Banking

6:12am

Thu January 23, 2014
Europe

Spain Exits Bailout In A Sign Of Progress, Not Full Recovery

Originally published on Thu January 23, 2014 5:47 pm

Shareholders protest bank practices at the headquarters of Spain's largest mortgage lender, Bankia, in Madrid on June 23, 2012, at the height of the country's banking crisis. Europe stepped in at that time with $56 billion in loans to help the banking system.
Andrea Comas Reuters/Landov

Spain's banking system on Thursday is marking an end to its reliance on bailout loans from Europe that were desperately needed 18 months ago to shore up its banks after a construction boom-and-bust.

Spain is now the second eurozone country to cleanly exit its bailout program, after Ireland.

It's a dramatic difference from a year and a half ago, when demonstrations erupted outside banks in Spain almost daily. At the time, record numbers of Spaniards were losing their homes in foreclosure. Unemployment soared past 25 percent and kept rising.

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5:00am

Wed January 22, 2014
Business

Welcome To The Colorado Gas Station Where You Can Fill Your Tank On Bitcoins

Greeley Cosmic Market Owner Shahzad Sarwar demonstrates a Bitcoin purchase. For him, offering payment via Bitcoin comes from a deeply held philosophical belief.
Grace Hood KUNC

The Bitcoin revolution is steadily marching toward a merchant near you. At the first gas station in the U.S. to accept Bitcoins, Funyuns, energy drinks and a full tank of gas are a brief digital money exchange away.

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6:00am

Mon December 23, 2013
Planet Money

A Locked Door, A Secret Meeting And The Birth Of The Fed

Originally published on Mon December 23, 2013 10:01 am

J.P. Morgan: Not a pussycat.
Hulton Archive Getty Images

In 1907, the U.S. economy was in the grip of a financial crisis. Unemployment was up. The stock market was down.

People started panicking. They were lining up overnight to pull their money out of healthy banks. This can be deadly for an economy: Healthy banks have to shut down, businesses can't get credit, they lay people off, and the economy gets worse.

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3:03am

Thu December 5, 2013
Business

Banks Come Under Fire For Filling In The Payday Loan Gap

Originally published on Thu December 5, 2013 2:05 pm

Federal regulators are setting new rules for banks that offer deposit advances.
iStockphoto

A payday loan is a costly form of credit operating on the fringes of the economy. That's why the target of a new crackdown by federal regulators may surprise you: Instead of a forlorn-looking storefront with a garish neon sign, it's your familiar neighborhood bank.

A small but growing number of banks, including some major players, have been offering the equivalent of payday loans, calling them "deposit advances."

That is, at least, until bank regulators stepped in Nov. 21 and put new restrictions on the loans.

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7:44am

Thu September 19, 2013
Business

Whale Of A Fine: JPMorgan Chase To Pay $920M In Penalties

Originally published on Thu September 19, 2013 9:39 am

The JPMorgan Chase building in London, where traders ran up huge losses.
Timur Emek AP

JPMorgan Chase has agreed to acknowledge that it violated federal securities laws and will pay $920 million in penalties assessed by regulators in the U.S. and U.K. to settle charges related to the huge trading losses racked up by its London traders last year, the Securities and Exchange Commission announced Thursday morning.

As we wrote earlier this week when word of the pending settlement first emerged, this all:

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