Wednesday, January 11, 2012 Let's say you're a homeowner facing tough times. You're starting to fall behind on your home insurance payments, but then, your bank steps in and buys an insurance policy on your behalf. Good news, right? Not if your bank steers you into a policy that's 10 times more expensive than your previous one. This practice, known as forced-place insurance, is the subject of a probe by New York State's Department of Financial Services into some of the country's biggest banks, according to reports in The New York Times and Reuters. The inquiry, which is already underway, has implicated a number of major financial firms, including JPMorgan Chase, Wells Fargo, Citigroup and Bank of America. BLOG POSTS | Evan Shapiro: Nobody Knows Anything Predicting exactly what's going to happen in the TV business in the next 36 months is like guaranteeing the Miami Heat will win the NBA Championship this year. Sure, you can say it, but be prepared to look like a moron. | | Jeff Cohen: Obama, Sarkozy and Taxing Wall Street With U.S. media obsessing on the fight here at home among conservatives vying to become president, most of them missed some big news about France, where another conservative, Nicolas Sarkozy, is pushing a Financial Transaction Tax in his country. | | Michael Pento: Fed Dismisses Economic Recovery The Fed is becoming more concerned about the sustainability of the U.S. recovery, just as the economy looks to be gaining momentum. | | Richard (RJ) Eskow: The Obama Administration's 'New' Bank Fraud Deal: Still Unfair, Still Unjust, Still Unbalanced Despite the president's new-found populism -- rhetorically, anyway -- officials in his administration continue to push an unfair deal designed to conceal the financial Crime of the Century. | | Raymond Baker: Outflows, Not Aid, Must Be Curtailed to Fight Poverty A shadow financial system consisting of tax havens, secrecy jurisdictions and anonymous corporate vehicles makes it easy for corrupt dictators, terrorists, drug traffickers and tax evaders to quietly shepherd their funds out of the developing world and around the planet without notice. | | MOST POPULAR ON HUFFINGTONPOST.COM |
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