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Showing posts from January, 2009

Plot to destroy Fannie Mae data

According to the Washington Post, "A fired Fannie Mae contract worker pleaded not guilty on Friday to charges he planted a virus designed to destroy all the data on the mortgage giant's 4,000 computer servers nationwide, according to federal prosecutors.

If the virus had been released as planned on Saturday, the Justice Department said the disruption could have cost millions of dollars and shut down operations for a week at the largest U.S. mortgage finance company.

Rajendrasinh B. Makwana, 35, of Glen Allen, Va., pleaded not guilty Friday in U.S. District Court in Baltimore to one count of computer intrusion, the U.S. attorney's office said."

TARP Capital to Minority Banks (Update)

Asian Banks $936 (0.48%)
Cathay General Bancorp $258
Center Financial Corp $55
East West Bancorp Inc $306
Pacific City Financial Corp. $16
Saigon National $2
UCBH Holdings Inc $299

Black Banks $40 (0.02%)
Broadway Financial Corp. $9
Carver Bancorp, Inc $19
OneUnited Bank $12

Hispanic Banks $1,551 (0.80%)
First Bancorp $400
International Bancshares Corp $216
Popular Inc $935

Grand Total $2,527 (1.30%)
Total to all banks $193,793

Amounts in millions US $
Percentage of total to all banks in parentheses
As of 1/23/09

Executives Working to Create Black-Owned Holding Company

SENATE COMMITTEE ON SOCIAL CONCERNS MINUTES OF MEETING OCTOBER 9, 2006 [In these minutes: Divestment from Sudan]

SENATE COMMITTEE ON SOCIAL CONCERNS MINUTES OF MEETING OCTOBER 9, 2006
[These minutes reflect discussion and debate at a meeting of a committee of the University of Minnesota Senate; none of the comments, conclusions or actions reported in these minutes represent the views of, nor are they binding on, the Senate, the Administration or the Board of Regents.]

PRESENT: Mani Subramani, chair, Joseph Marchesani, Jennifer Oliphant, Peter Hiniker, Brandi Hoffman, Richard Lidstad, Elizabeth Richardson, Benton Schnabel, Julia Washenberger, Carolyn Chalmers, Greg Schooler, Kenneth Heller, Catherine Jordan, Mira Reinberg

REGRETS: Todd Tratz, Amelious Whyte, Katherine Fennelly, David Fox, Ajay Skaria, David Gysbers

ABSENT: Craig Hassel

GUESTS: Professor Norman Bowie, Carlson School of Management; Bill Cunningham, social investment advisor, Creative Investment Research; Stuart Mason, chief investment officer, Office of Asset Management

I). Professor Subramani called the meeting to order, welcomed t…

Adams National (formerly Women's National Bank) Will Merge With W.Va. Bank

According to the Washington Post, "The investors who control Abigail Adams National Bancorp, the parent company of the troubled Adams National Bank, have decided to merge it with a West Virginia bank that they also control in a deal designed to ensure Adams National can weather the financial crisis.

Premier Financial Bancorp will buy District-based Abigail Adams for stock valued at $10.9 million, the companies said yesterday.

The largest shareholder in both companies is West Virginia businessman Marshall Reynolds, who specializes in buying troubled banks. Adams National is the third local bank to agree to be sold in two months, following the purchase of Chevy Chase by Capital One Financial and the Provident Bank's purchase by M&T Bank. Charlotte-based Wachovia, a dominant local presence, is in the process of being sold to Wells Fargo.

The deal means the end of a local bank founded in 1978 as Women's National Bank, an institution mostly owned and run by women that focused…