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LATEST ARTICLES
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Capital One 'Pulling Back' Lending: Fourth-Quarter Profit Falls on ...
Capital One, reporting a growing number of loans gone bad, said yesterday that it was pulling back on its lending activities as it enters a highly uncertain year. The McLean company reported yesterday that profit in the fourth quarter came in 42 percent below the comparable period in 2006, as defaults and delinquencies rose. 'We're really seeing a consumer-led worsening' of the economy, Capital One chief executive Richard D. Fairbank said in a conference call. 'Nobody knows how bad this environment will get.' Capital One has been closely watched for clues to how the troubles in the mortgage industry would spread to other kinds of lending. It is the nation's largest independent credit card issuer and also makes auto loans and has bank branches around the country. 'They are certainly signaling it's going to get worse in the near term,' said Christopher Brendler, an analyst at Stifel Nicolaus. More>>
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Executive aided Bromwell conviction
The construction company executive who engineered a years-long scheme to bribe former state Sen. Thomas L. Bromwell Sr. received a prison term of 6 1/2 years yesterday in federal court, slightly less than the seven-year sentence imposed on the Baltimore County Democrat earlier this month. Calling the crimes "extremely serious," U.S. District Judge J. Frederick Motz also ordered W. David Stoffregen to forfeit more than $5.6 million in cash, vehicles and property to represent the amount of money lost due to rigged contracts and outright theft from his pipe and steamfitting company. As his tearful family and friends watched in the Baltimore courtroom, the 54-year-old Towson man apologized for his conduct in halting speech, saying "I would like for the chance to rebuild my life again. More>>
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U.S. economy teeters on the brink
WASHINGTON In a bid to save the world's largest economy from recession, U.S. President George W. Bush and central bank chief Ben Bernanke yesterday endorsed a $100-billion stimulus package as the spreading housing mess continued to hammer banks, consumers and investors. The rare plug for fiscal action comes as a growing number of economists say the United States is either in recession or perilously close to it. . More>>
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