Home » Archive for December, 2009
Wells Fargo (NYSE: WFC) Execs Will Not Receive Cash Bonuses
As the year draws to a close, the bonuses earned on Wall Street receive significant attention. In past years, these funds trickled down and provided booms for high end real estate in New York, Ferrari dealerships in Greenwich, and... More of this article »
Too Big to Fail? Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE) are Apparently Too Big to Shrink
Last week, the government pledged essentially unlimited support to Fannie Mae (NYSE: FNM) and Freddie Mac (NYSE: FRE), in an effort to ensure the housing market does not unravel further. Through this effort, the Treasury Department... More of this article »
New Credit Card Regulations Positive for Consumers, Negative for Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C)
2008 and 2009 have been painful years for consumers with rising unemployment, high-levels of consumer debt and an increasing number of foreclosures, but the skies are clearing for consumers in 2010 as new financial protections go into... More of this article »
GMAC Getting Bailed Out (Again)
As all the major national banks have repaid the TARP funds, it could be easy to assume that the financial crisis is over and we’re on the front porch of normalcy – but, don’t be so fast. The recession and financial... More of this article »
Credit Cards Find New Ways to Gouge Customers
It seems that the tale of their demise has been greatly exaggerated. The tale, of course, relates to predatory practices by credit card companies. Many were hopeful that the Credit Card Act of 2009 would finally put an end to the abusive... More of this article »
JP Morgan Chase (NYSE: JPM) CEO Jamie Dimon Critical of UK Tax on Executive Bonuses
JP Morgan Chase (NYSE: JPM) Chairman and CEO recently criticized a decision by the British government to impose a 50% tax on executive bonuses and called British Finance Minister Alistair Darling telling him that the bonus tax had... More of this article »
Bank of America (NYSE: BAC) CEO Brian Moynihan to Shake-Up Company’ Credit Card Business
Incoming Bank of America CEO Brian Moynihan will face the task of shoring-up Bank of America’s struggling credit card business when he takes over next week. Bank of America’s credit card business under Moynihan’s helm in his... More of this article »
GMAC May Receive An Additional $3.5 Billion In TARP Funds
GMAC Financial Services is likely to receive an additional $3.5 billion in financial aid from the U.S. government, according to recent reports. The official announcement could be made in the coming days and would add to a taxpayers’... More of this article »
Banks Targeting Debit Cards for Additional Revenue Stream
With the Credit Card Accountability, Responsibility and Disclosure (CARD) Act to be instituted in February 2010, banks are starting to look at other revenue streams, as over the long term revenue from credit cards will be a smaller... More of this article »
Small Banks Resisting Interference of Federal Reserve in Executive Compensation
Even though the U.S. government acknowledges the compensation given by small banks to their executives had nothing to do with the banking crisis, they continue to pursue a policy of interfering with small banks by writing up compensation... More of this article »
Alistair Not Jamie Dimon’s Darling, as Dimon Reconsiders Building European Headquarters in London’s Canary Wharf Financial District
A recent report from the London Telegraph has generated a lot of buzz and interest, as JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon evidently called British Finance Minister Alistair Darling earlier in the month to let him... More of this article »
Troublesome November Credit Card Report Emerges
Throughout the financial crisis, we have been waiting for the last show to drop: credit card defaults. Nearly all of the major banks have entered the credit card industry in recent years, joining forces with Visa to issue cards regionally,... More of this article »
Robert Kelley, CEO of Bank of New York Mellon (NYSE: BK) Under Fire
The role of CEO for a bank has never come under such scrutiny in modern history. Venerable institutions like Citigroup (NYSE: C) replaced their CEO Chuck Prince just last year, Bank of America (NYSE: BAC) finally has Ken Lewis’ replacement... More of this article »
JPMorgan (NYSE: JPM) Reconsidering London Presence?
Let’s tax those Wall Street pigs. They’ll stay here and just pay right? Well, not so fast… The populist vengeance aimed at Wall Street has brought on many policies that are grossly anti-capitalist, but the most egregious can... More of this article »
JPMorgan (NYSE: JPM) Suing Former Executive
When Willie Sutton was asked why he robbed banks, he replied “because that’s where the money is.” It seems that not much has changed in almost eighty years. JPMorgan Chase & Company (NYSE: JPM) said on Monday that it has... More of this article »
Swiss Banking in Jeopardy?
Historically, the term “Swiss bank” was synonymous with hiding assets. As the extremely wealthy poured they cash in over the years, much of this money went into a black hole, where the US and European governments did not see, but... More of this article »
Consumer Confidence Rises Again As Housing, Employment Outlook Continue To Firm
The Conference Board announced Tuesday its Consumer Confidence Index rose again in December as recent gains in home sales and prices, coupled with an improved outlook over labor markets, pushed sentiment higher. The agency’s confidence... More of this article »
TARP Repayment: Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) Stronger Without Tax Payer Support
Both Wells Fargo (NYSE: WFC) and Citigroup (NYSE: C) completed their plans to repay debt under the Troubled Asset Relief Program (TARP) which will leave both banks in a stronger position at the end of the day. The federal government’s... More of this article »
Bank of America’s (NYSE: BAC), Bank of New York Mellon (NYSE:BK) and Citigroup (NYSE:C) Leading Targets of Short Sellers in November and December
Bank of America’s (NYSE: BAC), Bank of New York Mellon (NYSE:BK) and Citigroup (NYSE:C) continue to be major target of short sellers among the large financial companies. Of all companies listed on the New York Stock Exchange,... More of this article »
Movement to Reinstate Glass-Steagall Would Break up Citigroup (NYSE:C), JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC) and Others
Senators John McCain (R-AZ) and Maria Cantwell (D-WA) have introduced a new piece of legislation in congress that would effectively bring back the Glass-Steagall Act, which would force the breakup of Citigroup (NYSE: C), JP Morgan... More of this article »
JPMorgan Chase (NYSE:JPM), Barclays (LON:BARC) and Morgan Stanley (NYSE:MS) Among Those Interested in Royal Bank of Scotland (LON:RBS) Assets
A number of large banks and other companies unrelated to the financial industry have expressed interest in buying some assets of the Royal Bank of Scotland (LON:RBS), including JPMorgan Chase (NYSE:JPM), Barclays (LON:BARC) and Morgan... More of this article »
Federal Reserve Selects Two Community Bankers For Consumer Advisory Panel As ICBA Continues To Make Footprint
In yet another example of community banks gaining traction over the influence of the U.S. financial system, the Independent Community Bankers of America (ICBA) announced last week that the Federal Reserve selected to more of its members... More of this article »
Federal Reserve Proposes ‘Term Deposit Facility’ to Withdraw Money from Banking System
On Monday the Federal Reserve put forth the idea of creating a new way to withdraw money from the banking system when the need to tighten money policy presents itself. Dubbed a term deposit facility, what it will do is allow banks... More of this article »