AP, Bloomberg, Reuters, N.Y. Post
Posted: 4:34 am
October 8, 2008
FDIC fees
The Federal Deposit Insurance Corp. proposed doubling the fees it charges banks to in sure their deposits, a step to replenish agency reserves as the government seizes banks at the fastest pace in 15 years. The agency, which pro tects $4.5 trillion in US deposits, proposed in creases that will add $10 billion annually to its in surance fund, which had $45.2 billion at the end of the second quarter.
UBS atty.
The former chief lawyer for UBS' investment bank, David Aufhauser, will pay $6.5 million to settle an al legation that he dumped his investments in auction-rate securities after getting a company e-mail warning that the market was in trouble.
Boone burned
T. Boone Pickens, whose hedge fund has lost about $1 billion this year, sued a unit of de funct Lehman Brothers for $59.9 million over claims it broke a default agreement. The unit failed to return collateral posted by Pickens and four of his funds after their derivatives deals were terminated by Leh man's bankruptcy, Pick ens said in a complaint filed Monday in New York .
MetLife line
MetLife Inc., the No. 1 US life insurer, withdrew its 2008 earnings forecast and said the most-recent quarter's operating profit fell to between $600 million and $675 million as investment income fell. The company plans to sell 75 million shares, which may be priced today. MetLife tumbled $7.45, or 17 percent, to $36.87.
Copyright Reuters.
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