Chicago is getting ready for all the world leaders who will be in town for the big NATO meeting that starts today — and for the busloads of people who will be coming into town to protest. Some will be associated with the Occupy Movement, which is hoping to re-ignite after a quiet winter.
New elections are scheduled for June 17th in Greece, but that may not be soon enough to calm fears at Greek banks. Almost a billion dollars worth of deposits was withdrawn on Monday alone.
With a new general election on the way in Greece and the country's membership in the European Single Currency in the balance, people in Greece are trying to keep their bank accounts from losing value if ever the euro is dropped. Greece's central bank chief says depositors pulled about $900 million about of bank accounts Monday alone.
In Tampa, Fla. today, there's a JPMorgan Chase shareholder meeting going on. Not a great time for CEO Jamie Dimon to face shareholders, given the $2 billion trading loss he announced last week.
European finance ministers are meeting today about how much money banks should have around in case of emergency. Banks argue the more that's set aside the less they have to lend and invest.
In a report to congress, TARP's inspector general says while the program will likely end up making a profit for taxpayers, there's ongoing worry that many small banks are having trouble paying back the feds.
A report out today from the special inspector general who oversees the 2008 bank bailout known as TARP has some bad news about small banks. He says more than 300 small banks that borrowed money from the federal government during the financial crisis have yet to pay it back.
Fifty-five percent of the bank's shareholders voted against pay packages for top execs, including $15 million in compensation for CEO Vikram Pandit. The vote is advisory only, though, and thus doesn't actually force a change in Citi's pay practices.
