April 29, 2016 |
A federal jury on Wednesday found two leaders of the defunct Nova Financial Holding Inc. guilty of using a circular loan scheme in a bid to defraud the U.S. Treasury Department's bank bailout program in 2009. Brian Hartline, 51, of Collegeville, and Barry R. Bekkedam, 48, who moved from the Main Line to Florida in 2010, were found guilty of conspiracy to defraud the federal government, fraud against the Troubled Asset Relief Program, or TARP, and two counts of false statements to the federal government.
March 31, 2016 |
When times were good for onetime Villanova University basketball standout turned bank chairman and successful Main Line money manager Barry R. Bekkedam, his tastes tended toward Ferraris, Aston Martins, and travel by private jet. But that was before the 2008 financial collapse; before he lost millions in investor cash to a $1.2 billion Ponzi scheme; and before the financial institution he cofounded, Berwyn-based Nova Bank, collapsed into a hole,...
January 9, 2016 |
A federal grand jury in Wilmington has indicted the former Wilmington Trust Corp. on criminal charges, alleging the bank illegally hid hundreds of millions of dollars in land-development loans that were so delinquent that one banker called them "credit turds. " Although a number of larger U.S. banks were forced to sell themselves at bargain-basement prices as property values collapsed in the recession, Wilmington Trust is the only bank bailed out by the Troubled Asset Relief Program to face criminal charges, according to Charles Oberly, U.S. attorney for Wilmington.
August 19, 2013 |
A hilly expanse of rural Schwenksville was a kaleidoscope of color Saturday. On the hill overlooking the Philadelphia Folk Festival's main stage, the green grass was covered by a patchwork of royal-blue tarps, purple blankets, and rainbow-backed beach chairs. Many attendees, admiring performers on stages flanked by multicolored murals and signs, wore brightly colored garb, from red and blue bandanas to tie-dye shirts. And a stone's throw from the music - through a wooded area where dozens of hammocks hung between trees - hundreds of tents covered a large field, creating a temporary weekend village for thousands of happy festivalgoers.
June 18, 2013 |
Parke Bancorp Inc. has finally thrown off the TARP the small South Jersey bank holding company reached for in January 2009. That's TARP as in the federal bank-bailout effort known as the Troubled Asset Relief Program. If you thought TARP, which injected a total of $245 billion in capital into 707 banks of all sizes during the financial crisis, was over except for the screaming, you're half-right. The Treasury Department , which administers TARP, made its last investment in a bank in December 2009.
May 12, 2013 |
Considering the hoops that too many borrowers have to go through to obtain mortgage modifications, the news from the Treasury Department wasn't encouraging. In an April 24 report to Congress, the Office of the Special Inspector General for the Troubled Asset Relief Program, or TARP, reported that homeowners whose mortgages had been modified under the federal Home Affordable Mortgage Program were defaulting "at an alarming rate. " Data from the Treasury Department, which oversees HAMP, showed that the longer a homeowner remained in the program, the more likely he or she was to re-default out of the program.
April 18, 2013 |
CINCINNATI - The skies opened, but Phillippe Aumont continued throwing his warm-up pitches. Phillies players looked around at one another as the few remaining fans scrambled for cover. Finally, in the ninth inning Tuesday, Wally Bell relented. The home-plate umpire waved his right hand and the tarp was unfurled at 10:48 p.m. The second and final rain delay commenced. Nothing was decided in 81/2 innings at Great American Ballpark. No one scored. No one won. No one lost. A 0-0 game was suspended just as the bottom of the ninth was about to start.
November 1, 2012 |
McALLEN, Texas - A grand jury will consider the case of two Guatemalan immigrants killed when a Texas state trooper in a helicopter opened fire to stop a tarp-covered truck that authorities thought was ferrying drugs near the Mexico border, a prosecutor said Wednesday. Hidalgo County District Attorney Rene Guerra said after meeting with Texas Rangers that the case "will be taken to a grand jury, there's no doubt about that. " He added that he asked the investigators to tell the state Department of Public Safety that shooting from helicopters should be suspended until policies are reviewed.
October 10, 2012
The New York Times reports that, despite a sellout crowd of 36,067 on the season's final day, and despite an outcry from fans seeking playoff tickets - including the website removethetarps.com - the Oakland Athletics are keeping the tarps on the seats for the playoffs. After finishing fourth-from-last in major-league attendance in the regular season, the A's decided to maintain intimacy in the postseason. They will be keeping 20,878 upper-deck seats at the Oakland Coliseum - a number greater than the team's 20,728 average attendance - under wraps through the AL Championship Series, should the A's make it that far. In the meantime, they hosted Detroit on Tuesday night in Game 3 of their best-of-five division series, which the Tigers led, two games to none.
July 24, 2012 |
The new era of openness and transparency at Penn State continued early Sunday morning when workers erected a fence and draped it with a blue tarp so no one could witness the removal of the Joe Paterno statue that school president Rodney Erickson said had become "a source of division. " They went behind the tarp - the same sort of arrangement used on a racetrack when an injured horse has to be dispatched - and divided the statue from its foundation, trussed it with a moving blanket and plastic wrap, and forklifted the whole deal inside the stadium, presumably never to be seen again.