Bankrupt Banking

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Sunday, 27 September 2020

Latest News for: Bankrupt banking

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$6 billion telecom bankruptcies left hanging in India as ministries argue

Live Mint 25 Sep 2020

Bickering among Indian government ministries and a deferred top court decision on the sale of bankrupt telecom companies’ rights to use mobile phone spectrum has derailed the resolution of the industry’s biggest bankruptcies, leaving banks waiting for $5.7 billion in payments....

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Five bankruptcies, a dodged bullet, and lessons for voters

Independent Record 24 Sep 2020

While secured creditors, typically large banks and investment firms, may recover some or all of their investment in bankrupt companies, a large group of losers in these bankruptcies are the unsecured creditors....

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Markets seen under pressure; RIL, Tata Motors DVR shares in focus

Live Mint 24 Sep 2020

Indian stocks are likely to be under pressure on Thursday tracking sell-off in global peers. Trends in SGX Nifty also suggest a weak opening for the benchmark indices ... The government on Wednesday allowed Kotak Mahindra bank Managing Director Uday Kotak to continue as the head of bankrupt infra lender IL&FS for one more year ... * Enter a valid email....

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Uday Kotak gets 1 year extension as IL&FS chairman

Live Mint 23 Sep 2020

The government on Wednesday allowed Kotak Mahindra bank Managing Director Uday Kotak to continue as the head of bankrupt infra lender IL&FS for one more year ... with the covid-19 pandemic further slowing down the resolution of the bankrupt shadow banker and construction firm....

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Uday Kotak#39;s term extended by one year as ILFS chairman

Moneycontrol 23 Sep 2020

The government on September 23 extended the tenure of�Uday Kotak as the chairman of bankrupt�non-banking financial company (NBFC) Infrastructure Leasing and Financial Services (IL&FS) ... The other members were former SEBI chief GN Vajpai, ICICI Bank Chairman GC Chaturvedi, Tech ......

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Companies shed workers, paid dividends after getting Fed aid, panel finds

Politico 23 Sep 2020

The Fed is buying the bonds of roughly 800 companies, and there’s no estimate of how many jobs have been saved by the central bank’s efforts ... The central bank said it had to move quickly in the face of massive state-by-state lockdowns that threatened to bankrupt many companies and result in the loss of millions of jobs....

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Court-ordered auction of works from jailed Brazilian banker's collection prompts new controversy

The Art Newspaper 22 Sep 2020

An auction of works from left over from the collection of the bankrupt Santos Bank and its owner, Edemar Cid Ferreira, has caused controversy in Brazil, with one of country’s most important contemporary art museums alleging that they are due R$20m ($3.6m) for the preservation and storage of the vast majority of the works up for sale ... ....

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One year after PMC Bank scam: Are there any lessons learnt?Financial MESS

Deccan Herald 20 Sep 2020

Many have been worried about the stability of the financial system (both banks and non-banks) ... Panic-stricken customers rushed to the bank’s branches across the state. Their hard-earned money was milked by real estate players led by the now bankrupt HDIL with the connivance of some bank officials ... Secondly, PMC Bank Chairman Waryam Singh ... PMC Bank....

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Govt put Air India, Railways, LIC on sale since RBI gone bankrupt: Sanjay Raut

Yahoo Daily News 19 Sep 2020

... a sale of Air India, Indian Railways, Life Insurance of Corporation since the Reserve Bank of India has gone bankrupt....

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Letter to the editor: Barr’s ‘investigation’ an intimidation ploy

Journal Courier 19 Sep 2020

To the editor.. “We don’t rely on American banks anymore ... We just go there all the time.” ... Senior Trump went bankrupt many times and found it difficult to borrow covering money from wary American banks. He resorted then to foreign banks, like Deutsche Bank, well known for [handling] money for Russian oligarchs dependent upon the kleptocratic Putin ... ....

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PMC Bank scam: ED provisionally attaches 3 hotels in New Delhi worth Rs 100 crore

Moneycontrol 18 Sep 2020

... Maharashtra Cooperative (PMC) Bank case ... The fraud at PMC Bank came to light in September last year after the Reserve Bank of India (RBI) discovered that the bank had allegedly created fictitious accounts to hide over Rs 4,355 crore of loans extended to the almost-bankrupt HDIL....

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Jay Cooke and Company and the bonanzas

Williston Herald 18 Sep 2020

September 18, 2020 — When the Northern Pacific asked Jay Cooke’s banking company to be its financial agent in 1865, Cooke was leery of the offer ... With its sole financial provider bankrupt, Northern Pacific construction halted and the company was left with millions of acres of land....

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Kraken Becomes First Crypto Exchange to Become a US Bank

XBT.MONEY 16 Sep 2020

Kraken is the first cryptocurrency firm to become a bank ... We can engage with securities and commodities and things like that as a bank ... This means that even if a SPDI bank goes bankrupt, those assets have to be returned to customers, whereas a trust company can have its assets claimed by a judge during bankruptcy....