Aftershocks continue to shake Chile

A 6.9 magnitude earthquake hit Chile today 90 miles south of the capital of Valparaiso as the country’s new president, Sebastion Pinera, was being sworn in. Pinera takes over from Michelle Bachelet, the country’s first female president, who let office with approval ratings topping 80% but was constitutionally barred from running for reelection, BBC News. Background on Pinera and what his presidency means for Chile, New York Times.

Bank of America announced it will eliminate overdraft fees on debit card purchases this summer. The company previously would allow debit transactions to be completed, even if the account was overdrawn and then charge high fees for each overdrawn transaction. Overdraft fees are lucrative for banks. It’s estimated that U.S. banks made $38.5 billion from overdraft fees in 2009. The change is in response to federal legislation tightening restrictions on banks, CNN.

A new 2,200 page report details how the Lehman Brothers financial firm hid its toxic investments until it was forced to declare bankruptcy, New York Times. Factbox: key findings, Reuters.

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