns as equity fund probes allegations
Pang in '97 after his wife's murder Danny Pang, head of a $4 billion private equity fund in Irvine whose wife was killed in a 1997 shooting, stepped aside today as the firm investigated allegations of...
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Pimco chief: Government is new X factor for investors
The U.S. government has gone from refereeing the financial system to acting as an on-field player who can oust chief executives, take over banks or demand changes in corporate strategy. And that new...
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State sues Wells Fargo for $1.5 billion
Brown California Attorney General Jerry Brown filed a suit seeking to recover $1.5 billion from three affiliates of Wells Fargo for selling complex securities to customers who were told the investments...
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Pang pleads not guilty
SANTA ANA — Danny Pang, the founder of Irvine-based Private Equity Management Group Inc., pleaded not guilty today to two federal counts of structuring cash withdrawls to dodge reporting requirements....
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OC Watchdog: Some AIG execs kept bonuses
The Register’s OC Watchdog, Teri Sforza, reports that execs for American International Group have not yet returned all of the nearly $165 million in “retention bonuses” paid out last year after AIG...
View ArticleO.C. businessman fights fees on Haiti donations
Mitch Goldstone of ScanMyPhotos.com in Irvine has led a successful effort to stop major credit card companies from charging their regular fees for charitable donations to Haitian relief, reports...
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Lawmakers strike deal on financial reform
House and Senate lawmakers reached a deal on financial overhaul overnight and presented President Obama with a bill he hopes to sign by July 4. Before leaving for Toronto early Friday morning to...
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