A $7 billion-asset Warrenville credit union that suffered massive losses in mortgage-backed securities was one of three critically undercapitalized institutions seized Friday by the U.S. government.
Members United Corporate Federal Credit Union was one of three “wholesale,” or “corporate,” credit unions put into conservatorship by the National Credit Union Administration. Get the full story »
From Bloomberg News | Analysts at Credit Suisse say that Canadian lenders may take over some U.S. regional banks, including TCF Financial Corp., Regions Financial Corp. and Synovus Financial.
Dr. Sherman Elias, the top obstetrician at Northwestern Memorial Hospital’s Prentice Women’s Hospital, is resigning.
Elias, Chairman of the Department of Obstetrics and Gynecology at Northwestern University’s Feinberg School of Medicine, will resign at the end of the year after seven years, the medical school confirmed to the Tribune.
Elias’ departure is viewed as a surprise, according to sources inside the hospital and medical school. He could not be reached Friday evening for comment. Get the full story »
The $4.9 billion sale of human resources specialist Hewitt Associates Inc. to Aon Corp. is expected to be completed on or around Oct. 1, the two companies said Friday.
Federal Reserve Chairman Ben Bernanke acknowledged the economics profession has a lot to answer for after the financial crisis of 2007-2009, including why economists have been unable so far to engineer a healthy recovery. Get the full story »
Grain prices rallied Friday on worries that heavy flooding in the central United States could damage this fall’s harvest.
Home Depot saleswoman Susan McKenzie, left, explains the appliance rebate program to customer Angel Robles of Chicago. (Antonio Perez/Chicago Tribune)
Anyone hoping to cash in on Friday’s federal stimulus money which allowed for a 15 percent discount on energy-saving appliances had to show up to stores early — very early.
The Illinois Retail Merchants Association confirmed this morning that the $3 million in federal money to support energy-efficient appliances was gone in about two hours. The group shut the program down at 10:30 a.m.
“This made Black Friday look like a Tuesday in July,” Illinois Retail Merchants Association President David F. Vite said in a statement. “Sales have never been so brisk in Illinois.” Get the full story »
It’s something you don’t often hear from turf-conscious policymakers: Go ahead, curb our power. But that’s essentially what Charles Plosser, president of the Federal Reserve Bank of Philadelphia, made a case for Friday in remarks to a central banking conference in Zurich, Switzerland.
Wal-Mart Stores Inc. is optimistic about demand for toys this holiday season and will stay “absolutely committed” to win on price in the segment, the world’s largest retailer told Reuters.
“In toys this year, we will be just as competitive on price as we have always been,” Laura Phillips, Wal-Mart’s vice president of toys said in an interview. Get the full story »
Motorola Inc. is seeking a reverse split of its common stock, hoping to boost the price of its shares before it splits into two publicly traded companies early next year.
In a reverse stock split, investors receive fewer shares for their current holdings. Fewer outstanding shares usually increase the stock price, although there’s no guarantee the price will return to its previous level after the split. Motorola’s shares have traded below $10 apiece for the last two years. In afternoon trade, the company’s stock was up 3.8 percent at $8.70. Get the full story »
The government has opened an investigation into the subcompact Honda Fit after receiving complaints that the vehicle’s low-beam headlights stopped working. Get the full story »
A commissioner at the Securities and Exchange Commission questioned on Friday the value of saddling high-frequency trading firms with tighter market-making rules, a key response to the May “flash crash.” Get the full story »
Amgen Inc. is recalling hundred of lots of anemia drugs Epogen and Procrit, sold by Johnson & Johnson, because vials of the injectable medicines might develop tiny glass flakes that could cause blood clots and other serious health problems.
Amgen, which sells Epogen, makes the identical drugs at a plant in Puerto Rico. Get the full story »
The top 25 executives at Citigroup Inc., except Chief Executive Vikram Pandit, are getting multimillion dollar salary raises in stock and potentially much more in bonuses.
Citi released the amounts of the raises in a public filing for its top officers Friday. Get the full story »
The Illinois Attorney General’s office said Friday that it was “demanding” a meeting with Ally Financial, commonly known as GMAC Mortgage, to determine how many Illinois homeowners may be involved in an investigation of the company’s foreclosure procedures and whether the state’s Consumer Fraud Act had been violated. Get the full story »
