ALEXANDRIA, Va. - (07/21/05) -- A United Airlines baggage handler atDulles International Airport pleaded guilty Wednesday in federalcourt here to stealing mail containing credit cards, then passingon the cards to thieves who activated them and ran up $4 million oncharges on dozens of credit unions. Emmanuel Osho, 49, admittedthat he stuffed huge quantities of mail into a black duffel bag anddrove the letters to co-conspirators in New York where the cardswere used by 'strikers' to get fraudulent cash advances at creditunions and banks in about 100 towns along the East Coast. Thestolen cards were intended for about 2,000 people and all of thefinancial losses were absorbed by 56 credit unions and seven cardcompanies, according to prosecutors. Osho, a Nigerian citizen,pleaded guilty to one count of wire fraud and faces up to 30 yearsin prison when sentenced in October. A co-conspirator, AdemolaIdowo, also pleaded guilty for his role in the scheme and wassentenced earlier to 63 months in prison. Several of the strikershave also been convicted of lesser charges.
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Liberty Bank in Salt Lake City had been "structurally unprofitable" since 2008, according to its regulators. Experts criticized the FDIC for allowing the bank's demise to play out in slow motion.
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The New York-based bank says it will push its concentration of commercial real estate loans below 400% of risk-based capital over the next two years and focus more on C&I.
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The San Francisco-based firm's Anchorage Digital Trusted Liquidity and Settlement network, better known as Atlas, will allow clients to settle a range of cryptocurrency transactions.
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Artificial intelligence models are energy hogs. Climate First Bank and UBS are among the very few trying to solve this problem.
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The FDIC board debated and ultimately withdrew two separate proposals to address asset managers' control over banks, but acting Comptroller of the Currency Michael Hsu said he couldn't support either and called for more research and debate about how asset managers' control over banks impacts safety and soundness.
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