Archive for August, 2009
Banco Bilbao Vizcaya Argentaria SA May Have Won Bid for Guaranty Bank
Bids for the assets of Texas-based Guaranty Bank have been received during August by the Federal Deposit Insurance Corp., and the probable but unconfirmed news that the huge Spanish bank Banco Bilbao Vizcaya Argentaria SA has won that bid would effectively put an end to Guaranty Bank. Of course whether it’s Banco Bilbao Vizcaya Argentaria [...]
How to Determine If Your Money is FDIC Insured
During the Great Depression, American savers lost millions as their banks went insolvent and customers were unable to withdraw money. In order to prevent that from happening again, the Federal Deposit Insurance Corporation (FDIC) was created in 1933 so that savers money would be safe, even if their bank failed. What Types of Accounts are [...]
Editorial: Why it’s in the Public Interest for the Fed to be Audited
Ron Paul has been fighting an uphill battle to enlist the aid of his fellow lawmakers to remove the secrecy and hidden actions of the Federal Reserve, which is moving far too autonomously for the public good; confirmed by the outrageous resistance to the audit by Federal Reserve Chairman Ben Bernanke. What’s great about the [...]
Banking Leaders Confirm Industry Still in Bad Shape
In a recent study from advisory firm KPMG KPMG.UL, banking executives said the industry will recover slower than even the economy; a true statement that was good to hear, as some politicians and news outlets attempt to make it look like we’re in the beginning of some type of recovery, when there is a long [...]
JP Morgan Provides California $1.5 Billion Loan To Repay IOUs
The California State Treasurers office announced late Tuesday that JP Morgan Chase is supplying a $1.5 billion loan that will allow it to end its IOU program come September 4, when the state’s new cash-flow borrowing plan kicks in. The exact details of the loan were not disclosed, but reports have said JP Morgan Chase [...]
How Recent Interest Rate Decisions from the Fed Will Impact Your Savings Account
Last week, the Federal Open Market Committee (FOMC) met and determined that the federal funds rate will remain as close to zero (0 – 0.25%) as it has ever been. The press release that the Federal Reserve release stated, “The Committee will maintain the target range for the federal funds rate at 0 to 1/4 [...]
Investment Bank ‘Lazard’ Hires Tom Tuft from Goldman Sachs
Preparing for what head of Lazard Ltd. Bruce Wasserstein called a “re-equitization of the American capital structure” over the next five to six years, the company hired Tom Tuft away from Goldman Sachs Group Inc. to prepare for that eventuality. “Tom is one of the most highly regarded professionals on Wall Street,” Wasserstein said in [...]
Recent Data Show Risk to U.S. Properties Stands at over $3 Trillion
Spin it any way you want to, the risk to U.S. banks, the economy and homes in the U.S. is far from over, as recent data show, properties in the U.S. are still at risk to the tune of over $3 trillion ($3.4 trillion). And re-sets for most of them are coming due over the [...]
U.S. Credit Card Defaults Ease In July
The ever-increasing rate of credit card defaults in the U.S. finally showed signs of easing in July as evidenced by regulatory filings from several large U.S. banks. The pullback was marginal in most cases, but the data is yet another piece of economic information that points toward the end of the recession. JP Morgan Chase [...]
Banks Now Focusing on Hiring Commodity Traders: Guaranteed Bonuses of $1 Million
With commodities set to resume their upwards move, Wall Street corporations have been searching out and hiring new commodity traders to add to their existing work force to fully take advantage of what promises to be a continuation of a bull market that was temporarily interrupted by the economic crisis and freezing of credit which [...]
Banks Offering 2.00% APY and Above Savings Accounts in August 2009
Just a few years ago, there were banks offering over 5.00% APY as an FDIC, guaranteed rate of return. Those days are long gone and now savings account holders are lucky to get 1.50% APY on their money. There are a few banks that have held out as long as possible and are still offering [...]
Amboy Direct Revamps Online Savings Account Offerings
Amboy Direct recently made significant modifications to their website and removed all references to their “Premium Online Savings Account” and instead are promoting their “eSavings Account” offering which has a higher minimum balance and a different fee structure. It turns out that Amboy Direct is still offering their premium online savings account product, but they [...]
BB&T Corp. in $750 Million Public Offering of Common Stock
Branch Banking Trust (BB&T) announced today that it has initiated a $750 million public offering of its common stock. There was no specific reason given for the funds generated from the offering other than they’ll be used for general business purposes. In case of overallotments, the underwriters have a 30-day option in which to acquire [...]
NCUA Warns Of Fraudulent Credit Union Advertisements
The National Credit Union Administration learned earlier this month of a fraudulent lending scheme by parties that claim to be credit unions. The scheme is done by placing false advertisements that offer to help potential customers with credit problems obtain loans such as, auto loans, home equity loans and debt consolidation loans. The fraudulent advertisements [...]
BB&T Retains Ratings After Acquisition of Colonial BancGroup
There were concerns on whether the ratings of BB&T and its subsidiary Branch Banking Trust would retain their status after the acquisition of Colonial BancGroup on Friday. After being appointed as receiver of Colonial BancGroup, the Federal Deposit Insurance Corporation approved of the sale of Colonial to BB&T as far as its deposits and assets. [...]
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