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JUL 29, 2008 1:00am ET

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2Q Earnings

Welcome Signs of Stability for Pair in Hawaii

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Hawaii's two largest banking companies posted earnings increases and showed they have avoided the turmoil that has rocked many other regionals.

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The $25 billion mortgage robo-signing settlement is:
Political extortion from the banks in an election year
A slap on the wrist — the banks put reserves away for this long ago, they won't even feel it
A source of relief for both banks and homeowners that could help the housing market and economy recover
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