Tiger’s accident is becoming more expensive

The Daily Beast has learned exclusively that the beleaguered golfer is negotiating an immediate $5 million payout to his wife—and revising her prenup to give her as much as $55 million more to stay with him two more years.

Traditionally it’s a divorce that makes a wealthy athlete like Tiger Woods take a big financial hit. But it appears that in Tiger’s case, it’s going to cost him a bundle just to stay with his wife!

When the couple married on Oct. 5, 2004, at the Sandy Lane resort in Barbados, Elin signed a prenuptial agreement reportedly worth $20 million after 10 years of marriage, not considered a large payout for someone who was already as successful as Tiger by then.  But in light of a string of women coming forward to say they had affairs with Tiger since his marriage, Elin has demanded that the prenup be rewritten.

The links legend’s spouse is reportedly being paid a hefty seven-figure amount—immediately transferred into an account she alone controls—to stick with her husband, Sun-Times columnist Bill Zwecker reported Wednesday.  “At this point, the couple needed to remain married for 10 years in order for Woods’ wife to collect a splitsville settlement of $20 million. I’m being told that time frame has been shortened—and the dollar amount increased ‘substantially.’”

There’s a price to having a life turned upside down in the public eye. That’s what the couple is hammering out now. Since Tiger Inc. is in crisis, it’s likely she will accept a deal rather than allow her anger and sense of humiliation to prevail. The Woods camp is about to pull off the most expensive “stand by your man” stand ever. (Attempts for any comment from the Woods camp were not successful).

FDIC: Quarter of U.S. households have limited or no access to banks

One out of four U.S. households either lack bank accounts or use payday loans, check-cashing services and other costly alternatives to traditional banks.

The Federal Deposit Insurance Corp. survey of so-called unbanked and underbanked consumers marks the government’s most comprehensive effort to quantify a population that has existed largely below the radar of federal regulations and financial institutions. The report found that nearly 22 percent of black households and 71 percent of families earning less than $30,000 do not use banks. In addition, 41 percent of unbanked households felt they were unlikely to open an account in the future.

Consumer advocates have long pushed for greater oversight of the alternative financial services, arguing that they charge exorbitant interest rates and fees. But industry groups say they have increased transparency of the terms of their services and that their fees reflect the risks in their business. The proposed Consumer Financial Protection Agency currently under debate in Congress would have broad authority to set new national standards for the non-bank financial service providers and investigate complaints — bringing the industry under the eye of a federal agency for the first time. On Wednesday, Sen. Herb Kohl (D-Wis.) proposed legislation aimed at encouraging banks to compete with payday lenders and provide small, short-term loans to unbanked and underbanked consumers. The legislation would establish a federal fund to guarantee up to 60 percent of those loans. In return, banks must cap the loans at $2,500 and the interest rates at 36 percent, among other requirements.

(Read the whole story here.)