BRIEFCASE FED RESERVE FINES CREDIT LYONNAIS.Byline: - Staff and Wire Services The Federal Reserve Board fined French bank Credit Lyonnais $100 million Thursday as part of a $771 million settlement agreement brokered with the U.S. government by the bank and others tied to the illegal takeover of California insurer Executive Life. Federal Reserve officials also said they would try to ban former Credit Lyonnais chairman and chief executive Jean Peyrelevade from the U.S. banking industry and seek a $500,000 civil penalty against him. Credit Lyonnais issued a statement Thursday saying it was ``pleased to have settled and resolved this matter.'' The action by the central bank came a day after U.S. prosecutors in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. unsealed criminal indictments against Peyrelevade and five other former bank officials, including another former chief executive, Jean-Yves Haberer. A lawyer for Peyrelevade did not return a call seeking comment. Haberer could not be reached. Regulators target Freddie Mac Freddie Mac: see Federal Home Loan Mortgage Corporation. CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. WASHINGTON - Federal regulators sought $8.4 million in civil fines and the return of millions more in severance benefits Thursday from two ousted Freddie Mac top executives for their role in the mortgage giant's $5 billion accounting scandal. The regulators, in filing administrative charges against the two, are seeking to strip former chief executive Leland Brendsel of $24.4 million in severance benefits and stock awards that he received after being forced out by the company's board in June. The Office of Federal Housing Enterprise Oversight also seeks to remove $750,000 in departure benefits from former chief financial officer Vaughn Clarke. In addition, the agency is seeking restitution of $3.8 million from Brendsel and $537,000 from Clarke. The OFHEO OFHEO Office of Federal Housing Enterprise Oversight (US HUD) wants Brendsel and Clarke, who both formally resigned in June, to be reclassified as terminated for cause so their benefits can be forfeited for·feit n. 1. Something surrendered or subject to surrender as punishment for a crime, an offense, an error, or a breach of contract. 2. Games a. . Although the two previously signed employment contracts with Freddie Mac granting them the benefits, the company has promised to comply with an eventual formal order by the agency after an administrative process. Countrywide now has center No. 16 CALABASAS - Countrywide Bank announced the opening of a financial center in Fountain Valley Fountain Valley, city (1990 pop. 53,691), Orange co., S Calif.; inc. 1957. Chiefly residential, Fountain Valley also has diverse manufactures, including apparel, computer equipment, semiconductors, and medical equipment. A U.S. navy helicopter facility is there. on Thursday, further solidifying so·lid·i·fy v. so·lid·i·fied, so·lid·i·fy·ing, so·lid·i·fies v.tr. 1. To make solid, compact, or hard. 2. To make strong or united. v.intr. the company's presence in California. The financial center brings the total number of locations in California to 16. The Calabasas-based company opened its first financial center in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, two years ago. The centers provide customers with professional counseling and the ability to access account information. |
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