Five years ago last week Bear Stearns, then one of the nation’s largest brokerage houses, told the Federal Reserve it was out of money. Despite a $12.9 billion emergency loan from the Fed, within two days Bear Stearns was forced to merge with JP Morgan Chase — a deal facilitated with a $29 billion loan …
Continue reading “Reshaped banking industry emerges from crisis”
Compared with Sept. 30, 2011, an analysis of quarterly banking results by the Investigative Reporting Workshop shows: Loans increased to $7.44 trillion, up 3.9 percent from $7.16 trillion. However, total lending remains below the peak of $7.85 trillion in the second quarter of 2008. Troubled assets (a combination of nonperforming loans and the value of …
The nation’s banks continued to recover in the second quarter, as the volume of troubled assets on their books dropped to the lowest level in three years, according to data from the Federal Deposit Insurance Corp. Banks earned $34.5 billion, below the $35.3 billion reported for the first quarter of this year but above the …
Continue reading “Fewer problem banks, lending up as industry recovery continues”
The nation’s banks and credit unions had their best year since 2006, as a slowly recovering economy led to modest loan growth and lower levels of nonperforming loans. Commercial banks made $119.5 billion in 2011, the most since 2006, when they earned $145.2 billion. Credit unions earned $6.4 billion, the most ever. According to an …
Continue reading “2011 was best in 5 years for banking sector”
New federal data show that the number of small bank loans to business has fallen to the lowest point in more than a decade, cutting the flow of money to a sector that’s usually a job-creation powerhouse. “It’s usually the smaller business that is more able to bounce back and take advantage of different opportunities …
Correction: In a previous version, the story incorrectly said the cost of credit union failures was $1.3 billion in the first three quarters of this year. That amount has been amassed since Jan. 1, 2009. The Workshop regrets the error. Two years after the height of the financial crisis, the American economic landscape still somewhat …
Continue reading “Mortgage-backed securities losses costing nation’s credit unions”
Two years after going live, TAP hits a major milestone.
Investigating Power is a history of breakthrough investigations that revealed news and changed the national narrative on many major topics since the 1950s, from war to health to civil rights.
An interactive timeline examines President Trump’s use of executive orders to restrict access to the U.S.
In April 2016, at the height of the deadliest drug epidemic in U.S. history, Congress effectively stripped the Drug Enforcement Administration of its most potent weapon against large drug companies suspected of spilling prescription narcotics onto the nation’s streets.
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