The Associated Press
Bank scandals tarnish London's reputation
LONDON (AP) â¿¿ It's been a tense summer in the City of London as one bank after another has faced allegations of massive misbehavior.Bankers in the British capital, which has for centuries been a center for global business, fear its reputation has been tarnished indelibly and that a heavy-handed regulatory crackdown is looming. First came U.K. bank Barclays. Its chief executive, Bob Diamond, was forced to step down last month after U.S. and British authorities fined the bank $453 million for manipulating a key market interest rate. Other banks are being investigated for their part in the scandal. Then there was HSBC, another big London-based bank. It faces fines of up to $1 billion after the U.S. Senate issued a damming report last month alleging it had failed to stop the laundering of Mexican drug money. Back in May, JPMorgan Chase & Co. disclosed a surprise $2 billion trading loss â¿¿ later upgraded to $5.8 billion â¿¿ racked up by its London office in a portfolio designed to hedge against risks the company takes with its own money. ___ S&P closes over 1,400 for first time in 3 months NEW YORK (AP) â¿¿ It was a day of milestones for the stock market. Stronger corporate earnings reports and expectations that central banks will act to support the economy powered the Standard & Poor's 500 index past 1,400 for the first time in three months. The index rose 7.12 points to close at 1,401.35 on Tuesday. Energy stocks increased the most of the 10 industry groups tracked by the index. The Nasdaq composite index marked a milestone of its own: the first close above 3,000 since early May. The Nasdaq rose 25.95 points to 3,015.86. The S&P hasn't closed above 1,400 since May 2, and the Nasdaq hasn't closed above 3,000 since May 3.