Archive for December, 2009
Troubled Asset Relief Program (TARP) to be Extended by Obama Administration
The use of taxpayer dollars to bail out Wall Street will continue, as Treasury Secretary Timothy Geithner, talking to a watchdog panel on Thursday said the Obama Administration will extend the highly controversial and unpopular bailout program until October 2010, the original period the legislation allowed. The plan was going to be shut down at [...]
Wells Fargo (NYSE: WFC) Says Home Loan Modification Efforts Progressing
Wells Fargo & Company (NYSE: WFC) issued a press release on Thursday detailing how it continues to reduce the number of home foreclosures throughout the nation with the use of the federal Home Affordable Modification Program (HAMP) Through the first eleven months of 2009, Wells Fargo said it has put in place 422,000 trial and [...]
Bonuses Come Into Focus For CEO, Execs at Goldman Sachs (NYSE: GS)
The good times are back again at Goldman Sachs (NYSE: GS), as bonus payments come into focus. How can we make sure that the interests of firm management are properly aligned with the interests of shareholder? By paying them in stock, of course. Goldman Sachs (NYSE: GS) has drawn significant fire in recent months, as [...]
Citigroup (NYSE: C) Planning to Repay TARP?
It looks like Citigroup (NYSE: C) is ready to board the TARP repayment train. During the past 12 months, Citigroup has received large sums of money ($45 billion) as part of the Troubled Asset Relief Program (TARP). Now, in an effort to join the heard of banks who have paid back early, including Bank of [...]
PNC Financial Services Group (NYSE: PNC) Ready to Pay Back TARP Funds in 2010
PNC Financial Services Group (NYSE: PNC) CEO James Rohr said the company has plans to pay back the $7.6 billion in TARP funds it received from the federal government sometime in 2010. Rohr added the company hopes to do it without diluting the value of its shares. According to Rohr, who was talking at the [...]
Citigroup (NYSE: C) CEO Takes Bank of America (NYSE: BAC) TARP Exit as Wake-Up Call
When Bank of America (NYSE: BAC) CEO Kenneth Lewis announced plans to repay the government debt related to the Troubled Asset Relief Program, Citigroup (NYSE: C) CEO Vikram Pandit, took the news as a wake-up call. Just one day after Bank of America’s announcement, a group of Citigroup executives contacted the Treasury Department to discuss [...]
President Obama to Meet with Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) and Others to Discuss Proposals to Boost Lending
Executives from 12 banks, including Citigroup (NYSE: C), Goldman Sachs (NYSE: GS), JP Morgan (NYSE: JPM), Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC) will have the opportunity to participate in a December 14th meeting at the White House with President Obama to discuss proposals that he has to boost lending to small businesses [...]
UK Treasury Head Alistar Darling’s Tax on Bank Bonuses a Complete Waste Time and Resources
The move by UK Treasury head Alistar Darling to install a 50 percent tax on the bonuses awarded to bankers is largely a politically motivated decision, and in the long run will do absolutely nothing but add some pounds to the British Treasury. Parameters of the tax would be on bonuses reaching above £25,000 levels. [...]
Lending Club Bonus: Get a $25.00 Bonus to Start Investing With Lending Club
Lending Club is a popular peer-to-peer lending institution that connects individual borrowers and investors. We’ve provided extensive coverage of Lending Club, Prosper and other peer-to-peer lending firms, and now you can get a $25.00 Lending Club bonus for registering as an investor with Lending Club. If you’re not familiar with the idea of using peer-to-peer [...]
Obama Administration Clueless on Banking Issues, Sending Mixed Messages to the Industry
Again we can see why government shouldn’t ever interfere in the markets, as revealed by the confusion and cluelessness of the Obama administration in navigating the banking waters. Obama is now pushing for banks to start lending much more in order to encourage economic recovery (you know, the one we’re already in). In an attempt [...]
TARP a Disaster Says Congressional Oversight Panel
Most people know that the TARP was and is a disaster, as it has done nothing but allow the terrible banking and business practices of the large financial institutions to be rewarded by keeping them going by throwing taxpayer dollars their way. Although the Congressional Oversight Panel claims TARP stopped the financial panic while helping [...]
Bank Of America (NYSE: BAC) Completes $45 Billion TARP Repayment
Bank of America (NYSE: BAC) announced late Wednesday that it has completed its repayment of government funds received from the Troubled Asset Relief Program (TARP). The bank sent the U.S. Treasury Department a $45 billion payment to settle up its debt. As previously planned, Bank of America helped fund the repayment by selling common equivalent [...]
Bank of America (NYSE: BAC), Other Banks To Rebound On Mortgage Applications?
Banking revenue related to home mortgage loans should be in for an uptick in the coming months. The data continues to pour in, and equity researchers are struggling on digesting it all. This week, the Mortgage Bankers Association released a report showing that demand for home loans in the United States rose last week, to [...]
Why Peer-to-Peer Lending Works When Lending Money to Friends Doesn’t
Most of us know that lending money to friends and family members rarely results in a full repayment from the person that you lend money to. Loans to friends and family members are much more frequently delinquent because the borrower believes that the friend or family member has some sort of obligation to help them. [...]
U.S. Mortgage Applications Rise On Refinancing Activity
The Mortgage Bankers Association released a report Wednesday that showed home loan applications jumped last week to the highest levels in a couple months as homeowners actively pursued refinancing as rates sit near historically lows. The association’s Weekly Mortgage Applications Survey for the week ending December 4, 2009 showed an 8.5 percent increase in loan [...]
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