• CIT Is Said to Obtain Urgent Loan to Prevent Bankruptcy – “Directors of the CIT Group, one of the nation’s leading lenders to small and midsize businesses, approved a deal Sunday evening with some of the bank’s major bondholders to help it avert a bankruptcy filing through a $3 billion emergency loan, according to people briefed on the matter.” Bullet dodged. [New York Times]
• Scam victims ‘easily persuaded’ – “The scams the OFT has been highlighting range from the so-called Nigerian or advance free frauds, to bogus lotteries, fake clairvoyants and health cures, bogus investments and crooked racing tipsters.” Nigerian emails do have a certain charming prose that is difficult to resist. [BBC]
• Sweden’s SEB bank posts 2Q loss – No doubt had some exposure to the Latvian souls brokers [AP via Miami Herald]
• Charles Schwab denies Cuomo’s fraud allegations – “Charles Schwab Corp, the largest U.S. online brokerage, denied allegations by New York Attorney General Andrew Cuomo of civil fraud in its marketing and sale of Auction Rate Securities (ARS).” Also, some less serious charges include running commercials with creepy half-human, half-cartoons moving and talking seriously about their depleted 401(k)s. [Reuters]
• Evidence shows there’s no such thing as ‘recession-proof’ jobs – Bankruptcy lawyers might be the lone exception. Good luck getting into that. [Chicago Tribune]
Thursday, November 30, 2023
When accounting goes unaccounted for