(By Christina Rexrode and Rick Rothacker, crexrode@charlotteobserver.com and rrothacker@charlotteobserver.com) Bank bonuses are bouncing back, at least to some extent.To be sure, they're not climbing to the heady levels of three or four years ago. And for many bankers, a bigger portion of their bonus pay will be tied to company stock and isn't ...Read More
(By Steve Harrison, sharrison@charlotteobserver.com) The U.S National Whitewater Center announced Monday that lenders have forgiven roughly two-thirds of its $38 million debt, a move that the center's director said would position the center for long-term financial success.Since its opening in 2006, the nonprofit center has been able to turn a s...Read More
(By Karen Sullivan, ksullivan@charlotteobserver.com) Times are so hard that local architects are talking about setting up lemonade stands in order to find work.They'd sell their expertise for pennies rather than cool drinks...Read More
Carousel Capital exits AGDATA investmentCarousel Capital, a Charlotte private-equity firm, on Monday said it had exited its investment in AGDATA, a Charlotte-based provider of database management and other services. Terms were not disclosed. AGDATA's healthcare division, MedData, which provides health care insuranc...Read More
(By Larry Neumeister, Associated Press) A judge promised Monday to decide by the end of next week whether to approve a $150 million settlement between the Securities and Exchange Commission and Bank of America over civil charges alleging the bank misled shareholders when it acquired Merrill Lynch.U.S. District Judge Jed Rakoff said he will deci...Read More
(By Matt Garfield, mgarfield@heraldonline.com) A supplier of armored vehicles and security products will move its headquarters from Charlotte to northern Lancaster County, bringing 220 new jobs over five years, state and local officials announced Monday.Defense Venture Group owns subsidiaries that make tactical trucks, run-flat tires and armore...Read More
(By Kevin G. Hall, McClatchy Newspapers) Stock trading was volatile on Wall Street and across the globe Monday from fear that a debt crisis is gathering steam in parts of Europe and the Mediterranean.These problems may be far away on a map, but they matter on Main Street USA. They're symptoms of a new wound in the global financial crisis...Read More
(By TIM PARADIS, AP Business Writer) The Dow Jones industrial average closed below 10,000 for the first time in three months Monday on nagging concerns about debt loads in Europe.The Dow, down almost 104 points, had its 10th triple-digit move in 16 trading days. Shares of big banks pulled the market lower, extending a slump that has led to four...Read More
(By Mark Price, mprice@charlotteobserver.com) The Bank of America Charitable Foundation has issued a call for applications for its Student Leaders Award, which is part of the foundatio&squo;s Neighborhood Excellence Initiative.Read More
CURRENT CHARLOTTE, NC NEWS... Business, Banking, and Home & Garden!:
(By Mark Price, mprice@charlotteobserver.com) The Bank of America Charitable Foundation has issued a call for applications for its Student Leaders Award, which is part of the foundatio&squo;s Neighborhood Excellence Initiative.Read More
(By Michael J. de la Merced, New York Times) Over his 30-year career, John Thain has risen to top executive positions at Goldman Sachs, the New York Stock Exchange and Merrill Lynch.Today, he will start over at a humbler institution: the CIT Group, the lender to small and midsize businesses that emerged two months ago from a swift bankruptcy...Read More
(From staff reports) Fuquay-Varina-based Fidelity Bank recently named Mary W. Willis, an 18-year veteran of the bank, president and CEO.Willis succeeds Mike Whitley, who has been CEO since 2006. Whitley in turn was named chairman of the board of directors...Read More
(By Stella M. Hopkins, shopkins@charlotteobserver.com) Joe and Dee Setzer, embroiled in a long battle with their lender to modify their mortgage, also narrowly avoided spending thousands with what state prosecutors say appear to be illegal foreclosure assistance firms.The Iredell County couple considered paying $1,290 last September to a Florid...Read More
(By Christina Rexrode, crexrode@charlotteobserver.com) On Friday, the door officially closed on any Wachovia shareholders who still nursed hope that they could get more money out of Wells Fargo, which bought Wachovia in 2008 for what was arguably a bargain-basement price.N.C. Business Court Judge Albert Diaz's ruling upholds a previous class-ac...Read More
(By Rick Rothacker, rrothacker@charlotteobserver.com) GMAC Financial Services is downsizing in Charlotte again.The Detroit-based lender this week told state officials it was eliminating 115 jobs as it closes offices in SouthPark and near Charlotte/Douglas International Airport...Read More
Wells Fargo recruiting fewer financial advisersWells Fargo & Co. plans to recruit 23 percent fewer financial advisers this year as it expects rival firms to lure less of its staff away than they did in 2009...Read More
(By Rick Rothacker, rrothacker@charlotteobserver.com) In a tale of two legal actions on Thursday, New York Attorney General Andrew Cuomo filed civil charges against Bank of America and two top officers, while the Securities and Exchange Commission sought to reach a $150 million settlement with the bank over allegations related to its Merrill Lynch ...Read More
ATTORNEY GENERAL CUOMO FILES FRAUD CHARGES AGAINST BANK OF AMERICA, FORMER CEO KENNETH LEWIS, AND FORMER CFO JOSEPH PRICESuit Alleges Bank of America's Top Management Hid Skyrocketing Losses at Merrill Lync...Read More
Bank of Granite back in NASDAQ complianceBank of Granite Corp. said Wednesday that it is back in compliance with the NASDAQ listing rules. The stock exchange had warned the bank in November that it could be delisted because its stock had fallen below $1, but shares have traded higher every day since Jan. 12...Read More
CURRENT CHARLOTTE, NC NEWS... Business, Banking, and Home & Garden!:
(By Dean Fosdick, Associated Press) Container gardening and online marketing are increasing the popularity of succulents, transforming the likes of hens and chicks to collectible chic.It wasn't long ago that the eye-catching perennials grew primarily in sun-seared settings. Now they're the playthings of people living in temperate zones...Read More
(Lenny Lampel, Special to the Observer) On your next walk along a greenway path, local park or nature preserve, keep your ears open for a unique sound that is being heard across the N.C. Piedmont during this time of year.The sound, reminiscent of a finger running across the teeth of a comb, is the mating call of a male upland chorus frog...Read More
(Debbie Travis) Contemporary home design is no longer all about sleek, sterile environments. The minimalist movement has turned a softer cheek as the need for a more comforting home base became apparent.There always will be an important place for cutting-edge design; this evolutionary process is both exciting and inspiring. If you are missing t...Read More
(Kenneth Harney) Thinking of cashing out some equity when you refinance your mortgage? That used to be what millions of homeowners did when they needed extra money.But now get ready for the post-boom, post-crash trend that's really hot: "Cash-in" refis - the diametric opposite of cash-outs...Read More
Q: I became engaged over Christmas. Unfortunately, the big hurdle to combining our households is the sale of my house.I bought a house in August 2008 for $170,000. My current payment is $1,365 at an interest rate of 6.5 percent. It is an FHA-backed mortgage held by one of t...Read More
(Peter Hotton) Q. I have a bad problem inside on the sills of the windows on the north side of my house where the sun never reaches. This happens on extremely cold mornings and I have to wipe away the excess moisture. The house is only 5 years old and the windows are double insulated. I have had many suggestions as t...Read More
(By Melissa Rayworth, Associated Press) In some ways, it was simpler before. When Joy Lane Hicks wanted to buy a new piece of furniture or do some redecorating, she says, "I would start with, 'Hey, honey, I have an idea,' and he would drop his head, groaning and moaning."She would decorate, and eventually he would love the finished product. But...Read More
(By Mary Meehan, McClatchy Newspapers) Winter is the perfect time to get things in order inside your house.Professional organizer and author Deniece Schofield points out a few common challenges and how to overcome them.1. Those houses on the & TV show "Hoarders" don't look so bad...Read More
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