Dallas Comerica offers debit cards to Social Security
EXCERPT:
Comerica to offer Social Security debit cards
12:00 AM CST on Wednesday, January 9, 2008
By BOB MOOS / The Dallas Morning News
bmoos@dallasnews.com
Dallas-based Comerica Bank has been chosen to offer debit cards to an estimated 4 million Social Security recipients without bank accounts who now receive paper checks.
The Direct Express cards will provide a safer and more convenient alternative to checks, which may be stolen or delayed in the mail, said Judy Tillman, the Treasury Department's financial management commissioner.
Comerica wikipedia
EXCERPT:
In January 2008, Comerica was selected by the Department of the Treasury as the financial agent for its Direct Express debit card program.
Direct Express/Comerica Bank
Comerica Bank Locks Out Workers in the Cold
Posted on November 25, 2009 by bankingwhistleblower
By: Various authors and journalists
The bank that coined the phrase, “we listen, we understand, we make it work” seemed to forget that public relations slogan during the large CAW labor protest at 500 Woodward Avenue, in Detroit, MI. As you recall, Canadian workers of Adraco and Aramco a division of Catalina Precision, have been denied their severance, termination, and vacation pay by the Catalina’s creditors Comerica Bank. Numerous coalitions were there to demand justice for workers who just want to be paid what they are owed and Comerica controls the purse strings. They feel that workers being paid is more important than Comerica executive bonuses. Participants signed a letter to the company’s executives asking Comerica to live up to the so called “code of ethics” that is posted on Comerica’s website. The code of ethics seems like a great public relations spin tool but the workers with children to feed were more interested in Comerica showing action; not just empty public relations gimmicks. As one of the participants read from Comerica’s code of ethics, looks of disgust and frustration fell over participants faces. There appeared to be a huge disconnect between corporate marketing propaganda and the daily reality that the workers were facing.
At one point a protester challenged the CEO, Ralph Babb and the Michigan President Tom Ogden to respond to the workers concerns. Comerica executives were challenged to answer the following questions:
•Do they think it was fair that Comerica was rewarded $2.25 billion in TARP money approximately 30 days after the Michigan attorney general Mike Cox forced Comerica Securities to pay fines and restitution of over $1.5 billion to shareholders?
•Is it fair that the banking industry has received $23.7 million in subsidies, bailouts and backdoor corporate welfare while homeowner forclosure rates are at 15% and property values have collapsed?
•Is it fair that the citizens labor under disasterous debt burdens while the banking industry has been given subsidies that could have paid off personal mortgage debt three times over?
•Workers have alleged fraud by the company owners. Should law enforcement launch an investigation into what Comerica knew and when they knew it? Are there possible fraudulent conveyance issues regarding the collateral?
•Is if fair that US banks are speculating with the TARP money, including foreign exchange trading that is driving the US dollar lower?
•Is if fair that Comerica CEO Ralph Babb got a raise in 2008?
•Is it fair that Comerica stock holders have lost money over the past 5 years while Comerica executives have gotten extremely wealthy?
•Is it fair that Comerica Bank has so much taxpayer TARP money and at the same time ranks in the top ten banks for loans to company insiders?
•Is it fair that these loans to corporate insiders are not fully transparent?
•Is it fair that Comerica has refused to give an account of exactly where the $2.25 billiion in TARP money went and why?
•Is if fair that Comerica executives seem to hide in their plush offices and refuse to answer the public’s questions? Perhaps the next protest should be at the home of a Comerica executive like Michigan President, Tom Ogden in Grosse Pointe? Perhaps neighbors should have a chance to see exactly what serous issues Comerica executives are dodging?
No Comerica executives were willing to address these questions. To the contrary, a goon from Comerica’s security staff came outside to harrass the protesters and interfere with the protest. A Comerica security goon constantly interfered with the groups right to free speech and free assembly. At the same time various Comerica employees watched the protesters from the lobby of the building. Many protesters commented on the arrogant smirks from the “Comericasuits” that watched the workers appeal for fairness. After letter to Comerica management had been signed by all the attendees the CAW made an attempt to deliver it to someone in the lobby. To our surprise, Comerica had locked the doors and therefore could not receive the signed letter. Even Comerica customers and employees were unable to get into the front door after Comerica locked them out at approximately 12:45 pm. Participants thought this as an act of wholesale cowardice and arrogance. The signed letter had to be left at Comerica’s front door while the various journalists continued to take notes. This is what $2.25 billion of your tax dollars now sit. What will Comerica plan as an encore at future protests?
Disclaimer:
Views and opinions of varous authors and journalists are not necessarily those of www.bankingwhistleblower.wordpress.com or Circle Point LLC. No warranties expressed or implied. Feel free to express your comments, suggested revisions, corrections and/or dissagreements to the editors. All reader input will be viewed objectively.
Macombdaily and Comerica bank
EXCERPT:
Legal dispute between Sterling Heights company, Comerica Bank involves online thievery
Published: Wednesday, August 18, 2010
Company blames bank for $560,000 drain of accounts
A Sterling Heights manufacturing company has accused a bank of allowing $560,000 to be drained from its accounts through an e-mail scam in which there were 93 unauthorized wire transfers to thieves' accounts.
A federal judge last month denied Comerica Bank's request to dismiss the lawsuit by Experi-Metal Inc. The case was filed in December in Macomb County Circuit Court in Mount Clemens and later transferred to U.S. District Court in Detroit.
Guilty plea due today in big United Way theft
EXCERPT:
In an interview in Lansing last Thursday, Tom Chirgwin, regional president of Comerica Bank, who became chairman of the Capital Area United Way just as the scandal there broke several weeks ago, said of Ms. Allen-MacGregor, ''She stole from the 55,000 people who were donors, but worse than that, she stole from 120,000 people who get assistance from the agencies we support.''
Ms. Allen-MacGregor, who worked for the United Way for 20 years, did not need to be a criminal mastermind to succeed in the theft. She simply wrote checks to herself, forging the signatures of the required co-signers and destroying the canceled checks when the bank mailed them back. No one noticed this, because she also kept the organization's books. Letters from the United Way's auditor suggest that she covered up the losses by inflating the reported amount of pledges that were unfulfilled.
Comerica bank insolvent
Comerica holding deposits in order to generate overdraft fees
Comerica bank may be heading for bankruptcy. We have heard a few interesting stories regarding extremely aggressive fee behavior that is a big red flag when it comes to solvency issues.
What they are doing is holding deposits for longer than usual and then slapping on overdraft fees against their unsuspecting clientèle who think they have cleared deposits in their account. So a Comerica customer behaving in the way they have always done can now result in hundreds of dollars in fee income for the bank.
This kind of sting can only be run once on savvy customers but will really hurt people with sub par money management skills (which, lets face it, is most people).
Fees are a major source of income for banks. Up until now customers have always had to actually overdraw their account to incur fees. Comerica’s new policy of dinging people who actually do have the money in their account is definitely a new twist!
www.comerica.com
DISCLOSURES:
Comerica's Wealth & Institutional Management team consists of various divisions of Comerica Bank and also subsidiaries of Comerica Bank including World Asset Management, Inc.; Wilson, Kemp & Associates, Inc.; Comerica Insurance Services; and Comerica Securities, Inc. Securities products and services are offered through Comerica Securities, Inc., which is a broker/dealer and member FINRA and SIPC. Comerica Securities, Inc. is also a federally Registered Investment Advisor. Insurance products are offered through various licensed insurance agencies including subsidiaries of Comerica Bank. Comerica Securities, Inc. and Comerica Insurance Services are subsidiaries of Comerica Bank.
Insurance and securities products, including annuities, are NOT insured by the FDIC or any government agency; are NOT deposits or obligations of, or guaranteed by Comerica Bank or any of its affiliates; and may lose value. Insurance products are not guaranteed by any person soliciting the purchase of or selling the policies; are solely the obligation of the issuing insurance company; and Comerica is not obligated to provide benefits under the insurance contract. Not all products available in all states. Variable annuities are made available through Comerica Securities.
World Asset Management
About World Asset Management
Since our beginnings in the mid-1970s as part of the Trust Investment department at Manufacturers Bank, we've provided quantitative services to corporations, municipalities, endowments/foundations, unions, and high net worth clients. At the time of the merger of Manufacturers Bank and Comerica Bank in the early 1990s, we continued to provide our services as part of Comerica Bank's investment arm, Woodbridge Capital Management, until 1994 when World Asset Management was formed as a subsidiary of Comerica Bank. As part of Comerica's 1995 general partnership with Munder Capital Management, World Asset became a wholly owned investment affiliate of Munder Capital Management and later was merged into and became a division of Munder. In 2006, when Comerica sold its stake in Munder, Comerica retained full ownership of World Asset Management and World Asset Management, Inc. was then formed as a subsidiary of Comerica Bank.
World Asset Management, Inc. is located at 255 East Brown Street, Suite 250, Birmingham, Michigan 48009. Call us at 248-594-5204.
World Asset Management:
Manages $12.7 billion in assets as of 06/30/10
Has been in the index business since the mid-1970s
Provides clients complete market exposure both domestic and international through the use of index portfolios.
Is directly responsible for client relationships consisting of municipalities, corporations, Taft Hartleys, endowments, and foundations.
Is responsible for managing index products for Calvert GroupSM, Comerica Bank and Munder Capital Management®.1
City National to Acquire Lee Munder Capital
June 22nd, 2009 | More
Earlier this month, City National Corporation (NYSE: CYN) announced that it had agreed to acquire a majority interest in investment management firm Lee Munder Capital Group (LMCG) in an effort to strengthen its current asset management offering.
As a result of the acquisition, LMCG will merge with Independence Investments, a majority-owned asset management subsidiary of City National. The combined group will retain the Lee Munder Capital Group name and will also serve as City National’s primary institutional asset management affiliate with $4 Billion assets under management. Convergent Capital Management, acquired by City National in 2003, will also operate as an affiliate of the new LMCG. The deal is expected to be closed in the third quarter of 2009.
Founder of LMCG, Lee Munder will retain a minority interest in the firm, while current LMCG President Kenneth Swan will serve as CEO of the combined firm. Mr. Munder is optimistic about the potential for growth from integration, stating that the merger “allows us to broaden our distribution, gives us additional growth capital and provides a knowledgeable partner dedicated to the investment management business.” Prior to founding LMCG, Mr. Munder was the founder and chairman of mutual fund manager Munder Capital Management, which he later sold to Comerica Inc.
Lee Munder and Comerica Bank FOR IMMEDIATE RELEASE pdf
June 8, 2009
Investor Contact:
Christopher J. Carey, 310.888.6777
Chris.carey@cnb.com
Media Contact:
Cary Walker, 213.673.7615
Cary.walker@cnb.com
City National Corp. Announces Acquisition
Of Lee Munder Capital Group
LOS ANGELES – City National Corporation (NYSE: CYN), the parent company of
City National Bank, today announced it has agreed to acquire a majority interest in Lee Munder Capital Group, a Boston-based investment firm that manages assets for corporations, pensions, endowments and affluent households.
Formed in 2000, Lee Munder Capital Group provides its clients with a variety of investment strategies, including small-cap growth, small- and mid-cap value, global multi-cap, large-cap core, international equities and fixed income. On average, the firm’s portfolio managers have more than 20 years of experience in the investment management industry.
Lee Munder Capital Group will merge with Independence Investments, a Boston-based
institutional asset management firm in which City National holds a majority interest. The combined company will become City National’s primary institutional asset management affiliate. With more than $4 billion of assets under management, it will operate under the Lee Munder Capital Group name and as an affiliate of Convergent Capital Management LLC, the Chicago-based asset management holding company that City National acquired in 2003.
“The combination of high-quality product offerings from Lee Munder and Independence will strengthen and diversify the institutional asset management capabilities available to our clients,” said Richard Gershen, Executive Vice President of Wealth Management for City National. “The combined firm will have the management and investment talent, financial strength, infrastructure and marketing capabilities needed to grow and provide clients with long-term investment performance and superior service.”
City National to Acquire Lee Munder Capital Group
Page 2
Lee Munder Capital Group President Kenneth Swan will serve as the combined firm’s Chief Executive Officer. He and Chief Investment Officer Jeffrey Davis will oversee investment decisions and risk management. The firm’s management and investment teams and its founder, Lee Munder, will have a significant and broadly held minority interest in the business.
“We’re excited about our new partnership,” said Swan. “City National and Convergent Capital Management have a strong track record of investing in entrepreneurial firms through partnerships that preserve each affiliate’s investment culture and operating autonomy.”
Munder, the founder and current CEO of Lee Munder Capital Group, said: “This is a great way to position our firm for its next stage of growth. It allows us to broaden our distribution, gives us additional growth capital and provides a knowledgeable partner dedicated to the investment management business. In addition, our senior management has an increased equity stake in the company as well as a clear path to acquire more equity ownership as the firm grows. This will enable the firm to consistently attract and retain talented people.”
With the addition of Lee Munder Capital Group, City National and its eight investment affiliates will manage or administer nearly $49 billion of client investment assets, including more than $32 billion under direct management.
Terms were not disclosed, but City National expects to complete the acquisition in the third quarter of 2009.
Berkshire Capital Securities LLC served as advisor to both parties.
About City National City National Corporation, the parent company of City National Bank, is headquartered in Los Angeles and backed by $16.9 billion in total assets. In addition to wealth management services, the company provides banking solutions through 63 offices, including 15 full-service regional centers, in Southern California, the San Francisco Bay Area, Nevada and New York City.
For more information about City National, visit the company’s Website at cnb.com.
About Lee Munder Capital Group Based in Boston, Lee Munder manages funds for institutional and private clients. For more information, visit the company’s Website at www.leemunder.com.
City National to Acquire Lee Munder Capital Group
Page 3
About Independence Investments
Independence is a Boston-based institutional asset management firm. City National acquired majority ownership of the firm in 2006. For more information, go to the company’s Website at http://www.independence.com.
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