The largest private bank in the United States will reimburse investors billions of dollars for investments that plunged in value when the housing market collapsed. Bank of America announced the $8.5 billion settlement Wednesday, saying the deal would minimize “future economic uncertainty.” A group of 22 investors, including several large financial firms, had been demanding […]
Top Private US Bank Settles Over Sour Investments
Posted June 29th, 2011 at 11:25 am (UTC-5)
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Former Afghan Bank Chief Faces Charges
Posted June 28th, 2011 at 2:50 pm (UTC-5)
Afghanistan’s deputy attorney general says the former head of the country’s central bank, who resigned and fled the country, faces charges and will be prosecuted. Central Bank Governor Abdul Qadir Fitrat left Afghanistan for the United States and stepped down from his post Monday, saying he feared for his life after investigating the corruption scandal […]
Former Afghan Bank Chief Faces Charges
Posted June 28th, 2011 at 2:20 pm (UTC-5)
Afghanistan’s deputy attorney general says the former head of the country’s central bank, who resigned and fled the country, faces charges and will be prosecuted. Central Bank Governor Abdul Qadir Fitrat left Afghanistan for the United States and stepped down from his post Monday, saying he feared for his life after investigating the corruption scandal […]
Afghanistan’s Top Banker Flees Nation, Resigns
Posted June 28th, 2011 at 10:40 am (UTC-5)
A spokesman for Afghan President Hamid Karzai has called the country’s top banker a “runaway governor,” disputing claims that he left the country because his life was in danger. The spokesman, Waheed Omar, said that Central Bank Governor Abdul Qadir Fitrat did not go through official channels to resign, but instead escaped the country. He […]
Afghanistan’s Top Banker Flees Nation, Resigns
Posted June 28th, 2011 at 6:45 am (UTC-5)
A spokesman for Afghan President Hamid Karzai has called the country’s top banker a “runaway governor,” disputing claims that he left the country because his life was in danger. The spokesman, Waheed Omar, said that Central Bank Governor Abdul Qadir Fitrat did not go through official channels to resign, but instead escaped the country. Fitrat […]
Afghanistan’s Top Banker Flees Nation, Resigns
Posted June 27th, 2011 at 8:30 pm (UTC-5)
Afghanistan’s top banker says he has resigned his post and fled the country because he feared for his life following his role in investigating a corruption scandal involving the country’s biggest lender, Kabul Bank. In an interview Monday outside Washington, Central Bank Governor Abdul Qadir Fitrat said he fled the country because his life was […]
EU Leaders Appoint Draghi as next ECB President
Posted June 24th, 2011 at 6:55 am (UTC-5)
The European Union has confirmed that Mario Draghi, an Italian, will be the next president of the European Central Bank, replacing Jean-Claude Trichet whose term ends in October. The announcement of Draghi’s appointment gives investors some certainty over who will lead the ECB as Europeans seek to resolve Europe’s crippling debt crisis. The EU said […]
Afghan Finance Minister Slams IMF on Bank Crisis
Posted June 20th, 2011 at 11:20 am (UTC-5)
Afghanistan’s finance minister is accusing the International Monetary Fund of “playing games” when it comes to resolving the crisis surrounding the country’s largest private lender – Kabul Bank. Tens of millions of dollars in aid from foreign donor nations has been withheld from Afghanistan, since the IMF decided not to renew its support program after […]
IMF Rejects Afghan Plans to Resolve Bank Crisis
Posted June 17th, 2011 at 2:30 pm (UTC-5)
Afghan and Western officials say the International Monetary Fund has rejected the Afghan government’s plans to resolve the Kabul Bank crisis and that a $70 million reconstruction payment will be withheld. Kabul Bank nearly collapsed last year when allegations of mismanagement, cronyism and questionable lending first surfaced. The bank’s executives and shareholders are accused of […]
Clinton ‘Not Pursuing’ Top World Bank Job
Posted June 10th, 2011 at 3:50 pm (UTC-5)
U.S. Secretary of State Hillary Clinton is denying reports that she is campaigning to be the next head of the World Bank. Secretary Clinton spoke Friday in Zambia, where she is attending a conference on U.S. trade preferences. Clinton told reporters that she is not pursuing the World Bank position. She said the United States […]
