Archive for October, 2009
Bank of America (NYSE:BAC) Board Ready to Cast Net for New CEO
After the announced resignation of Bank of America (NYSE:BAC) Chief Executive Officer Kenneth D. Lewis yesterday, the board of the Bank of America is moving quickly to put together a nominating committee in order to begin a search for a new CEO for the banking giant. Depending on how long it’ll take to siphon through [...]
Citigroup (NYSE: C) Completes $8.7 Billion Sale of Japanese Investment Brokerage
Citigroup (NYSE: C) has finalized the sale of its Japanese brokerage form to Sumitomo Mitsui Banking Corp. as part of an $8.7 billion deal that advances Citi’s restructuring efforts designed to shrink the size of the company and generate new capital. The cash and debt transaction was valued at 776 billion yen, which is about [...]
First Time Homebuyer’s Tax Credit Set to Expire November 30th
The wildly popular first-time homebuyers tax credit that was included as part of the American Recovery and Reinvestment Act is set to expire on November 30th. The first-time homebuyers tax credit has been wildly popular, so much so that realtors have begun lobbying Congress to extend the credit through next year to alleviate the depressed [...]
Editorial: Bernanke Caves on Obama’s Provision of Adding More Power to the Fed – Is it Real or a Ploy?
Growing pressure on the beleaguered Federal Reserve has Federal Reserve Chairman Ben Bernanke backpedaling on his original desire to see the Federal Reserve invested with even more power concerning oversight of “systemic risk.” Even in the midst of immense pressure and criticism in not recognizing the crisis, along with how they’ve handled it, it’s puzzling [...]
Citibank Declares 30-Day Payment Holiday to Philippine Customers
For the first time since it has had a presence in the Philipines, Citibank (NYSE:C) has declared a 30-day payment holiday for it Citibank Savings personal loan borrowers, as well as those holding credit cards with the bank who live in the Philippines. This was in response to Tropical Storm “Ondoy,” which has wreaked havoc [...]
Consumer Advocate, Clark Howard, Offers Advice to Fix the Banking System.
With talk of a new consumer financial regulatory authority and other significant reforms to the nation’s financial system, consumer advocate and radio host, Clark Howard, recently weighed in his suggestions to fix the nation’s banking system. Howard has criticized the federal government for doing nothing that would prevent another near collapse of the financial system. [...]
October Marks 1 Year Anniversary of Global Financial Crisis
It’s been a little over a year since Lehman Brothers went bankrupt and the world’s financial crisis teetered on the verge of collapse. The stock market was in a free fall, bank failures were happening all over the place and many even questioned the security of money placed into money market funds. The world was [...]
The FDIC is Out of Money – Now What?
Now that the FDIC has effectively admitted they’ve run out of money in the Deposit Insurance Fund, what does that mean to for the banking system in the U.S., and the consumers and businesses using them? First we have to understand that the banking system, the FDIC and the Treasury Department are essentially insolvent. If [...]
Bank Of America (NYSE: BAC) CEO Ken Lewis To Retire
Following what has been a tumultuous year since the Merrill Lynch acquisition, Bank of America (NYSE: BAC) President and Chief Executive Ken Lewis announced Wednesday he will step down from his role as the company’s head and retire. Lewis notified the bank’s board of directors that his retirement will be effective December 31, 2009. The [...]
3 Lending Club Investment Strategies
Many investors that started originating loans in 2007 and 2008 before the SEC came down on the peer-to-peer lending industry through Prosper.com got burned by giving loans to people who were absolutely terrible credit risks. Lending Club.com refined that model by placing more stringent requirements on borrowers and by giving improving their collections practices. Many [...]
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