Home » Archive for November, 2009
U.S. Trade Deficit Soars 18.2 Percent In September
The Commerce Department announced Friday that the U.S. Trade Deficit hit $36.5 billion in September, the largest amount since this past January. The figure topped the $31.5 billion economists’ were expecting and marks the largest... More of this article »
Lending Club Offers No-Fee IRA Option for P2P Lenders
P2P Lending Firm, Lending Club, has recently announced an option to for investors making P2P loans to invest through an individual retirement arrangement (IRA), allowing tax-free investing in the fledgling peer-to-peer loan industry. Lending... More of this article »
Prosper.com Moves into Consumer Financing with Zero Motorcycles Partnership
P2p lending Firm, Prosper.com, is looking to generate revenue by targeting on consumers that are environmentally friendly by partnering with Zero, an electric motorcycle manufacturer, to offer a peer-to-peer lending-based financing... More of this article »
Bank of New York Mellon (NYSE: BK) Highly Undervalued Says Analyst Richard Bove
Banking analyst Richard Bove recently stated that shares of Bank of New York Mellon (NYSE: BK), with its strong prospects for significant growth, are way undervalued, and should be priced at double its current valuation. Bove recommends... More of this article »
FDIC Board Unanimously Approves $45 Billion Prepay for Banks to Shore Up Deposit Insurance Fund
In an expected move, the board of the Federal Deposit Insurance Corp. unanimously approved a 3-year prepayment by banks to the tune of $45 billion in order to put liquidity back into the Deposit Insurance Fund, which ran out of money... More of this article »
Bank Customers Must Give Consent Under New Overdraft Rules
In response to complaints from consumers over unexpected overdraft fees from banks, the Federal Reserve instituted a new rule which forces banks to secure consent from the consumer before allowing them to overdraft their accounts,... More of this article »
Charles Schwab (NASDAQ:SCHW) Pressuring Competitors in New ETF Business Strategy – Capitalism at its Best!
There’s no secret to the simple but effective strategy employed by Charles Schwab (NASDAQ:SCHW) to expand its scale and attempt to dominate the low-cost trading sector it serves. To that end, earlier in the month they launched... More of this article »
Citigroup Inc. (NYSE:C) Survey of Texans Shows Consumers Still Tightening Belts
A survey of Texas residents by Citigroup Inc. (NYSE:C) confirms that consumers are still holding back on buying, and putting off spending on major products until the economy gets better. Some of the findings of the survey were indicative... More of this article »
Pay Czar Concerned AIG (NYSE: AIG), Bank of America (NYSE: BAC) and Other Firms Could Lose Top Talent
The Treasury Department’s “pay czar”, Kenneth Feinberg, commented on Thursday that he is concerned about scaring away some of the best talent at seven firms, including Bank of America (NYSE: BAC) and American International Group... More of this article »
Report from ‘Pew Center on the States’ Confirms U.S. Economic Recovery a Myth and Need for Limited Government
In a devastating report on the fiscal condition of states across America, a report from the Pew Center on the States found that, along with California, nine other states are approaching similar crises. This of course raises the question... More of this article »
AIG (NYSE: AIG) CEO Staying At The Helm
AIG (NYSE: AIG) landed in the news again today, as we learn that Chief Executive Robert Benmosche tried to calm fears today that he was about to jump ship, with an open letter to employees announcing he was “totally committed to... More of this article »
Why is Wells Fargo’s (NYSE:WFC) Tier 1 Capital-asset Ratio the Taxpayers’ Problem?
It didn’t bother Wells Fargo (NYSE:WFC), which Warren Buffett’s holding company Berkshire Hathaway (NYSE:BRK-A) has a major stake in, to accept taxpayer funds in order to secure capital when credit was tight, so why does... More of this article »
Citibank (NYSE: C) and Bank of America (NYSE: BAC) Begin Charging $7.50-$8.95 Monthly Fees for Checking Accounts
Citibank (NYSE: C), Bank of America (NYSE: BAC) and scores of other banks have begun charging new and higher monthly fees for holding checking accounts. Citibank customers with Access or EZ checking accounts will now be charged a $7.50... More of this article »
ING Groep NV (NYSE: ING) Commits to Repay Government Loans Early, Makes $750 Million 3rd Quarter Profit
Dutch financial services company, ING Groep NV, made a EUR 499 ($750 million) net profit during the third-quarter, helped by improving investment markets and a new focus on growth opportunities in its banking business. ING Chief Executive,... More of this article »
Citibank (NYSE: C) Wins Major Case Related to Auction-Rate Arbitration
Citigroup (NYSE: C) Global Markets Inc. won a in major arbitration claim that was brought forth by Banco Industrial de Venezuela, over a $118.7 million investment in auction-rate securities. The Financial Industry Regulatory Authority’s... More of this article »
HAMP Update: JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Morgan Stanley (NYSE: MS) Lead the Pack, Bank of America (NYSE: BAC) and Wells Fargo (NYSE: WFC) Have Room to Improve
JP Morgan Chase (NYSE: JPM), Morgan Stanley (NYSE: MS) and Citigroup (NYSE: C) have done the best job of modifying mortgages for troubled borrowers under the Obama administrations primary efforts to prevent foreclosure on residential... More of this article »
Bank Of America (NYSE: BAC) CEO Lewis Says Merrill Merger Ahead Of Schedule
Kenneth Lewis, CEO of Bank of America (NYSE: BAC) said today that the Merrill Lynch deal is ahead of schedule, according to several reports. Lewis said the merger has already created $2.2 billion in cost saving through the end of... More of this article »
HSBC Holdings (LON:HSBA) and Barclay’s (LON:BARC) Benefit From Declines in Loan Losses, See Decline in Investment Banking
Both HSBC Holdings (LON:HSBA) (NYSE:HCS) and Barclay’s (LON:BARC) both benefited from a decline in loan losses during the third quarter, but while HSBC reported a healthy profit, Barclays reported a 54% drop in earnings. HSBC’s... More of this article »
JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC) Make Fewer Loans Because of Tightened Lending Standards
A new Federal Reserve survey released last week showed that fewer banks have tightened lending standards during the third quarter, but also said that “tigh credit” remains a drag on the economy because many banks, including JP... More of this article »
MBIA Inc. (NYSE: MBI) Posts Q3 Loss Due To Insurance Losses
Bond insurer MBIA (NYSE: MBI) announced Monday after the market close it suffered a third quarter loss of $727.8 million or $3.50 a share as insurance losses on mortgage-backed securities saddled the company yet again. However, the... More of this article »
Bank of America (NYSE: BAC) Board Face Difficult Decision in Naming Successor for Lewis
In a report by the Wall St. Journal, directors at Bank of America Corp. (BAC) are looking at a Thanksgiving deadline on whether to endorse a succession plan by outgoing CEO Kenneth Lewis. In light of the bank’s current problems stemming... More of this article »
East West Bancorp (NASDAQ: EWBC) Acquires Failed California Bank ‘United Commercial Bank’
United Commercial Bank, a subsidiary of UCBH Holdings, was shut down on Friday and its assets acquired by East West Bancorp (NASDAQ: EWBC), becoming the 120th bank to fail so far in 2009. United Commercial Bank was based in San Francisco. Four... More of this article »
Citigroup (NYSE: C) to Relaunch “Citi Alternative Investments” Hedge Fund Operations as “Citi Capital Advisors”
Citigroup (NYSE: C) is set to relaunch its unit that contain its troubled hedge fund operation after two years of lackluster performance, internal division and unrest among its investors. Various sources are reporting that the company... More of this article »