Archive for November, 2009
Lending Club Originates $6.3 Million in New Loans in October, Outpaces Prosper Marketplace
Lending Club originated a total of $6.3 million in new loans during the month of October, making it the fastest growing peer-to-peer lending firm in the United States. The company has seen significant growth in the number of loans that it has originated during the last several months. In fact, the amount of loans that [...]
Lending Club Investment Strategies: High Risk or Low Risk Loans
Investors that make use of the peer-to-peer lending firm, Lending Club, recently gained access to a lot of new data that will help them make better decisions as to what types of loans they should fund and which ones they should avoid. Lending Club’s new statistics page provides details about what types of loans perform [...]
Bank of America’s (NYSE: BAC) Next CEO: Ken Lewis?
It is no secret that Bank of America (NYSE: BAC) is struggling to find it’s next Chief Executive. Earlier this year, Kenneth D. Lewis announced that he was planning to leave his position at the end of the year amid a storm of controversy. But, as that time frame is quickly approaching, and no successor [...]
Ohio Sues Moody’s, Standard & Poor’s, and Fitch Over Fund Losses
While much of the disdain of the banking industry in the last 12 months has been primarily aimed at banks, the scope now seems to be broadening. On Firday, the State of Ohio has filed a lawsuit against Moody’s Investor Services, Standard & Poor’s, and Fitch claiming that they had cost state retirement and pension [...]
Becoming a Lending Club Lender – What are the Legal Requirements?
Many investors have lost faith in the stock market, real estate and other investments to provide consistent return over time. As a result, investors are increasingly seeking alternative investments to round out their investment portfolios. One new investment that has garnered some media attention is providing funding for personal loans through services such as Lending [...]
Lending Club Hosts Webcast about New IRA Product
Lending Club recently hosted an online conference with its investors about its new IRA product. During the conference, hosted on Instant Presenter, Scott Langmack presented on Lending Club’s new IRA option to over 100 of the company’s investors. During the webcast, Langmack stressed the importance of investing in a tax advantaged means and touted Lending [...]
Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and J.P. Morgan Chase (NYSE:JPM) Hire 17,000 for Mortgage Restructuring
There’s good and bad news when you consider that a large growth area for job creation is with Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and J.P. Morgan Chase (NYSE:JPM), which have hired approximately 17,000 workers so far in 2009 in order to prepare for the growing number of defaults. The majority of [...]
Is Wells Fargo (NYSE:WFC) Much Weaker Than it Admits?
The Wells Fargo (NYSE:WFC) continues to be a somewhat strange one, as the conflicting signals from the company over the months leaves you wondering what the real strength of the bank is. One obvious example is their response to receiving of TARP funds, which they have claimed through CEO John Stumpf in the past that [...]
JP Morgan (NYSE:JPM) Acquiring All of Cazenove for $1.67 Billion
After a successful joint venture partnership over the last five years, JP Morgan (NYSE:JPM) announced it will be acquiring the rest of Cazenove, an investment bank based in the UK. Terms of the deal were JP Morgan would pay $8.98 a share to the 1,500 shareholders in the company, which comes to $1.67 billion.The new [...]
Congressmen Ron Paul and Alan Grayson Announce Amendment Based on HR 1207 Passes in Financial Services Committee
Concerns were raised after highly supported HR 1207 was gutted by Mel Watts, who offered a version of the bill so different as to not to be taken seriously, in response, Congressmen Ron Paul and Alan Grayson added an amendment to HR 3996, which Paul says, if passed, “will grant sweeping new powers to the [...]
Lending Club Vs Prosper – Which Company Provides Better Peer-to-Peer Loan Investment Opportunities?
After the dust has settled from the SEC coming down on peer-to-peer lending companies in the United States, Prosper.com and Lending Club have come out as the two dominant forces in the peer-to-peer lending industry in the United States. These companies provide investors with an alternative investment to stocks, bonds and real estate that most [...]
Goldman Sachs (NYSE:GS) Shorting Wells Fargo (NYSE:WFC), Mastercard (NYSE: MA), PNC (NYSE: PNC) and AIG (NYSE: AIG)
I learned a long time ago to not listen to what people say but watch what they do, and in the case of Goldman Sachs (NYSE:GS), their net shorting of Wells Fargo (NYSE:GS), Mastercard (NYSE: MA), PNC (NYSE: PNC) and AIG (NYSE: AIG) reveals they’re not buying into the assertion that we’ve started to enter [...]
American Express (NYSE: AXP) Acquiring Revolution Money for $300 Million
American Express (NYSE: AXP) announced it’ll be buying Revolution Money, the company started by co-founder of AOL – Steve Case – for close to $300 million. Revolution Money focuses on the emerging demand for electronic payments and securing these transactions to make them safe for consumers to use. Close to one million merchants participate in [...]
J.P. Morgan Chase (NYSE:JPM) CEO Jamie Dimon: No Bank Should be Too Big to Fail
In a recent op-ed piece, J.P. Morgan Chase (NYSE:JPM) chairman and CEO Jamie Dimon asserted that there should be no limits to the size companies are allowed to grow, while at the same time any company should be allowed to fail. While I heartily agree with Dimon’s statement, the problem is this should be done [...]
Wells Fargo (NYSE: WFC) Agreeds To Buy Back $1.4 Billion In Auction-Rate Securities
Wells Fargo announced Wednesday that it has entered an agreement with the California Attorney General’s office and the North American Securities Administrators Association to buyback $1.4 billion in auction-rate securities, while paying fines totaling close to $2 million. There have been several agreements to buy back auction rate-securities over the past six months, following a [...]
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