General Electric Sells GE Capital s Last Big Business To Wells Fargo #finance #resume


#ge capital finance

#

Last big chunk of GE Capital sold to Wells Fargo

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

2016 Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

2016 Time Inc. All rights reserved.

Fortune.com is a part of the Time.com network of sites.

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Canabalt on the App Store #canabalt, #last #chance #media, #llc, #games, #entertainment, #ios #apps, #app, #appstore, #app #store, #iphone, #ipad, #ipod #touch, #itouch, #itunes


#

Canabalt

Description

“Fantastic. Super-simple, pixel-perfect, great music and sound.” – daringfireball.net
“Canabalt is pure genius.” -necessarygames.com
Escape the destruction of your city with just one button! The game that popularized the infinite runner genre is back with new game modes and support for every dang phone and tablet thingy!

“This “daring escape” platformer is simply beautiful and beautifully simple.” -Kotaku

“It’s going to be quite some time before you find something so simple so thrilling again.” -Offworld

“Canabalt is actually much more intense than you’d assume of a game which requires a single finger to play.” -GameSpy

Play any of the 8 new game modes with one or two players, dash across rooftops with four different runners, or just chase that high score in the classic futile race for survival.

“It’s all very lovely and full of poignant subtext. And awesomeness. Canabalt is a prime example of a simple idea executed extremely well.” -JayIsGames

“I have never seen a concept so richly and successfully realized in such a simple yet stunningly complete form. Canabalt represents the power and potential of small independent games.” -gameinmind.com

“Music is another component that is just perfect – it enhances the strange and unsettling setting of the game and also gives a sense of speed with a hint of hope that quick feet might be the salvation to the horror.” -bartsnews.net

What’s New in Version 2.31

– fixed annoying bug in 2P touch detection
– tried some new tricks to beef up iPhone6+ performance
– some font formatting fixes
– finally nailed that pesky sound effects bug!!
– full native support for iOS8, iPhone6, and iPhone6+! SO CRISPY
– bigger map and more background art on your huge new phone

Screenshots

AMAZING

As someone who loves infinite runners, this game is perfect! I just have a couple things I think should be added: 1.) I think, conceding with the first review to this game, a new map could include wallrunning! Like, when you tap, you just have to tap again in the air and in front of a wall and then you wallrun! And maybe you run out of time eventually, so you have to tap again to jump from the wall and make it to some buildings! 2.) It would be awesome if you could change your character! Again, conceding with the first review, maybe new characters could be unlockables. 3.) I think it would be pretty awesome if you could do online multiplayer on the maps! And if it could hold up to 4 people, that would be tops! I honestly think these and maybe a different soundtrack for each map location could be cool! As the game is already perfect, these would just make it beyond perfect!

Great game, a quintessential runner

by Douglas Strange Quark Reed

I’ve been playing this game for years, even back when it was on Kongregate. When I found out there was a portable version I was thrilled. I’ve had this app for years now, and it never lets me down. Except for those dang windows that is, I always miss those. Anyway, I realized I had never reviewed it, so here we are.

Pros:
• great minimalist graphics
•great music (the main theme is killer)
•unique story (not that there’s really much to it, but if you can tear your attention away from the runner to look at the background, you’ll see all sorts of things)
•new game modes (all falling buildings, no slowdown crates, etc)
•multiplayer mode? (I haven’t played it with someone else, so I dunno)
•crates and similar let you slow yourself. Do other infinite runners have this? I don’t recall seeing it in any others. It’s a great mechanic
•portable

Cons
•WINDOWS.
•procedurally generated, so while it’s always POSSIBLE to make the jump if you time it just right, the RNG can mess you up pretty badly
•could maybe spawn crates a bit more frequently
•WINDOWWWWSSS.

All in all, a fantastic game, a pioneer in the genre. A+ 5stars. I can’t see the price because I’ve already purchased it, but whatever it is, it’s worth it.

Stunner

Canabalt is the original trailblazer of the infinite runner genre. I have been playing since it launched during the early App Store days. I ALWAYS come back to this title if only to appreciate it for the work of art that it is. It has a stunning atmosphere with really simplistic gameplay and that gives it timeless appeal.

I’m also happy to see that the developer expanded it’s compatibility to Apple TV. There are, however, one or two changes that should be made to bring the mobile version up to date.

Firstly and most importantly, the vibration effects of collapsing buildings should be re-done to take advantage of the advanced haptics on newer iPhones to make for a more realistic effect.

Why not also give it a lockscreen widget for a lite version of gameplay without audio or vibration since it offers one touch gameplay as it were. That’s just an idea, though I see no imperative for the developer to take that one into account. but definitely updating the haptics is imperative the way I see it.

This app is designed for both iPhone and iPad

  • Category: Games
  • Updated: Dec 10, 2014
  • Version: 2.31
  • Size: 27.9 MB
  • Languages: English, Bulgarian, Chinese, Dutch, French, German, Italian, Japanese, Korean, Norwegian Bokmål, Portuguese, Russian, Slovak, Spanish, Swedish
  • Seller: Last Chance Media, LLC
  • © 2009 Semi Secret Software
  • Compatibility: Requires iOS 5.0 or later. Compatible with iPhone, iPad, and iPod touch.

    Customer Ratings


    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year #tvs #on #finance


    #toothfairy finance

    #

    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year

    Toothfairy was under investigation for dodgy practices according to the OFT GETTY IMAGES

    Payday lender Toothfairy, which went bust late last year, was under investigation for dodgy practices the Office of fair Trading has revealed.

    The company, which had changed its name to Web Loans Processing, went into administration on 28 November, along with two associated debt collection firms – Marshall Hoares Bailiffs, previously known as Toothfairy Cheque Cashing, and Northern Debt Recovery.

    David Fisher, the senior director of consumer credit at the Watchdog, said: “The OFT had serious concerns about the business activities of these firms, which we were actively investigating. If they had not surrendered their licences it was our intention to take steps to revoke them.

    “The surrender of the licences means that the businesses may no longer operate as debt collectors. The lender is in administration and we will be taking steps to ensure any outstanding debts are collected legally and fairly.”

    The consumer credit licences for the firms will terminate next Tuesday, following a request by the OFT.

    As well as waving goodbye to Toothfairy, the administration sees the back of 46 other payday lending names that the company traded under including Fastloan4you, OKcash, Takeoutcash and Wegivecredit.

    The OFT refused to divulge what activities had prompted the investigation into Toothfairy but did reveal that it has launched an investigation into another payday lender. However it refused to reveal the lender’s name.

    Citizens Advice said it presented a dossier of evidence to the OFT in February 2013 asking them to take immediate action to stop four payday lenders and three debt collection companies trading. The submission included evidence about Toothfairy.

    The evidence provided by Citizens Advice sparked formal investigations and Citizens Advice continued to provide OFT with consumer complaints. All of the companies it reported are no longer able to lend money or collect debts.

    Citizens Advice chief executive Gillian Guy said: “This sends a strong message to unscrupulous companies that exploiting customers does not deliver a sustainable business. The sharp practices employed by these firms were particularly alarming and caused significant distress for customers.

    “In some cases, people were subject to constant harassment, left seriously out of pocket and given no option to get on top of their debts. What was supposed to be a quick fix turned into a debt nightmare.

    “There is now an onus on the company which has bought the loans to treat people fairly and within the law.

    “This case is a timely reminder of the need for tough action against a booming payday loan industry that is preying on its customers. It is vital that the Financial Conduct Authority sticks to its guns to clamp down on payday lenders and debt collectors to make sure people are treated fairly. The regulator must put new applications to lend money or collect debts under serious scrutiny.”

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    Hoover s Last Stand #nationwide #finance


    #reconstruction finance corporation

    #

    48d. Hoover’s Last Stand


    The Great Depression did not spare the most vulnerable citizens. The Bonus Army’s protest of 1932 made this point by including families with young children in its march on and encampment in Washington, D.C.

    President Herbert Hoover had the distinction of stepping into the White House at the height of one of the longest periods of growth in American history. Less than seven months after his inauguration, the worst depression in American history began.

    Undoubtedly, the fault of the Great Depression was not Hoover’s. But as the years of his Presidency passed and the country slipped deeper and deeper into its quagmire, he would receive great blame. Urban shantytowns were dubbed Hoovervilles. Newspapers used by the destitute as bundling for warmth became known as Hoover blankets. Pockets turned inside out were called Hoover flags. Somebody had to be blamed, and many Americans blamed their President.

    Running for President under the slogan “rugged individualism” made it difficult for Hoover to promote massive government intervention in the economy. In 1930, succumbing to pressure from American industrialists, Hoover signed the Hawley-Smoot Tariff which was designed to protect American industry from overseas competition. Passed against the advice of nearly every prominent economist of the time, it was the largest tariff in American history.


    A robust, young Herbert Hoover, posed with his dog “King Tut” in a photograph used in the 1928 presidential campaign.

    The amount of protection received by industry did not offset the losses brought by a decrease in foreign trade. The Hawley-Smoot Tariff proved to be a disaster. Believing in a balanced budget, Hoover’s 1931 economic plan cut federal spending and increased taxes, both of which inhibited individual efforts to spur the economy.

    Finally in 1932 Hoover signed legislation creating the Reconstruction Finance Corporation. This act allocated a half billion dollars for loans to banks, corporations, and state governments. Public works projects such as the Golden Gate Bridge and the Los Angeles Aqueduct were built as a result of this plan.

    Hoover and the RFC stopped short of meeting one demand of the American masses federal aid to individuals. Hoover believed that government aid would stifle initiative and create dependency where individual effort was needed. Past governments never resorted to such schemes and the economy managed to rebound. Clearly Hoover and his advisors failed to grasp the scope of the Great Depression.


    Completed in 1937, the Golden Gate Bridge was a result of President Herbert Hoover’s Reconstruction Finance Corporation. Its art-deco design reflects the opulent style of the 1920s.

    The stage was set for the election of 1932. New York Governor Franklin D. Roosevelt won the Democratic nomination on the fourth ballot of their national convention. Roosevelt promised “a new deal for the American people” that included a repeal of the prohibition amendment. The Republicans renominated Hoover, perhaps because there were few other interested GOP candidates.

    Election day brought a landslide for the Democrats, as Roosevelt earned 58% of the popular vote and 89% of the electoral vote, handing the Republicans their second-worst defeat in their history. Bands across America struck up Roosevelt’s theme song “Happy Days Are Here Again” as millions of Americans looked with hope toward their new leader.

    Brother, Can You Spare a Dime?
    Bing Crosby recorded the haunting Depression-era song, “Brother, Can You Spare a Dime?” in 1932. This webpage provides not only the text of the lyrics, but also Crosby’s recording in RealAudio format. Gee, it’s swell!

    Songs of the Great Depression
    Life is Just a Bowl of Cherries is a popular song whose lyrics addressed the economic crisis of the early 1930s. Read the lyrics and have a look at photos of the original recording artists of three Depression-era songs on this webpage from City College of New York.

    From Hero to Scapegoat: Herbert Hoover during the Great Depression
    From the Herbert Hoover Library website, this in-depth section tracks the Hoover administration from the hope that accompanied his election to the anger that filled Americans’ hearts at the time he left office. Special attention is given to the Bonus March and how it doomed Hoover to public disdain and eventual defeat.

    Dear Mrs. Roosevelt
    I am writing to you for some of your old soiled dresses if you have any. As I am a poor girl who has to stay out of school. On account of dresses & slips and a coat. Read some of the heartbreaking letters written by children to the First Lady during the Great Depression. “On Christmas eve I had wished for Santa Clause to come but my mama said the chimney was blocked & he couldn’t come, so I had a poor Christmas.”

    Aspects of the disastrous Hawley-Smoot Tariff still live on. Section 304 requires country-of-origin labeling on all carcasses and retail products. You’d better check your carcasses and products to see whether or not they comply! On the page, scroll down to “country-of-origin Labeling.”
    Learn More.


    Hoover s Last Stand #bing #finance


    #reconstruction finance corporation

    #

    48d. Hoover’s Last Stand


    The Great Depression did not spare the most vulnerable citizens. The Bonus Army’s protest of 1932 made this point by including families with young children in its march on and encampment in Washington, D.C.

    President Herbert Hoover had the distinction of stepping into the White House at the height of one of the longest periods of growth in American history. Less than seven months after his inauguration, the worst depression in American history began.

    Undoubtedly, the fault of the Great Depression was not Hoover’s. But as the years of his Presidency passed and the country slipped deeper and deeper into its quagmire, he would receive great blame. Urban shantytowns were dubbed Hoovervilles. Newspapers used by the destitute as bundling for warmth became known as Hoover blankets. Pockets turned inside out were called Hoover flags. Somebody had to be blamed, and many Americans blamed their President.

    Running for President under the slogan “rugged individualism” made it difficult for Hoover to promote massive government intervention in the economy. In 1930, succumbing to pressure from American industrialists, Hoover signed the Hawley-Smoot Tariff which was designed to protect American industry from overseas competition. Passed against the advice of nearly every prominent economist of the time, it was the largest tariff in American history.


    A robust, young Herbert Hoover, posed with his dog “King Tut” in a photograph used in the 1928 presidential campaign.

    The amount of protection received by industry did not offset the losses brought by a decrease in foreign trade. The Hawley-Smoot Tariff proved to be a disaster. Believing in a balanced budget, Hoover’s 1931 economic plan cut federal spending and increased taxes, both of which inhibited individual efforts to spur the economy.

    Finally in 1932 Hoover signed legislation creating the Reconstruction Finance Corporation. This act allocated a half billion dollars for loans to banks, corporations, and state governments. Public works projects such as the Golden Gate Bridge and the Los Angeles Aqueduct were built as a result of this plan.

    Hoover and the RFC stopped short of meeting one demand of the American masses federal aid to individuals. Hoover believed that government aid would stifle initiative and create dependency where individual effort was needed. Past governments never resorted to such schemes and the economy managed to rebound. Clearly Hoover and his advisors failed to grasp the scope of the Great Depression.


    Completed in 1937, the Golden Gate Bridge was a result of President Herbert Hoover’s Reconstruction Finance Corporation. Its art-deco design reflects the opulent style of the 1920s.

    The stage was set for the election of 1932. New York Governor Franklin D. Roosevelt won the Democratic nomination on the fourth ballot of their national convention. Roosevelt promised “a new deal for the American people” that included a repeal of the prohibition amendment. The Republicans renominated Hoover, perhaps because there were few other interested GOP candidates.

    Election day brought a landslide for the Democrats, as Roosevelt earned 58% of the popular vote and 89% of the electoral vote, handing the Republicans their second-worst defeat in their history. Bands across America struck up Roosevelt’s theme song “Happy Days Are Here Again” as millions of Americans looked with hope toward their new leader.

    Brother, Can You Spare a Dime?
    Bing Crosby recorded the haunting Depression-era song, “Brother, Can You Spare a Dime?” in 1932. This webpage provides not only the text of the lyrics, but also Crosby’s recording in RealAudio format. Gee, it’s swell!

    Songs of the Great Depression
    Life is Just a Bowl of Cherries is a popular song whose lyrics addressed the economic crisis of the early 1930s. Read the lyrics and have a look at photos of the original recording artists of three Depression-era songs on this webpage from City College of New York.

    From Hero to Scapegoat: Herbert Hoover during the Great Depression
    From the Herbert Hoover Library website, this in-depth section tracks the Hoover administration from the hope that accompanied his election to the anger that filled Americans’ hearts at the time he left office. Special attention is given to the Bonus March and how it doomed Hoover to public disdain and eventual defeat.

    Dear Mrs. Roosevelt
    I am writing to you for some of your old soiled dresses if you have any. As I am a poor girl who has to stay out of school. On account of dresses & slips and a coat. Read some of the heartbreaking letters written by children to the First Lady during the Great Depression. “On Christmas eve I had wished for Santa Clause to come but my mama said the chimney was blocked & he couldn’t come, so I had a poor Christmas.”

    Aspects of the disastrous Hawley-Smoot Tariff still live on. Section 304 requires country-of-origin labeling on all carcasses and retail products. You’d better check your carcasses and products to see whether or not they comply! On the page, scroll down to “country-of-origin Labeling.”
    Learn More.


    General Electric Sells GE Capital s Last Big Business To Wells Fargo #laptop #finance


    #ge capital finance

    #

    Last big chunk of GE Capital sold to Wells Fargo

    Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

    GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

    The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

    Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

    Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

    General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

    Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

    GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

    The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

    Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

    Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

    General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

    Time Inc. All rights reserved.

    Fortune.com is a part of the Time.com network of sites.

    2016 Time Inc. All rights reserved.

    Fortune.com is a part of the Time.com network of sites.

    2016 Time Inc. All rights reserved.

    Fortune.com is a part of the Time.com network of sites.

    Sign In

    Want the Full Story?

    Get


    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year #quick #finance


    #toothfairy finance

    #

    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year

    Toothfairy was under investigation for dodgy practices according to the OFT GETTY IMAGES

    Payday lender Toothfairy, which went bust late last year, was under investigation for dodgy practices the Office of fair Trading has revealed.

    The company, which had changed its name to Web Loans Processing, went into administration on 28 November, along with two associated debt collection firms – Marshall Hoares Bailiffs, previously known as Toothfairy Cheque Cashing, and Northern Debt Recovery.

    David Fisher, the senior director of consumer credit at the Watchdog, said: “The OFT had serious concerns about the business activities of these firms, which we were actively investigating. If they had not surrendered their licences it was our intention to take steps to revoke them.

    “The surrender of the licences means that the businesses may no longer operate as debt collectors. The lender is in administration and we will be taking steps to ensure any outstanding debts are collected legally and fairly.”

    The consumer credit licences for the firms will terminate next Tuesday, following a request by the OFT.

    As well as waving goodbye to Toothfairy, the administration sees the back of 46 other payday lending names that the company traded under including Fastloan4you, OKcash, Takeoutcash and Wegivecredit.

    The OFT refused to divulge what activities had prompted the investigation into Toothfairy but did reveal that it has launched an investigation into another payday lender. However it refused to reveal the lender’s name.

    Citizens Advice said it presented a dossier of evidence to the OFT in February 2013 asking them to take immediate action to stop four payday lenders and three debt collection companies trading. The submission included evidence about Toothfairy.

    The evidence provided by Citizens Advice sparked formal investigations and Citizens Advice continued to provide OFT with consumer complaints. All of the companies it reported are no longer able to lend money or collect debts.

    Citizens Advice chief executive Gillian Guy said: “This sends a strong message to unscrupulous companies that exploiting customers does not deliver a sustainable business. The sharp practices employed by these firms were particularly alarming and caused significant distress for customers.

    “In some cases, people were subject to constant harassment, left seriously out of pocket and given no option to get on top of their debts. What was supposed to be a quick fix turned into a debt nightmare.

    “There is now an onus on the company which has bought the loans to treat people fairly and within the law.

    “This case is a timely reminder of the need for tough action against a booming payday loan industry that is preying on its customers. It is vital that the Financial Conduct Authority sticks to its guns to clamp down on payday lenders and debt collectors to make sure people are treated fairly. The regulator must put new applications to lend money or collect debts under serious scrutiny.”

    We’ve noticed that you are using an ad blocker.

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    • Then reload the page.

    General Electric Sells GE Capital s Last Big Business To Wells Fargo #honda #finance #corp


    #ge capital finance

    #

    Last big chunk of GE Capital sold to Wells Fargo

    Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

    GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

    The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

    Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

    Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

    General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

    Six months after General Electric announced it would sell off most of its financial arm GE Capital. that divesting process is nearly complete.

    GE GE announced Tuesday it would sell a large portion of GE Capital—its commercial lending and leasing businesses with roughly $32 billion in assets—to Wells Fargo WFC . representing the industrial conglomerate s largest divestiture to date.

    The deal also brings the tally of GE s selloffs to $126 billion in assets, or nearly two-thirds of the $200 billion it plans to exit overall. It also rids GE Capital of nearly all that remains of its U.S. business, leaving only a $5.5 billion unit that lends to franchises. Besides that, the rest of the assets GE plans to dispose of are outside the U.S.

    Wells Fargo s interest in GE Capital comes as no surprise. The bank expressed interest in acquiring the businesses almost as soon as GE announced it would sell them, according to reports. The Wall Street Journal has more of the backstory on the negotiations, and why Wells Fargo left the last pieces of GE Capital behind:

    Wells Fargo initially wanted to buy the full business from GE and asked GE to take it off the market, some of these people said. But GE decided not to do that after realizing the appetite from other possible buyers and the monetary advantages it would have if it sold it off in chunks, these people said.

    General Electric s stock price rose minimally in morning trading, while shares of Wells Fargo declined slightly.

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    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year #seat #finance


    #toothfairy finance

    #

    Defunct payday lender Toothfairy was under investigation by the OFT when it went bust last year

    Toothfairy was under investigation for dodgy practices according to the OFT GETTY IMAGES

    Payday lender Toothfairy, which went bust late last year, was under investigation for dodgy practices the Office of fair Trading has revealed.

    The company, which had changed its name to Web Loans Processing, went into administration on 28 November, along with two associated debt collection firms – Marshall Hoares Bailiffs, previously known as Toothfairy Cheque Cashing, and Northern Debt Recovery.

    David Fisher, the senior director of consumer credit at the Watchdog, said: “The OFT had serious concerns about the business activities of these firms, which we were actively investigating. If they had not surrendered their licences it was our intention to take steps to revoke them.

    “The surrender of the licences means that the businesses may no longer operate as debt collectors. The lender is in administration and we will be taking steps to ensure any outstanding debts are collected legally and fairly.”

    The consumer credit licences for the firms will terminate next Tuesday, following a request by the OFT.

    As well as waving goodbye to Toothfairy, the administration sees the back of 46 other payday lending names that the company traded under including Fastloan4you, OKcash, Takeoutcash and Wegivecredit.

    The OFT refused to divulge what activities had prompted the investigation into Toothfairy but did reveal that it has launched an investigation into another payday lender. However it refused to reveal the lender’s name.

    Citizens Advice said it presented a dossier of evidence to the OFT in February 2013 asking them to take immediate action to stop four payday lenders and three debt collection companies trading. The submission included evidence about Toothfairy.

    The evidence provided by Citizens Advice sparked formal investigations and Citizens Advice continued to provide OFT with consumer complaints. All of the companies it reported are no longer able to lend money or collect debts.

    Citizens Advice chief executive Gillian Guy said: “This sends a strong message to unscrupulous companies that exploiting customers does not deliver a sustainable business. The sharp practices employed by these firms were particularly alarming and caused significant distress for customers.

    “In some cases, people were subject to constant harassment, left seriously out of pocket and given no option to get on top of their debts. What was supposed to be a quick fix turned into a debt nightmare.

    “There is now an onus on the company which has bought the loans to treat people fairly and within the law.

    “This case is a timely reminder of the need for tough action against a booming payday loan industry that is preying on its customers. It is vital that the Financial Conduct Authority sticks to its guns to clamp down on payday lenders and debt collectors to make sure people are treated fairly. The regulator must put new applications to lend money or collect debts under serious scrutiny.”

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    Hoover s Last Stand #finance #management


    #reconstruction finance corporation

    #

    48d. Hoover’s Last Stand


    The Great Depression did not spare the most vulnerable citizens. The Bonus Army’s protest of 1932 made this point by including families with young children in its march on and encampment in Washington, D.C.

    President Herbert Hoover had the distinction of stepping into the White House at the height of one of the longest periods of growth in American history. Less than seven months after his inauguration, the worst depression in American history began.

    Undoubtedly, the fault of the Great Depression was not Hoover’s. But as the years of his Presidency passed and the country slipped deeper and deeper into its quagmire, he would receive great blame. Urban shantytowns were dubbed Hoovervilles. Newspapers used by the destitute as bundling for warmth became known as Hoover blankets. Pockets turned inside out were called Hoover flags. Somebody had to be blamed, and many Americans blamed their President.

    Running for President under the slogan “rugged individualism” made it difficult for Hoover to promote massive government intervention in the economy. In 1930, succumbing to pressure from American industrialists, Hoover signed the Hawley-Smoot Tariff which was designed to protect American industry from overseas competition. Passed against the advice of nearly every prominent economist of the time, it was the largest tariff in American history.


    A robust, young Herbert Hoover, posed with his dog “King Tut” in a photograph used in the 1928 presidential campaign.

    The amount of protection received by industry did not offset the losses brought by a decrease in foreign trade. The Hawley-Smoot Tariff proved to be a disaster. Believing in a balanced budget, Hoover’s 1931 economic plan cut federal spending and increased taxes, both of which inhibited individual efforts to spur the economy.

    Finally in 1932 Hoover signed legislation creating the Reconstruction Finance Corporation. This act allocated a half billion dollars for loans to banks, corporations, and state governments. Public works projects such as the Golden Gate Bridge and the Los Angeles Aqueduct were built as a result of this plan.

    Hoover and the RFC stopped short of meeting one demand of the American masses federal aid to individuals. Hoover believed that government aid would stifle initiative and create dependency where individual effort was needed. Past governments never resorted to such schemes and the economy managed to rebound. Clearly Hoover and his advisors failed to grasp the scope of the Great Depression.


    Completed in 1937, the Golden Gate Bridge was a result of President Herbert Hoover’s Reconstruction Finance Corporation. Its art-deco design reflects the opulent style of the 1920s.

    The stage was set for the election of 1932. New York Governor Franklin D. Roosevelt won the Democratic nomination on the fourth ballot of their national convention. Roosevelt promised “a new deal for the American people” that included a repeal of the prohibition amendment. The Republicans renominated Hoover, perhaps because there were few other interested GOP candidates.

    Election day brought a landslide for the Democrats, as Roosevelt earned 58% of the popular vote and 89% of the electoral vote, handing the Republicans their second-worst defeat in their history. Bands across America struck up Roosevelt’s theme song “Happy Days Are Here Again” as millions of Americans looked with hope toward their new leader.

    Brother, Can You Spare a Dime?
    Bing Crosby recorded the haunting Depression-era song, “Brother, Can You Spare a Dime?” in 1932. This webpage provides not only the text of the lyrics, but also Crosby’s recording in RealAudio format. Gee, it’s swell!

    Songs of the Great Depression
    Life is Just a Bowl of Cherries is a popular song whose lyrics addressed the economic crisis of the early 1930s. Read the lyrics and have a look at photos of the original recording artists of three Depression-era songs on this webpage from City College of New York.

    From Hero to Scapegoat: Herbert Hoover during the Great Depression
    From the Herbert Hoover Library website, this in-depth section tracks the Hoover administration from the hope that accompanied his election to the anger that filled Americans’ hearts at the time he left office. Special attention is given to the Bonus March and how it doomed Hoover to public disdain and eventual defeat.

    Dear Mrs. Roosevelt
    I am writing to you for some of your old soiled dresses if you have any. As I am a poor girl who has to stay out of school. On account of dresses & slips and a coat. Read some of the heartbreaking letters written by children to the First Lady during the Great Depression. “On Christmas eve I had wished for Santa Clause to come but my mama said the chimney was blocked & he couldn’t come, so I had a poor Christmas.”

    Aspects of the disastrous Hawley-Smoot Tariff still live on. Section 304 requires country-of-origin labeling on all carcasses and retail products. You’d better check your carcasses and products to see whether or not they comply! On the page, scroll down to “country-of-origin Labeling.”
    Learn More.