| Certegy data theft leads to plea agreement
William Sullivan, a former database analyst at Certegy Check Services Inc., has agreed to plead guilty to federal fraud and conspiracy charges in connection with the theft of data from the St. Petersburg firm. According to a plea agreement filed in U.S. District Court for the Middle District of Florida in Tampa, Sullivan conspired with an unindicted co-conspirator to exceed his authorized access to databases at Certegy, using the unauthorized access to misappropriate consumer information. Sullivan was paid for giving the stolen information to the co-conspirator, who then resold the information to others, including direct marketers, the plea agreement said. The scheme was broader than initially disclosed July 3 by Jacksonville-based Fidelity National Information Services Inc.
BMO taking $320M in debt-woe writedowns, $185M MasterCard loyalty hit
TORONTO - The Bank of Montreal (TSX:BMO) has joined the array of big banks hurt by the U.S. subprime mortgage crash, revealing that it will book half a billion dollars in writedowns partly connected to disorder in world credit markets. The bank said Friday that $320 million in writedowns come from debt-instrument woes at BMO Capital Markets, and $185 million from the bank's credit card loyalty program. John Aiken, an analyst and Dundee Capital Markets, noted that the BMO credit-market charges, to be booked in the fourth quarter ended Oct. 31, were smaller than some market watchers had predicted. The "valuation adjustments" at BMO Capital Markets include $170 million on trading and structured credit-related positions and preferred shares, $135 million on Canadian asset-backed commercial paper and $15 million on Links Finance Corp.
Good Causes
Ranch Heritage Weekend. Through 5 p.m. Hill Country State Natural Area, 10600 Bandera Creek Road, Bandera. TPWD staff of the Hill Country State Natural Area and the Hill Country State Natural Area Partners present a free event featuring events, programs and displays celebrating the ranching heritage of Texas. Free parking. www.tpwd.state.tx.us/spdest/findadest/parks/hill_country or www.hcsnap.org. Harvest Day Celebration 11 a.m. Bexar Social Hall, 15681 Bowling Road, Zuehl Community. Turkey and dressing dinner, $7 per plate. Dine in or drive through. Also a live auction, country store, bake sale, raffle games and the Beethoven Dance Band. Pet Adopt-A-thon 11 a.m.-3 p.m. Animal Care Services, 210 Tuleta. For residents who can't visit the shelter during the work week.
Stock markets turn negative as credit concerns focus investor attention
TORONTO - Worries about financial markets and the U.S. economy continued to put pressure on stock markets Friday. Toronto's S&P/TSX composite index gave up early gains to move down 60.27 points to 13,464.16 after financials and commodity stocks pushed the index down 250 points Thursday. Falling financials also helped push the Toronto market down. Bank of Montreal (TSX:BMO) shares were 48 cents lower at $56.64 even as the bank said it is booking $320 million in writedowns arising from disorder in world credit markets, joining the list of big banks hurt by the collapse of the U.S. subprime mortgage market. That works out to $210 million after tax. The "valuation adjustments" at BMO Capital Markets include $170 million on trading and structured credit-related positions and preferred shares, $135 million on Canadian asset-backed commercial paper and $15 million on Links Finance Corp.
Subprime-hit German bank IKB could unveil more losses: report
The logo of the German bank IKB Deutsche Industriebank AG is pictured at the company's headquarters in Berlin. German bank IKB, saved from the brink of bankruptcy three months ago, could announce more losses from the US subprime crisis, a press report said Friday. .
Without Walls Finances Face Senator's Scrutiny
The ranking member of the Senate Committee on Finance has launched an investigative review of possible misuse of donations made to Without Walls International Church and Paula White Ministries, along with five other Christian organizations. Letters were faxed Monday by Sen. Chuck Grassley, R-Iowa, requesting ministry leaders respond by Dec. 6 to a wide range of questions regarding their personal and organizational finances. The senator expects full cooperation, he said in a statement released by his staff. "It's about time some sanity is brought to these religious nonprofits," said Ole Anthony, founder of Trinity Foundation, a Dallas-based televangelist watchdog organization. "Some are committing outright fraud, and it's getting worse, not better, as time goes on." Grassley, former chairman of the finance committee, said his requests for information came in response to complaints from the public and news coverage about practices at the six ministries.
Crime takes up residence
Eighty-five bungalows dot the cul-de-sac that joins West Ontario Avenue and East Ontario Avenue in Atlanta. Twenty-two are vacant, victims of mortgage fraud and foreclosure. Now house fires, prostitution, vandals and burglaries terrorize the residents left in this historic neighborhood called Westview Village. .
Growing credit debt is crushing Canadians: study
A new study of Canadians' credit debt finds that a whopping 25 per cent owe between $10,000 and $40,000, and 28 per cent don't even know the interest rate they pay on their main credit card. The report by Credit Canada and Capitol One was timed for release during their Credit Education Week, and is designed to raise awareness of good financial management. Laurie Campbell, of Credit Canada, said the numbers -- which don't factor in mortgage debt -- were surprisingly high. "The numbers are quite startling, even I was quite surprised, but nevertheless, this is truly what we're seeing," Campbell told CTV's Canada AM. "Savings rates at an all-time low and debt rates at an all-time high so this financial literacy week in my opinion is long overdue." The study, which questioned 4,000 respondents about their personal credit debt practices, found a disconnect between Canadians' debt levels and retirement plans.
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