Money Matters - Simplified


UBS chief exec Oswald Gruebel resigns amid scandal

UBS chief executive Oswald Gruebel resigned Saturday, after taking the blame for an estimated loss $2.3bn (£1.5bn) caused by unauthorized speculative trading at its London-based investment banking unit.

Negro League museum director resigns

Kansas City, Mo. -- The executive director of the Negro Leagues Baseball Museum in Kansas City has resigned less than two years after he was hired, museum officials said.

Greg Baker, 62, resigned effective Tuesday, giving no reason for his departure, The Kansas City (Mo.) Star reported.

"We have accepted his resignation," museum board Chairman Pellom McDaniels said in a statement. "The board wishes him well in his future endeavors."

The 20-year-old museum has been a prime tourist attraction for Kansas City, but its financial fortunes have seen ups and down.

A former administrator in the Kansas City Aviation Department, Baker was given the $115,000-a-year museum job on a close 8-to-7 board vote.

Home equity loans on the skids

New York -- U.S. borrowers and lenders are saying many home equity loans will never be repaid, with borrowers banking on the possibility and lenders resigned to it.

The American Bankers Association reported the percentage of home equity loans in default was the highest among consumer loans, The New York Times reported Thursday.

For many lenders, chasing the lost funds is an exercise in futility, as legal action often ends up with payments of 10 percent of the loan.

Out of every dollar, "People got 90 cents for free," said Christopher Combs, a real estate lawyer from Phoenix, Ariz.

One debt collector, Utah Loan Servicing, will not pay more than $500 for the loans it buys from banks. "Anything over $15,000 to $20,000 is not collectible," said the firm's Chief Executive Officer Clark Terry.

Some borrowers are kicking themselves for the loose lending during the housing boom. "We would love to change history so more conservative underwriting practices were put in place," said ABA Chief Economist Keith Leggett.

Phoenix lawyer Marc McCain, said 85 percent of his 300 clients had indicated default was a likely outcome to their loans and that unforced payment was unlikely.
Borrowers have said the banks needed to share the unforeseen burden of home prices falling -- the collateral on which the equity loans were based -- especially, the newspaper said, since banks were bailed out by the government.

Copyright 2010 United Press International, Inc. (UPI).

Actress Jodie Fisher at centre of HP's 'sexual harassment' scandal

The identity of the woman at the centre of the Mark Hurd sexual harassment scandal has been revealed. She is a 50-year-old marketing consultant and sometime actress, Jodie Fisher, as reported by several published reports.

HP CEO resigns after sexual harassment probe

Hewlett-Packard Co. Chief Executive Mark Hurd resigned Friday amid allegations of sexual harassment and violation of company's own business conduct standards.

SAP CEO Apotheker resigns without prior notice

Walldorf, February 8 -- SAP AG Chief Executive Leo Apotheker, unexpectedly resigned on Sunday. The company said it had “reached a mutual agreement” with Apotheker not to renew his contract.