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May 27, 2011

MarketWatch | Weekly Roundup: Top Ten Stories May 23 - 27.

MarketWatch
Weekly Roundup
MAY 27, 2011

MarketWatch top 10 stories May 23-27

By MarketWatch



NEW YORK (MarketWatch) — U.S. stocks tracked by the S&P 500 and Dow Jones Industrial Average fell for the fourth straight week, their longest losing stretch in over a year.

But the few investors who hadn't left early for the long Memorial Day weekend helped markets close with modest gains on Friday as the indexes found some technical support after a slew of mixed economic reports. Read more on U.S. stocks in Market Snapshot.

For the week, the Dow (DJIA) lost 0.6%, while the the S&P 500 (SPX) and Nasdaq Composite (COMP) both fell 0.2%.

For more on what's coming next week, please watch our Week Ahead videos for Asia, Europe and the U.S.

— Greg Morcroft, assistant managing editor

 Asia Week Ahead:India GDP, China PMI

 Europe Week Ahead euro-zone inflation in focus

 U.S. Week Ahead:Light trading expected in holiday-shortened week

Goldman Sachs cuts its China GDP forecast

Goldman Sachs Group Inc. on Tuesday cut its growth forecast for China and predicted inflation will accelerate, citing weaker data, higher oil prices and supply-side constraints. The U.S. investment bank cut its 2011 and 2012 growth forecasts to 9.4% and 9.2% respectively, from previously forecast 10.0% and 9.5%. The bank raised its CPI forecasts to 4.7% and 3.0% for the period from 4.3% and 3.0%. "This is both a sharper and more extended slowdown than we had previously," said Goldman Sachs in a note, with the bank continuing to keep a view of overweight on China within the Asia region. Read about Goldman's China call on MarketWatch

Hedge-fund secrets to beat the market

Once the domain of elite, sophisticated Wall Street traders, it's never been easier for the average Joe to start making big money in the hedge-fund world. Once you've set up your hedge fund, you'll need investors. But to attract investors, you'll need a compelling investing strategy to lure in the cash. And here's where we get to the meat of the matter. Today, there are three main strategies in the market. Read David Weidner's Writing on the Wall commentary at MarketWatch

Banks post solid profits, but problems persist

Bank profits rose substantially in the first quarter and institutions reported their best quarterly results since the second quarter of 2007, the Federal Deposit Insurance Corp. said Tuesday, even as the industry still is experiencing troubles as the number of problem banks in the U.S. continue to rise. Banks insured by the FDIC reported a profit of $29 billion in the quarter ended March 31, a big 67% increase from the first quarter of 2010. It is the seventh consecutive quarter that industry earnings have registered year-over-year gains, the agency said. Read about banking sector's latest profit, on MarketWatch

Commentary: Why Bernanke will be forced to institute QE3

The Fed is serious about freezing its balance sheet starting in June. They will continue to buy Treasurys as issues mature and are replaced. But, the momentum of money growth will slow down and that is the key to understanding what will then happen. If Treasury rates do not take off, then my assumption about domestic and foreign demand for Treasurys will be correct. If they do take off, it will be an indication of a shrinking money supply, which will lead to economic stagnation or even a market bust. On the other hand, I don't believe the Fed will play "chicken" during an election year, and when things turn ugly they will announce QE3 and that will kick the can down the inflationary road. QE3 may be the last installment of this monetary madness. Read QE3 commentary from Jeff Harding, on MarketWatch.

CNBC anchor Mark Haines dies at 65

CNBC anchor Mark Haines, a constant presence on business television for more than 20 years, died suddenly Tuesday evening, the business network said on its website Wednesday morning.He was 65 years old. Haines died at his home, CNBC said. He helped to create the cable channel's morning program, "Squawk Box," and served as its founding anchor. Read about the death of Mark Haines, on MarketWatch

The Yahoo debate: Break up or not

Among the many challenges for Yahoo Inc. Chief Executive Carol Bartz as she faced Wall Street analysts on Wednesday was convincing some that the embattled Internet company is worth more than the sum of its parts. In particular, some investors are wondering if Yahoo should just sell off its now-controversial Asian assets — which include a sizable ownership stake of Chinese e-commerce giant Alibaba — and find something to do with the rest of the business. Read about the debate over Yahoo!, on MarketWatch

5 risky stocks with big potential payoffs

As the U.S. stock market enters its historically weakest six-month stretch between now and October, investors are seasoning portfolios with companies that promise steady, predictable earnings without gut-churning volatility. But don't give up all the spice. Some of the market's most risky stocks also offer investors the best earnings growth potential. These companies have seen big ups and downs, taking shareholders on a financial and emotional roller coaster, but catching them when Wall Street is looking for a safer, if not smoother, ride is worth considering. Here's a closer look at five high-risk, high potential stocks. See full story from MarketWatch on high risk stocks for your portfolio

Commentary: No basis for believing rally follows Memorial Day

It must be the excessive sun that the brokers on Wall Street get during their Memorial Day trek to the Hamptons.How else to explain that, like clockwork starting every year right after the holiday, they will start talking about something that is pure fantasy: A "Summer Rally." To be sure, there is no consensus among the sunburned Wall Street analysts about how precisely to define it. For purposes of analyzing the data for this column, I looked at the stock market's gain from the end of May to its highest close during the subsequent three months—through Aug. 31. Read Mark Hulbert commentary on the myth of the "Summer Rally"

G-8 summit ends with pledge to trim debt

The leaders of the Group of Eight nations ended their summit Friday in Deauville, France, saying relatively little about the economic challenges they face other than to promise to cut their debt burdens."The global economic recovery is gaining strength and becoming more self-sustained," the G-8 said in a closing statement. "However, downside risks remain, and internal and external imbalances are still a concern." The G-8 singled out the sharp rise in commodity prices as a headwind to the recovery. Read MarketWatch story on the G-8 summit

Mets near deal with hedge-fund manager Einhorn

The New York Mets' months-long search for a minority investor appears close to an end, with the team saying Thursday that it's in exclusive talks with hedge-fund manager David Einhorn. A deal between the Mets and Einhorn would see him pay $200 million for a minority, non-operating investment. Further details weren't disclosed; the Mets didn't return a call seeking clarification. See MarketWatch coverage of Einhorn and the Mets

NYT: Afternoon Business News Greek Leaders Fail to Reach Consensus on Austerity Measures


BUSINESS

Easing Out Those Gray-Haired Workers (or Not)

By NELSON D. SCHWARTZ
As roughly 44 million baby boomers start to hit retirement age, the problem of how and when to step aside is becoming a hot-button issue, even in the elite professions.

Greek Leaders Fail to Reach Consensus on Austerity Measures

By NIKI KITSANTONIS
The proposals came amid mounting speculation about the Greek government's ability to avert a default, which would very likely lead to a new financial crisis across the euro zone.
Your Money

Two Takes on Lower-Cost Investment Management

By RON LIEBER
Two new companies are trying to provide a valuable service: moderately priced investment management.

Aer Lingus on Firmer Footing for New Challenges

By NICOLA CLARK
As it reaches its 75th birthday, the Irish airline is seeking to reinvent its business model in the face of competition from Ryanair.

Saab Restarts Production in Sweden With Backing of Chinese Partner

By DAVID JOLLY
Saab Automobile, the struggling Swedish automaker, restarted production at its main plant on Friday, more than a month after a cash crunch led its suppliers to withhold essential parts

The Economist | Selected New Articles Rat6ko Mladic, Armed Conflict In Colombia, Participle Physics.... an more








Ratko Mladic arrested: Caught at last

Armed conflict in Colombia: A concession to reality

Particle physics: Not pear-shaped

Medicare reform: Welcome to the gerontocracy

Social networking: Rules of engagement

Britain's feral press: A way forward

Corruption in Indonesia: Slow to shame

Daily chart: Where the next $10 trillion will come from

Online debate: This house believes that happiness matters

Financial & Forex Info | Reuters - Daily Investor Update: Material World Lifts ; Dow, S&P Off For Fourth Week






News

LATEST NEWS
Material world lifts stocks; Dow, S&P off for fourth week
NEW YORK (Reuters) - The Dow and S&P 500 closed out their fourth week of losses with a small gain on Friday, but only with the help of a weaker dollar boosting metals prices and basic materials stocks. | Full Article

Gasoline prices erode spending, incomes
May 27, 2011 04:20 PM ET
WASHINGTON (Reuters) - The economy remained sluggish early in the second quarter as high gasoline prices crimped consumer spending and bad weather helped push pending home sales to a seven-month low in April. | Full Article
Greeks fail to agree on debt measures amid aid threat
May 27, 2011 03:15 PM ET
ATHENS/BRUSSELS (Reuters) - Greece's prime minister failed to convince opposition leaders on Friday to support tougher austerity measures to free up EU/IMF aid needed to avert a debt default. | Full Article
Pentagon F-35 review postponed until mid-June
May 27, 2011 03:54 PM ET
WASHINGTON (Reuters) - A high-level Pentagon review of the Lockheed Martin Corp F-35 fighter program has been postponed from this week until June 14, three sources familiar with the scheduled meeting said on Friday. | Full Article
Morgan Stanley loses bid to toss MBIA lawsuit
May 27, 2011 11:13 AM ET
CHICAGO (Reuters) - A New York judge rejected Morgan Stanley's bid to throw out a lawsuit accusing the bank of fraudulently inducing bond insurer MBIA Inc to insure $223.2 million of risky mortgage debt. | Full Article

US TOP NEWS
G8 pledges $20 billion to foster Arab Spring
May 27, 2011 02:51 PM ET
DEAUVILLE, France (Reuters) - The Group of Eight promised $20 billion in aid to Tunisia and Egypt on Friday and held out the prospect of billions more to foster the Arab Spring and the new democracies emerging from popular uprisings. | Full Article
Serb court says Mladic fit for genocide trial
May 27, 2011 03:14 PM ET
BELGRADE (Reuters) - Ratko Mladic is fit enough to face genocide charges in The Hague, a Belgrade court ruled on Friday, after the Bosnian Serb wartime general's son said he appeared too frail after more than 15 years on the run. | Full Article
Russia joins Western chorus for Gaddafi to go
May 27, 2011 04:33 PM ET
TRIPOLI (Reuters) - Russia joined Western leaders on Friday in urging Libyan leader Muammar Gaddafi to step down and offered to mediate his departure, in an important boost to NATO powers seeking to end his 41-year rule. | Full Article
Yemen on brink of civil war as clashes spread
May 27, 2011 04:16 PM ET
SANAA (Reuters) - Yemeni tribesmen said they wrested a military compound from elite troops loyal to President Ali Abdullah Saleh outside the capital Sanaa on Friday as fighting spread, threatening to tip the country into civil war. | Full Article
IMF race talk kept in the wings at G8 summit
May 27, 2011 10:33 AM ET
DEAUVILLE, France (Reuters) - G8 leaders meeting in France for their annual summit this week kept their discussions on the IMF succession strictly in the corridors and avoided any joint endorsement of France's Christine Lagarde as a candidate. | Full Article

HEALTH NEWS
McConnell says Medicare to be part of deficit deal
MSG linked to weight gain
Japan moves to protect children as new nuclear leak revealed
Vitamins won't prevent pregnancy complication
AstraZeneca pulls plug on free trips for doctors

CBS POLITICAL HOTSHEET TOP STORIES: Fire alarm interrupts Romney in Iowa Burned popcorn sets off alarms at Romney event Read full story

The CBS News Political Hotsheet newsletter

CBS POLITICAL HOTSHEET TOP STORIES    



   
Burned popcorn sets off alarms at Romney event
Read full story
Fire alarm interrupts Romney in Iowa

Tiffany & Co.: Gingrich loan standard deal Jewelry co. says "nothing unusual" about credit loan with Gingrich, did not lobby committee on which Callista Gingrich served

For 2012 candidates, a holiday weekend in Iowa As Sarah Palin kicks off bus tour back east, Tim Pawlenty, Michele Bachmann and Mitt Romney play retail politics in Hawkeye State

Bachmann feels Noting a "calling and tugging" on her heart, Minnesota representative all but announces intention to run for president

Romney says he'll compete in Iowa The current frontrunner for the GOP presidential nomination plans to stay relevant in the early-nominating state, but may invest more resources elsewhere

CBS Evening News Top Stories | Hope dwindles for finding those missing in Joplin

The CBS Evening News
      EVENING NEWS TOP STORIES    



   
This is Harry Smith, reporting from New York.
She went out for pizza on Sunday night, and hasn't been seen since. Ben Tracy reports tonight from Joplin, Missouri, on just one of many tragic stories after the tornado that destroyed much of the town. Officials there put out a new list of the missing-it now numbers 156.
Two years ago, Greensburg, Kansas was decimated by a tornado. Tonight, Cynthia Bowers makes a return visit, to catch up on the town's rebuilding efforts.
The black boxes from the doomed Air France 447 indicate the pilots had no idea how fast the plane was traveling and no idea how to stop it from plunging 38,000 feet into the Atlantic Ocean in 2009. Nancy Cordes looks at the new discovery-and what we've learned about the final moments of that flight.
Secretary of State Hillary Clinton went face to face today with Pakistani leaders-in a tense meeting, their first since U.S. Navy Seals went into Pakistan, without permission, to kill Osama bin Laden. Clinton pushed them to do more to fight terrorism. I'll speak with Chief White House Correspondent Chip Reid.
Bluefin tuna are extremely popular- and that's why some feel they should be on the endangered species list. Today, the government stopped just short of doing that. Jim Axelrod looks at whether seafood lovers are inadvertently killing off their favorite fish.


LATEST HEADLINES
Tornado tough: How to keep your home standing Installing impact resistant windows or latching the house together with "hurricane ties" can buy time while seeking safety

Hot new car sparks GM to rehire laid-off workers The entire town of Lordstown, Ohio, is jolted back to life by sales of the fuel-efficient Chevy Cruze

Ratko Mladic's arrest reopens old wounds For nearly 16 years, Mladic was one of the world's most wanted men - accused of genocide in the slaughter of thousands as head of the Bosnian Serb military

Tornado teaches Joplin children lessons in life Adults struggle to help Joplin, Missouri's children return to normalcy after devastating tornado tears through their hometown

MarketWatch | Personal Finance Daily : Why men are easy prey for investment scams

MarketWatch
Personal Finance Daily
MAY 27, 2011

Why men are easy prey for investment scams

By MarketWatch



Don't miss these top stories:

No one likes to admit they've been taken advantage of or that they know less than the next guy. Or gal. But that's exactly the mind-set that puts many investors at risk of being defrauded, Robert Powell writes today in his Your Portfolio column.

Bob interviewed John Gannon, president of the education foundation at the FINRA. Gannon was at an investing conference this week in Boston to talk about the state of investment fraud in the U.S. The big problem is that many investors are unrealistic about their own knowledge of finance and investment. This overconfidence, Powell writes, makes them vulnerable to cons' tactics to lure them in. Gannon notes that these tactics are often used by legitimate financial advisers, too — and that's one of the reasons it's so difficult to separate the schemes from the real opportunities. But if you admit you may be at risk, you can take steps to protect yourself.

As we head in to Memorial Day weekend, the traditional start of the summer vacation season, Kristen Gerencher has good, practical advice on how to balance out the I-want-some-fun-in-the-sun side of your personality with the I-don't-want-to-get-skin-cancer side. Stock up on sunscreen. Use it. Put it on your ears. Put it on your kids. Put it on the people you love. And then reapply. Everyone will thank you later.

Anne Stanley , Managing Editor, Personal Finance

Why men are easy prey for investment scams

Research shows that the people most at risk of investment fraud are men, ages 55-65, who are largely self-directed or do-it-yourself investors, and who are risk takers. What's more, those at risk have a tendency to be overly optimistic about their knowledge of all things finance and investing. Here's how to avoid getting scammed.
Read more: Why men are easy prey for investment scams.


8 tips for fun in the sun with less cancer risk

How do you strike a balance between protecting your skin from the sun's harmful ultraviolet rays without robbing yourself of the health benefits of vitamin D, which the sun aids the body in producing?
Read more: 8 tips for fun in the sun with less cancer risk.


REAL ESTATE

Reverse mortgages and nursing home care

Lew Sichelman explains one of the little understood — and underpublicized — aspects of taking out a reverse mortgage.
Read more: Reverse mortgages and nursing home care.


Pending home sales slump 11.6% in April

An index of contracts signed to sell existing homes tumbled 11.6% in April, a trade group reported Friday in yet another worrying sign about the moribund housing market.
Read more: Pending home sales slump 11.6% in April.


INVESTING

5 risky stocks with big potential payoffs

As the U.S. stock market enters its historically weakest six-month stretch between now and October, investors are seasoning portfolios with companies that promise steady, predictable earnings without gut-churning volatility. But don't give up all the spice.
Read more: 5 risky stocks with big potential payoffs.


An early-summer night's dream

Like clockwork starting every year right after Memorial Day, Wall Street brokers start talking about the existence of something that is pure fantasy: a "summer rally."
Read more: An early-summer night's dream.


Small-cap run is done but cycle will return

It's no surprise that larger, defensive stocks have been setting the pace, led by, of all things, health care. But watch for small caps again before the year is out.
Read more: Small-cap run is done but cycle will return.


ECONOMY & POLITICS

In charts: Profit growth, durables, new-home sales

The week's U.S. economic indicators showed corporate profits slowing, durable-goods orders falling and a modest increase in sales of new homes.
See charts: Profit growth, durables, new-home sales.


State Department marries investing, diplomacy

The State Department is using the power of U.S. investors as a diplomatic weapon.
Read more: State Department marries investing, diplomacy.


G-8 summit ends with pledge to trim debt

Leaders of the Group of Eight nations say relatively little about economic challenges they face, other than to promise to cut their debt burdens.
Read more: G-8 summit ends with pledge to trim debt,


Commentary: BRICs ‘get it,' but should they get the IMF?

Besides having many qualified candidates, BRICs have compelling reasons, and lots of recent history, to demand a shot.
Read more: BRICs ‘get it,' but should they get the IMF?


Consumer sentiment rises in May

A gauge of consumer sentiment rose in May as expectations improved, according to the Thomson Reuters/University of Michigan survey data released Friday.
Read more: Consumer sentiment rises in May.


Consumer spending loses momentum in April

Consumer spending tallies the smallest gain in three months, up 0.4% for April. Adjusted for inflation, spending rose a slim 0.1%, suggesting a feeble consumer and with it, a sputtering U.S. recovery.
Read more: Consumer spending loses momentum in April.

The Washington Post | Post Politics Afternoon Edition


The Washington Post
Politics Afternoon Edition

HEADLINES

  1. The Fix: Who’s up, who’s down among the GOP presidential contenders

    Texas governor Rick Perry says he will think about running for president in 2012, becoming the latest possible entrant in a wide-open race.
    » Read full article
  2. Tough lesson for GOP freshmen

    The divided, mistrustful bent of American politics, which brought them to power last fall, is now making that power maddeningly difficult to use.
    » Read full article
  3. McConnell: ‘Significant’ Medicare reform will happen before 2012

    Senate Minority Leader Mitch McConnell (R-Ky.) on Friday dismissed as "silly talk" the Democratic argument that Medicare reform is not going to be part of any long-term deficit-reduction deal.
    » Read full article
  4. Patriot Act provisions extended

    Racing against the clock, Congress approved a four-year extension Thursday to key provisions of the USA Patriot Act that will allow federal investigators to continue to use aggressive surveillance tactics in connection with suspected terrorists.
    » Read full article
  5. Virginia judge rules against U.S. corporate campaign law

    A federal judge in Virginia has ruled that the U.S. law banning direct corporate contributions to candidates is unconstitutional, the first such ruling since the Supreme Court’s 2010 decision giving corporations and unions a bigger role in campaign spending.
    » Read full article

SEC : Litigation Release Update: Edward L. Moskop and Financial Services Moskop & Associates, Inc.


U.S. SECURITIES AND EXCHANGE COMMISSION

Litigation Release No. 21983 / May 27, 2011

United States v. Edward L. Moskop, Case No. 11 CR 30077 in the United States District Court for the Southern District of Illinois.

U.S. Securities & Exchange Commission v. Edward L. Moskop and Financial Services Moskop & Associates, Inc., Civil Action No. 10 C 7462 in the United States District Court for the Northern District of Illinois.

FORMER REGISTERED REPRESENTATIVE INDICTED ON CRIMINAL CHARGES IN CONNECTION WITH MISAPPROPRIATION SCHEME

The Securities and Exchange Commission announced today that on May 19, 2011, a federal grand jury returned a two-count indictment against Edward Lynn Moskop, a former registered representative and licensed insurance broker from Belleville, Illinois. Moskop, age 62, was indicted on charges of mail fraud and money laundering. The indictment alleges that Moskop, operating as Financial Services Moskop and Associates, Inc., acted as a securities broker for several customers by making investments on their behalf. According to the indictment, from 1991 to 2010, Moskop persuaded customers to provide him with funds for investment, but instead of making the investment, he kept the funds for his own use. The indictment alleges that Moskop obtained by fraud approximately $2,400,000 from 25 victims. According to the indictment, Moskop's victims included his relatives, individuals referred by trusted friends and attorneys, a local Veterans of Foreign War Post, and long-time customers of his insurance business. The criminal case is being prosecuted in the U.S. District Court for the Southern District of Illinois.
The criminal charges against Moskop are related to the conduct underlying the SEC's civil action against Moskop and his company, Financial Services Moskop & Associates. On November 19, 2010, the SEC filed an emergency civil action in the United States District Court for the Northern District of Illinois to halt an ongoing fraud on investors conducted by Moskop and his company. In its complaint, the SEC alleged that from 1989 until the filing of the SEC's action against Moskop and his company, Moskop misappropriated most of the life savings of at least two elderly investors. On the same day the SEC filed its case, the Honorable Rebecca R. Pallmeyer, United States District Court Judge, granted the SEC's motion for emergency relief, entering a temporary restraining order against Moskop and his company and an order freezing their assets. On November 27, 2010, the court entered a preliminary injunction against Moskop and his company and continued the order freezing their assets. The SEC's action, which is ongoing, seeks permanent injunctions against Moskop and his company, disgorgement of their ill-gotten gains, and civil penalties.
For further information, see Litigation Release No. 21752 (November 22, 2010).

http://www.sec.gov/litigation/litreleases/2011/lr21983.htm


MarketWatch | Metal Stocks: Gold, silver futures advance as dollar drops


By Claudia Assis and Sarah Turner, MarketWatch 

SAN FRANCISCO (MarketWatch) — Gold and silver futures climbed Friday, helped by a weaker dollar and renewed concerns about unrest in the Middle East and North Africa as well as euro-zone sovereign debt.
Gold for August delivery /quotes/comstock/21e!f:gc\q11 GCQ11 +0.85% , the most-active contract, advanced $14.30, or 0.9%, to $1,538 an ounce on the Comex division of the New York Mercantile Exchange. For the week, gold has gained 2%.
July silver /quotes/comstock/21e!f1:si\n11 SIN11 +1.43%  rose 50 cents, or 1.3%, to $37.82 an ounce. Silver has risen 7.8% so far this week. 

The gains for both precious metals came as the dollar index gave up more ground, extending losses from the previous session.
Commodities, which are priced in dollars,often trade inversely to the U.S. currency.
The dollar index /quotes/comstock/11j!i:dxy0 DXY -0.77% , which measures the greenback against a basket of six currencies, fell to 74.909, compared with 75.598 late Thursday.
Traders also focused on concerns about the Mideast and North Africa, with Yemen on the brink of civil war and with world leaders reiterating calls for the ouster of Libya’s Col. Moammar Gadhafi.
In addition, leaders at the Group of Eight meeting “have not reported any progress on any fronts” regarding euro-zone debt concerns, said George Gero, a vice president with RBC Wealth Management, in emailed comments. “No one wants to be short for the extended holiday.”
U.S. markets will be closed Monday in observance of Memorial Day. U.K. markets will also be closed on Monday.
“There are a lot of concerns the situation with Greece is heating up,” said James Moore, analyst with Thebulliondesk.com in the U.K.
The broader suite of metals also gained, although copper turned lower.
Platinum for July delivery /quotes/comstock/21n!f2:pl\n11 PLN11 +1.28%  added $22.90, or 1.3%, to $1,801 an ounce. Platinum has gained 1.8% this week.
July copper declined less than 1 cent to $4.18 a pound. On the week, copper has gained 1.5%. Read more about copper futures looking a bit more appealing.
/quotes/comstock/21e!f1:si\n11

3,786.50 ¢
+53.50 +1.43%
Volume: 44,039
May 27, 2011 1:32p

loading...
/quotes/comstock/21n!f2:pl\n11

$ 1,800.90
+22.80 +1.28%
Volume: 3,417
May 27, 2011 1:37p

loading...
Claudia Assis is a San Francisco-based reporter for MarketWatch. Sarah Turner is MarketWatch's bureau chief in Sydney.


 


Europe's week ahead: inflation Investors will watch closely next week data on euro-zone inflation as well as German unemployment and retail sales.

FDIC | Press Release: FDIC today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled




Press Release
FDIC Makes Public April Enforcement Actions; No Administrative Hearing Scheduled for June 2011


FOR IMMEDIATE RELEASE
May 27, 2011
Media Contact:
LaJuan Williams-Young
Office: (202) 898-3876
Email: lwilliams-young@fdic.gov

The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in April. No administrative hearings are scheduled.
The FDIC processed a total of 76 matters in April. These included 21 consent orders; eight removal and prohibition orders; 21 civil money penalties; four prompt corrective actions; one modification order; 18 orders terminating consent orders and orders to cease and desist; two orders terminating supervisory prompt corrective action directive; and one adjudicated decision.
Copies of the orders referred to above can be obtained from or inspected at the FDIC's Public Information Center, 3501 Fairfax Drive, Room E-1002, Arlington, VA (telephone 703-562-2200 or 1-877-275-3342). To view individual orders below, click the link for the PDF next to the order. To view all orders online, visit the FDIC's Web page at http://www.fdic.gov/bank/individual/enforcement/index.html. A list of orders made public today follows.
PDF Help - Information on downloading and using the PDF reader.
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b)
(Consent Orders)
The Citizens Bank, Enterprise, AL; FDIC-11-056b; Consent Order; Issued 4/26/11 - PDF

Security First Bank, Fresno, CA; FDIC-11-135b; Consent Order; Issued 4/21/11 - PDF

Central Florida State Bank, Belleview, FL; FDIC-10-630b; Consent Order; Issued 4/8/11 - PDF

Florida Citizens Bank, Gainesville, FL; FDIC-10-709b; Issued 4/20/11 - PDF

Lender Processing Services, Inc., Jacksonville, FL; and DocX, LLC, Alpharetta, GA; and LPS Default Solutions, Inc., Mendota Heights, MN; FDIC-11-204b; Issued 4/13/11 - PDF

Suburban Bank & Trust Company, Elmhurst, IL; FDIC-10-876b; Issued 4/5/11 - PDF

Parkway Bank and Trust Company, Harwood Heights, IL; FDIC-10-935b; Issued 4/29/11 - PDF

Community Bank of Oak Park River Forest, Oak Park, IL; FDIC-11-051b; Issued 4/4/11 - PDF

State Central Bank, Keokuk, IA; FDIC-11-106b; Issued 4/27/11 - PDF  

Kendall State Bank, Valley Falls, KS; FDIC-11-097b; Issued 4/8/11 - PDF

Signature Bank, Bad Axe, MI; FDIC-10-910b; Issued 4/29/11 - PDF

Ally Financial Inc., Detroit, Michigan;  and  Ally Bank, Midvale, Utah;  and Residential Capital, LLC, Minneapolis, Minnesota;  and GMAC  Mortgage, LLC, Fort Washington, Pennsylvania; FDIC-11-123b; Issued 4/13/11 - PDF

Bank of the Carolinas, Mocksville, NC; FDIC-11-064b; Issued 4/27/11 - PDF

Quality Bank, Fingal, ND; FDIC-11-118b; Issued 4/8/11 - PDF

People’s Bank and Trust Company of Pickett County, Byrdstown, TN; FDIC-10-923b; Issued 4/13/11 - PDF

First Alliance Bank, Cordova, TN; FDIC-10-508b; Issued 4/22/11 - PDF

Community South Bank, Parsons, TN; FDIC-10-264b; Issued 4/6/11 - PDF

Valliance Bank, McKinney, TX; FDIC-11-105b; Issued 4/21/11 - PDF

Huntington State Bank, Huntington, TX; FDIC-11-057b; Issued 4/4/11 - PDF

Texas Savings Bank, Snyder, TX; FDIC-11-120b; Issued 4/5/11 - PDF

First State Bank, Danville, VA; FDIC-10-850b; Issued 4/20/11 - PDF

MERSCORP, Inc., and Mortgage Electronic Registration Systems, Inc., Reston, VA; FDIC-11-194b; Issued 4/13/11 - PDF

Ally Financial Inc., Detroit, MI; and Ally Bank, Midvale, UT; and Residential Capital, LLC, Minneapolis, MN; and GMAC Mortgage, LLC, Fort Washington, PA; FDIC-11-123b; Issued 4/13/11


FINAL ORDERS ISSUED PURSUANT TO SECTION 8(e), 12 U.S.C. § 1818(e)
(Removal and Prohibition Orders)
Citizens Bank of Northern California, Nevada City, CA; FDIC-10-632e; against Melvin Rohs; Issued 4/27/11 - PDF

PeoplesSouth Bank, Colquitt, GA; FDIC-10-582e; against James E. Goldsborough; Issued 4/27/11 - PDF

First Security Trust and Savings Bank, Elmwood Park, IL; FDIC-09-414e; against Jeffrey L. Gonsiewski; Issued 4/27/11 - PDF

Bank Leumi USA, New York, NY; FDIC-11-032e; against Roberto E. Rodriguez; Issued 4/27/11 - PDF

First-Citizens Bank & Trust Company, Raleigh, NC; FDIC-10-750e; against James Scott Sessoms; Issued 4/27/11 - PDF

American Bank Center, Dickerson, ND; FDIC-09-205e; against Howard R Palmer; Issued 4/15/11 - PDF

The First State Bank, Huntsville, TX; FDIC-09-548e; against Melissa M. Randall; Issued 4/27/11 - PDF

The Park Bank, Madison, WI; FDIC-09-283e; against Amy Strait; Issued 4/27/11 - PDF


FINAL ORDERS ISSUED PURSUANT TO SECTION 8(i), 12 U.S.C. § 1818(i)
(Civil Money Penalties)
Union State Bank, Pell City, AL; FDIC-11-157k; in the amount of $8,000.00; Issued 4/19/11 - PDF

Montgomery Bank & Trust, Ailey, GA; FDIC-10-587k; against Gregory A. Morris in the amount of $5,000.00; Issued 4/15/11 - PDF
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First Bank of Coastal Georgia, Pembroke, GA; FDIC-11-108k; in the amount of $6,500.00; Issued 4/8/11 - PDF

HomeStar Bank and Financial Services, Manteno, IL; FDIC-10-840k; in the amount of $4,500.00; Issued 4/18/11 - PDF

Norstates Bank, Waukegan, IL; FDIC-10-730k; in the amount of $12,000.00; Issued 4/29/11 - PDF

Norstates Bank, Waukegan, IL; FDIC-10-731k; in the amount of $950.00; Issued 4/29/11 - PDF

State Bank, Wonder Lake, IL; FDIC-10-820k; in the amount of $6,000.00; Issued 4/14/11 - PDF

The Bath State Bank, Bath, IN; FDIC-11-042k; in the amount of $8,000.00; Issued 4/21/11 - PDF

Community Bank, Noblesville, IN; FDIC-10-932k; in the amount of $2,650.00; Issued 4/21/11 - PDF

Louisa Community Bank, Louisa, KY; FDIC-10-736k; in the amount of $1,500.00; Issued 4/18/11 - PDF

Bank of Maringouin, Maringouin, LA; FDIC-10-866k; in the amount of $5,000.00; Issued 4/20/11 - PDF

Michigan Commerce Bank, Ann Arbor, MI; FDIC-11-078k; in the amount of $5,000.00; Issued 4/29/11 - PDF

Century Bank, Lucedale, MS; FDIC-10-834k; in the amount of $3,000.00; Issued 4/14/11 - PDF

American Bank Center, Dickinson, ND; FDIC-09-206k; Amending an Order against Howard R. Palmer in the amount of $5,000.00; Issued 4/15/11 - PDF

Regent Bank, Nowata, OK; FDIC-10-833k; in the amount of $7,700.00; Issued 4/14/11 - PDF

First State Bank, Tahlequah, OK; FDIC-10-927k; in the amount of $1,680.00; Issued 4/14/11 - PDF

American Bank & Trust of the Cumberlands, Livington, TN; FDIC-11-159k; in the amount of $8,085.00; Issued 4/14/11 - PDF

Texas Bank, Henderson, TX; FDIC-11-117k; in the amount of $6,000.00; Issued 4/28/11 - PDF

Allegiance Bank Texas, Houston, TX; FDIC-11-149k; in the amount of $2,500.00; Issued 4/11/11 - PDF

The First State Bank, Huntsville, TX; FDIC-09-720k; against Melissa M. Randall in the amount of $1,000.00; Issued 4/27/11 - PDF

Texas Savings Bank, Snyder, TX; FDIC-10-872k; in the amount of $3,395.00; Issued 4/14/11 - PDF


FINAL ORDERS ISSUED PURSUANT TO SECTION 38, 12 U.S.C. § 1831o
(Prompt Corrective Actions)
Community South Bank, Parsons, TN; FDIC-11-086PCAS; Issued 3/18/11 - PDF

First International Bank, Plano, TX; FDIC-11-189PCAS; Issued 4/5/11 - PDF

Summit Bank, Burlington, WA; FDIC-11-210PCAS; Issued 4/13/11 - PDF

Community Bank of Central Wisconsin, Colby, WI; FDIC-11-077PCAS; Issued 4/14/11 - PDF


MODIFICATION
The Community’s Bank, Bridgeport, CT; FDIC-09-744b; Consent Order - PDF; Modification of Consent Order Issued 4/27/11 - PDF


TERMINATIONS
Orders Terminating Consent Orders and Cease and Desist Orders

CB&S Bank, Inc., Russellville, AL; FDIC-10-176b; Issued 4/28/11 - PDF

First Southern Bank, Batesville, AR; FDIC-10-884b; Issued 4/7/11 - PDF

Legacy Bank, Scottsdale, AZ; FDIC-09-321b; Issued 4/14/11 - PDF

Community Bank of Manatee, Lakewood Ranch, FL; FDIC-09-569b; Issued 4/1/11 - PDF

Arcola Homestead Savings Bank, Arcola, IL; FDIC-10-167b; Issued 4/1/11 - PDF

Strategic Capital Bank, Champaign, IL; FDIC-08-205b; Issued 4/1/11 - PDF

Corn Belt Bank and Trust Company, Pittsfield, IL; FDIC-08-356b; Issued 4/1/11 - PDF

Alliance Banking Company, Winchester, KY; FDIC-08-223b; Issued 3/18/11 - PDF

Peoples State Bank, Hamtramck, MI; FDIC-09-129b; Issued 4/14/11 - PDF

Main Street Bank, Northville, MI; FDIC-08-116b; Issued 4/14/11 - PDF

New Liberty Bank, Plymouth, MI; FDIC-09-193b; Issued 4/14/11 - PDF

CF Bancorp, Port Huron, MI; FDIC-09-676b; Issued 4/14/11 - PDF

Lakeside Community Bank, Sterling Heights, MI; FDIC-09-326b; Issued 4/14/11 - PDF

Congaree State Bank, West Columbia, SC; FDIC-10-047b; Issued 4/8/11 - PDF

Texas Country Bank, Lakeway, TX; FDIC-10-036b; Issued 4/29/11 - PDF

CIT Bank, Salt Lake City, UT; FDIC-09-337b; Issued 4/12/11 - PDF

Badger State Bank, Cassville, WI; FDIC-09-077b; Issued 4/12/11 - PDF

Evergreen State Bank, Stoughton, WI; FDIC-08-410b; Issued 4/12/11 - PDF

Order Terminating Supervisory Prompt Corrective Action Directive

First Southern Bank, Batesville, AR; FDIC-10-901PCAS; Issued 4/7/11 - PDF

High Desert State Bank, Albuquerque, NM; FDIC-10-017PCAS; Issued 4/4/11 - PDF