Credit Rating Agency Warns Of More California City Bankruptcies, Bond DefaultsOne of the nation’s top credit rating agencies will begin a wide-ranging review of municipal finances in California because of what it sees is a growing threat of increased city bankruptcies and bond defaults.
Wells Fargo 2Q Profit Leaps; Defaults DropWells Fargo & Co. reported its second-quarter profit rose 30 percent, boosted by a release of reserves set aside to cover souring loans as its customers continued to improve their loan and credit card payments.