Today's News

AT DIGICASH INC., Michael C. Nash has a turnaround job: reviving an Internet payments company that is "old" at the age of seven. Page 18

WASHINGTON

The Supreme Court ruled that the government may prosecute bankers even if a regulator already has meted out punishment. Page 2

REGIONAL BANKING

BankBoston, making its first formal presentation to Wall Street in nearly a decade, outlined financial goals meant to ensure its independence. Page 7

MORTGAGES

Fannie Mae's mortgage portfolio grew at a 16.4% annual rate last month, to $314.2 billion. Page 9

INVESTMENT PRODUCTS

First American's deal to buy Deposit Guaranty would bring together two banks with seasoned retail brokerage operations. Page 10

CORPORATE FINANCE

BankBoston has created a new investment banking group and appointed its loan syndications chief to run it. Page 11

COMMUNITY BANKING

A New York community bank is crediting an innovative employee incentive plan for a one-third increase in its stock price. Page 15

CREDIT/DEBIT/ATMs

Cardholders paid a record 14.29% of their card debt in October, but defaults also rose. Page 21

MARKET MONITOR

Mercury Finance, the felled giant of subprime auto lending, reported a massive third-quarter loss. Meanwhile another former pillar of the business, Ugly Ducking, is considering shedding two financing units. Page 30

WEEKLY REPORT: INTERNATIONAL

TYPICAL of state enterprises, Bank of China is awakening to free-market realities. Page 12

SINCE FIRST CHICAGO opened in China in 1980, seven U.S. banks have followed. Their excitement level is high, but so are regulatory obstacles. Page 13