Financial Biz Cheat Sheet: Transatlantic Holdings Rejects Berkshire Hathaway Bid, UBS Ups Loss Estimate to $2.3 Billion
The Consumer Financial Protection Bureau is considering standardizing fees banks charge on overdrafts, particularly focusing on whether overdraft fee protection differs from “high interest short-term” loan programs, which are already regulated.
Transatlantic Holdings (NYSE:TRH) has announced its receipt of a reinstated offer from Berkshire Hathaway (NYSE:BRK.A) for $52 a share, set to expire at the end of business today. The Transatlantic Board has already rejected the offering, believing its book value to be between $69 and $70 a share.
Credit Suisse (NYSE:CS) has agreed to pay a 150 million-euro penalty in Germany in order to avoid a “complex and prolonged legal dispute” on charges of tax evasion. The settlement will lower its fiscal 2011 net profit forecasts by 4%.
UBS (NYSE:UBS) has boosted its trading loss estimate to $2.3 billion after it was revealed last week that a rogue trader had lost that amount in unauthorized trades.