A trio of investors have filed suit against the Navy Yard at Noisette LLC, developers of what for years hailed as the very model for sustainable urban revitalization on the Charleston, S.C. peninsula, claiming it defaulted on $23.8 million in loans it receive two years ago. The plaintiff private equity firms have asked the court […]
Analysis Shows Megabanks Have 23,000 Times More Exposure to Credit Default Swaps than Community Bank
As the economic crisis puts a spotlight on the obscure world of credit default swaps (CDS), an unregulated $62 trillion market that most people never heard of and even fewer understood, the fear of a CDS catastrophe is haunting the country’s largest banks, and the nation’s healthy community institutions and consumers are paying the […]
Tata Motors Defaults on Rs 1200 Cr Vendor Dues
India’s Largest automobile company,Tata Motors, which is grappling with declining sales and the financial burden of acuring British brands Jaguar and Land Rover, has run into payment problems with its vendors and suppliers. The $8.8-billion compny, which has operations in the UK,South Korea, Thailand and Spain, owes more than Rs 1200 crore in unpaid dues […]
Girl abducted for loan default
A female agent of a micro-finance agency abducted an eight-year-old girl here on Wednesday after her father failed to repay three loan instalments. Threats, beatings and confinement of defaulters to recover loans are not unknown but hostage-taking of kids is unheard of. The alarming incident came to light on Thursday after the parents of the […]
Hollywood Actor Wesley Snipe Sentenced for tax-return default
Wesley Snipe was sentence to three years in prison for failing to file his tax-returns for a period of five years from 1999 to 2004 by a Federal Judge in Miami. The case against him was that he had sought to evade paying more than $15 MILLION in taxes to the Internal Revenue Services (IRS). […]
Over 28% of credit-active consumers in South Africa has a credit card
A new study carried out by TransUnion found that 28% of credit-active consumers in South Africa hold a credit card. Even though this study concentrated on the credit activity of “Gen Z” consumers –those born in and after 1995–, it also shed a light on the consumer credit market as a whole. Credit Activity The […]
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