Michael Wise, ex-chairman of the failed Silverado Banking, Savings and Loan, said he would invoke his Fifth Amendment rights if subpoenaed to testify about his discussions with Neil Bush concerning possible conflict-of-interest issues, according to the Los Angeles Times. Federal regulators are seeking subpoenas to compel Wise's testimony, according to documents released by the Office of Thrift Supervision.
Retail sales rose a weak 0.1 percent in July, their second straight monthly gain after three consecutive declines, the Commerce Department reported.
The FDIC called for the biggest increase ever -- $1.1 billion -- in the fees banks pay to protect depositors accounts from losses. Blaming three years of heavy bank failures that have eroded the deposit insurance fund, the FDIC proposed raising the deposit insurance fee from 12 cents for each $100 of deposits to 19.5 cents per $100 effective Jan. 1.
Donald Trump lost a battle to keep a seal on documents that detail his financial restructuring, when appellate judges ordered the documents released today, the New Jersey Casino Control Commission said. Meanwhile, Stephen Bollenbach, senior vice president and chief financial officer of Promus, was hired as chief financial officer of the Trump Organization.
Con artists are seeking to exploit the crisis in the Persian Gulf to peddle bogus oil, gas and precious metals investments, warned the North American Securities Administrators Association.