Bank of America scraps plan for five dollar debit fee
Bank of America reverses its planned five dollar monthly debit card fee after customer pressure and petitions nationwide. JPMorgan Chase and Wells Fargo also halted debit fee trials as the public outcry grew. Anne Pace declined to confirm a spike in account closures since the September announcement. MF Global admitted using client money as its financial problems intensified, and the FBI may probe possible criminal violations. An MF Global executive told regulators that client funds were diverted, with exact destinations and use still unclear.
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Jpmorgan Chase & Co
Wells Fargo & Co
Anne Pace
Bank of America
MF Global
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FBI
Market Close Report Tuesday Sessions Weakened
Wall Street ended mixed with the Dow down 297.05 to 11,657.96 the Nasdaq slipping 17.45 to 2,606.96 and the S&P 500 off 35.02 to 1,218.28. Treasuries rose slightly while commodity prices moved, with corn up 7.25 cents to 6.54 a bushel and gold falling 13.40 to 1,711.80 an ounce.
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Kansas City
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Greece weighed down by referendum threat menaces euro rescue
Greek Prime Minister George Papandreou pushed for a referendum on the rescue plan, sparking rebellion within his party and sending world markets lower. The vote would shape the second bailout terms, including 50 percent losses on Greek bonds and about 140 billion dollars in rescue loans, amid recession and protests.
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Athens
Greece
George Papandreou
Europe
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International Monetary Fund
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Americans Elect backs Plan B for president on online convention
A nonpartisan group Americans Elect seeks a 50 state ballot path for a to be determined candidate chosen via an online convention next summer. It has $22 million raised, 1.9 million signatures, and ballot access in six states with more certifications underway. The plan aims to empower voters and requires a running mate from a different party.
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