The FDIC seized Washington Mutuals flagship bank in 2008 and sold its assets to JPMorgan for $1.9 billion. The sale resulted in the two banking companies and the government agency trading lawsuits over roughly $4 billion in disputed deposit accounts.
WaMu attorney Brian Rosen told U.S. Bankruptcy Judge Mary Walrath on Friday that JPMorgan has agreed to turn over the money to Washington Mutual after deducting $172 million as its share of tax refunds received.
In return, JPMorgan will get 70 percent of expected tax refunds resulting from WaMus prior operating losses that are valued at about $3 billion, with Washington Mutual - - - - >

The ratio of cash to corporate loans has more than quadrupled from 21 cents in June 2008, according to Jan. 13 Federal Reserve data compiled by Bloomberg. Corporate loans shrank 14 percent to $1.32 trillion during that period as bankers tightened standards to curb record defaults and meet demands by regulators for more liquidity.
Banks are leaving more cash idle amid slack demand from borrowers throughout the economy and concern that regulators will require more liquidity to forestall another financial crisis. Thats crimping profit, and the result - - - - >

The purchase may be announced as early as today, said the people yesterday, who declined to be identified because the talks are private. Royal Bank of Scotland Group Plc was forced to sell its stake in Sempra by the European Union after receiving a 45.5 billion-pound ($71 billion) taxpayer-funded bailout.
JPMorgan is continuing discussions with RBS and Sempra about acquiring the North American operations of the commodities and energy trader, one of the people said. Representatives for Edinburgh-based RBS, JPMorgan and Sempra declined to comment. - - - - >

Blankfein will receive more than 58,000 shares of restricted stock that cant be cashed in for five years, the bank said in a securities filing Friday. Blankfein will receive no cash as part of his bonus.
Blankfeins bonus was less than some had expected. But it reflects Wall Streets changing pay culture. Several banks are paying their CEO restricted stock and adopting clawback provisions in response to a furor over outsized paydays at financial institutions that helped push the economy into a recession and then later took billions in federal bailouts.
Still, Blankfein led Goldman to a stellar 2009 performance, and some - - - - >

As much as 95 percent will be paid in stock vesting over about three years, the person said. Those receiving the smallest bonuses will get about half their compensation in cash, paid later this month, the person said. The unit accounts for 10,000 people, or 4 percent of the banks 283,000 workers.
Bank of America, the target of political wrath for its acquisition of Merrill Lynch & Co. even as the faltering Wall Street firm handed out $3.6 billion of employee bonuses, reaped a $6.3 billion profit - - - - >

Citadel owns and operates 224 radio stations, including KABC-AM in Los Angeles, WLS-AM in Chicago, WABC-AM and WPLJ-FM in New York and KGO-AM in San Francisco. Citadels WABC is home to several syndicated hosts, including Don Imus, Rush Limbaugh, Joe Scarborough and Mark Levin.
In documents filed in U.S. Bankruptcy Court for the Southern District of New York, Las Vegas-based Citadel listed total assets at Oct. 30 of $1.4 billion and total debt of $2.46 billion. The company said in a statement it has reached an agreement with more than 60 percent of its lenders on a deal that would erase - - - - >

Citigroup Inc., whose future looked uncertain at the beginning of this year, will repay $20 billion, while Wells Fargo & Co. will pay back the $25 billion it received. Both banks announced significant capital raises in order to repay the money, and the government will also sell the one-third stake it holds in Citigroup.
The move frees the two from the close regulatory scrutiny that accompanied aid from the Troubled Asset Relief Program, which the government put in place at the height of the financial crisis in the fall of 2008. The Treasury Department said that of the $245 billion given - - - - >

Thats the amount of assets left in Citi Holdings, the division that Pandit set up to strip his bank of unprofitable businesses, troubled loans and securities. While the bank has unloaded almost $100 billion of the assets so far, getting stuck with the rest may hinder earnings for years, analysts said.
“I wouldnt say that all of their issues are completely behind them,” said Bill Tanona, an analyst at Collins Stewart Inc. in New York who rates Citigroup “hold.” “We still have a soft economic environment and - - - - >

JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. are approaching managers of leveraged loans to offer terms for new collateralized loan obligations following a record rally this year in the debt, according to people familiar with the discussions who declined to be identified because the talks are private. The highest-rated portions of CLOs have climbed to 89 cents on the dollar from a record low of 69 cents in April, according to Morgan Stanley data.
The $440 billion market for CLOs, which pool loans - - - - >

Fed officials meet for the last time this year Dec. 15-16 after a report last week showing employers cut the fewest jobs in November since the recession began in December 2007. The report prompted some investors to raise bets the Fed would increase rates by the third quarter of 2010.
Treasuries climbed yesterday after Bernanke set back those perceptions, saying the economy faces “formidable headwinds.” He repeated the language of the last Fed statement in November foreseeing an “extended period” of low rates and said inflation might - - - - >