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Banks must fix their cavalier mistakes
For all the scandalous news about systemically sloppy foreclosure documentation, bankers are trying to reassure the public that no undeserved evictions resulted. "At the end of the day, the underlying substance was accurate," JPMorgan Chase Chief Executive Officer Jamie Dimon told reporters on a conference call. "There's almost no chance that we've made a mistake.Innocent Man Spent 17 Years in Jail
Steven H. [email protected] his arm around his fiance, Clarence Harrison walked out of the DeKalb County Courthouse Tuesday morning a free man. Harrison, the first inmate to be exonerated thanks to the efforts of the Georgia Innocence Project, had spent the last 17 years in prison for a 1987 rape conviction. The results of a DNA test, received last week by the Innocence Project, ruled out Harrison as the rapist.UBS writes down $10B from subprime losses
ZURICH, Switzerland AP - UBS AG will write off a further $10 billion in losses from the U.S. subprime lending market, the Swiss bank said Monday, and raise billions in capital through share sales to Singapore and an unidentified investor in the Middle East.UBS said it will post a loss for the fourth quarter and may now record a loss for the full year as well.Loophole lets mentally ill Texas juveniles go free
TYLER, Texas AP - A 16-year-old former juvenile detainee is accused of stabbing a high school teacher to death with a butcher knife. Another teen was convicted of killing a roofer during a 30-minute robbery spree.Both were released by the Texas Youth Commission because the agency wasn't equipped to treat their mental illnesses and had to let them go under the law.Judiciary: Leave issue to the other branches
IT'S OLD NEWS that public nuisance theories increasingly are pleaded in an attempt to impose liability on product sellers when more traditional products liability theories would not work. Many-but certainly not all-courts confronted with such attempts have refused the invitation to extend public nuisance theory beyond its historic property-based origins and into the realm of products liability.Madoff investor payback falling short of goal
Irving Picard, who said last year he hoped to pay investors in Bernard Madoff's defunct firm as much as $65 billion, has only put his hands on about $2.6 billion to actually give back to customers.More than three years after Madoff's epic swindle collapsed, Picard, the trustee responsible for liquidating the firm, has paid investors back about $330 million, while holding about $2.Radical rescue: Hundreds of billions for bailout
WASHINGTON AP-Struggling to calm a financial hurricane, the Bush administration on Friday laid out a radical bailout plan with a jawdropping price tag - a takeover of hundreds of billions of dollars in worthless mortgages and other bad debt.Relieved investors sent stocks soaring on Wall Street and around the globe.Trending Stories
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