Northern Nevada business briefly
FDIC: Nevada-based banks lost money in 3rd quarter
LAS VEGAS (AP) – Federal regulators say banks with Nevada charters continued to struggle in the third quarter.
A Federal Deposit Insurance Corp. report released Tuesday showed 27 state-chartered institutions lost $177 million in the first three quarters, compared with a profit of $19 million at the same time last year and $370 million two years ago.
The percentage of unprofitable banks rose to 85 percent from 61 percent a year ago and 29 percent two years ago.
Nevada Bankers Association chief Bill Uffelman says the FDIC report shows that banks in Nevada continue to be distressed.
Nationally, the FDIC reported $2.8 billion in third-quarter net income nationally, more than three times the $879 million a year earlier. Banks recorded a $4.3 billion net loss in the second quarter.
Good news raises hopes recovery won’t fizzle
WASHINGTON (AP) – A flurry of good news this week – including falling jobless claims, stronger consumer spending and higher new-home sales – suggests the economic rebound, modest though it is, might be here to stay.
The number of newly laid-off workers filing applications for unemployment aid fell by 35,000 last week to 466,000, the Labor Department said – the fewest new filings since September of last year.
Another report showed that Americans stepped up their shopping in October in the best showing since August.
AIG resolves all legal disputes with Greenberg
NEW YORK (AP) – American International Group Inc. has agreed to settle all legal disputes with its former chairman Maurice “Hank” Greenberg, the company said late Wednesday.
AIG also settled all its legal disputes with former Chief Financial Officer Howard I. Smith. AIG, which is owned by U.S. taxpayers, said it will pay up to $150 million in past legal costs for Greenberg and Smith.
AIG has said that a Greenberg-controlled investment firm owed it $4.3 billion to cover stock taken from a retirement fund.
AIG had also claimed that Greenberg and Smith owe part of the $1.6 billion AIG has paid to settle a range of issues with regulators including the Securities and Exchange Commission, Justice Department and New York Attorney General.