MARION, Ohio - (03/13/06) Martin Hughes, the well-knownlabor leader and political kingmaker, who ran United Telephone CUfor more than 40 years, died here last Wednesday, at 85. Hughes wasa former international vice president of the Communications Workersof America and president of the Cleveland AFL-CIO, as well aschairman and director of Fahey Banking Co., of Marion. He mobilizedhis union supporters for political campaigns and frequently visitedthe White House as a labor adviser to President Carter. His career,however, took a turn for the worse in the 1980s. Hughes was chargedin federal court with misusing union funds to provide money tocandidates and was convicted in 1987 of falsifying union records.He received two years' probation, a $10,000 fine and a ban on unionactivity. His credit union career, too, was tarnished at the endafter state regulators charged him and his family with using creditunion funds for personal use and took the $15 million credit unionunder conservatorship in 2003. A court, however, overturned theconservatorship and ordered it returned to its members lastyear.
-
The Cleveland-based bank is projecting steady growth in net interest income even as credit losses remain manageable. But Chairman and CEO Chris Gorman also said that he thinks a recession is likely.
9h ago -
The first-quarter increase involved commercial real estate loans, including some problematic multifamily loans and an office credit, but none of the criticized loans were to consumers, officials at the Dallas company say. Further CRE deterioration is anticipated.
10h ago -
The Detroit-based company is exploring ways to make more consumer auto loans without running afoul of stricter capital standards that are expected from the Federal Reserve. Possible approaches include more securitizations and the use of credit risk transfers.
10h ago -
The House Financial Services Committee also sent to the full House two bipartisan bills, including one that would prevent large banks from opting out of having to recognize Accumulated Other Comprehensive Income in regulatory capital.
11h ago -
Charge-offs and nonperforming loans rose at the Georgia bank in the first quarter. But it blamed the problem on one large client and said the matter has been resolved.
April 18 -
Amid healthy first-quarter loan growth and improving credit quality, Discover Financial Services slashed its profits by $800 million to offset remediation costs from a 16-year period when it overcharged certain merchants.
April 18