Archive for December, 2009
Keynesian College Economist Weenies Come to Aid of Their Hero Ben Bernanke in Opposition to Ron Paul’s Audit the Fed Bill
Evidently reading a script that was probably written by Ben Bernanke himself, a small number of college economists wrote a letter to the Senate Banking Committee and House Financial Services Committee saying the tired, worn out old line that if the Government Accountability Office audits the Federal Reserve, it would cause serious harm to the [...]
Lending Club Rates: How Much Will a Peer-to-Peer Personal Loan Cost You?
If you’re in the market to get a personal loan from a bank, you have a number of different options to consider. The onset of the web as a means to connect with banks and finance companies has expanded your options beyond count. When looking for a loan from a bank or online, it’s important [...]
Bank Of America (NYSE: BAC) Mortgage Modification Efforts Help 600,000 Borrowers Since Inception
Bank of America (NYSE: BAC) announced late Monday that it has provided relief for more than 600,000 homeowners since January 2008 through loan modification efforts. The Treasury Department’s most recent Making Home Affordable Program servicer performance report showed that the bank was responsible for one in every five loan modification trials. According to the report, [...]
Will Ron Paul Vote Against His Own Bill to Audit the Federal Reserve?
Washington has been so out of touch with principles and reality for so long, that they probably think voting for the bill initiated by Ron Paul to edit the Federal Reserve would be political feather in the cap of Ron Paul. But it looks like that isn’t going to be so, as it wasn’t allowed [...]
Bank of America (NSE: BAC) Executive Under Scrutiny Relating to Merrill Lynch Takeover
One of Bank of America’s (NYSE: BAC) leading candidates to become the company’s next CEO has become embroiled into an investigation relating to Bank of America’s takeover of Merril Lynch last year. New York’s attorney general, Andrew M. Cuomo, has contacted several of Bank of America’s lawysers during the last two weeks with concerns about [...]
Smart Trend Accurately Predicts 3% Drop for Citigroup (NYSE: C)
Smart Trend’s Power Rating called for a general down-trend in Citigroup’s (NYSE: C) share price on October 28th, 2009 when the stock price was sitting at $4.13 per share. One month later, the stock’s price has dropped by 2.9% down to $4.01, according to a company press release. Citigroup has recently been under the market’s [...]
Citigroup (NYSE: C) Brokerage Upgrades Outlook on Mexico Market, Downgrades Peru
Citigroup (NYSE: C) upgraded Mexico’s stocks to a “neutral” rating and downgraded Peru to an “underweight” rating, down from a neutral rating on Tuesday in a newly released research report. In the report, Citigroup said that “Peru is among the two most expensive emerging markets globally.” Meanwhile, Mexico is perceived to be a major beneficiary [...]
Kuwait Sovereign Wealth Fund Rakes in $1.1 Billion in Profit After
Named the Kuwait Investment Authority (KIA), which is the sovereign wealth fund of the country, the entity, which helped Citibank (NYSE:C) with bailout funds, profited wildly when it recently sold its share in the company for $4.1 billion, pocketing a cool profit of $1.1 billion. In the midst of the global crisis in January 2008, [...]
Citigroup (NYSE:C) Follows in Bank of America’s (NYSE:BAC) Footsteps: Seeking Permission to Pay Back TARP Funds
When Bank of America (NYSE:BAC) initiated action toward paying back the TARP funds it received, it was expected that some banks would follow behind them quickly, and that’s the case, as Citigroup (NYSE:C) is pushing the U.S government to allow them to pay back $20 billion in taxpayer dollars. Citigroup is highly motivated at this [...]
UBS (NYSE: UBS) Again Allowing its Private Bankers to Visit Foreign Clients after Temporary Ban
After pressure from the U.S. government the Swiss banking regulator forced UBS AG (NYSE: UBS) and other private bankers to cease from visiting potential and existing clients across borders. Those temporary orders have now been rescinded and Swiss private bankers can again visit clients from other countries. The travel ban emerged from pressure from the [...]
Consumer Credit Falls by $3.51 Billion in October as Spending Remains Down
A report from the Federal Reserve on Consumer credit revealed that consumers continue to focus on paying off debt and tightening up their pocket books as the recession continues to linger on. While there are those which have attempted to make this look like some type of positive number because a small amount of economists [...]
Citgroup, Inc. (NYSE: C) and Wells Fargo & Co (NYSE: WFC) At Odds with Fed over Tarp Repayment
Officials at Citigroup, Inc. (C) and Wells Fargo & Co (WFC) are in intense discussions with the U.S. government over the scope of capital requirements the banks would need to exit the Troubled Asset Relief Program (TARP). At issue for Citigroup is a 20% dilution in shareholder value which would be necessitated if it were [...]
Bank of America (NYSE: BAC) CEO Candidate Facing Scrutiny
Greg Curl, the Chief Risk Officer for Bank of America (NYSE: BAC) and one of the leading internal candidates for the Chief Executive Officer (CEO) position at the bank is currently being sought for additional questioning by the office of New York’s attorney general, Andrew Cuomo. The New York Times reported on Tuesday that the [...]
Mad Money Host Says Government should have Cashed Out on Citigroup
CNBC’s Mad Money host, Jim Cramer, said in an interview with Erin Burnett that the United States government should have liquidated its stake in Citigroup (NYSE: C) when the share price was at $5.00. In his interview, Cramer said that the government should have liquidated its shares rather than playing the market. Cramer believes that [...]
Ron Paul Wins Key Battle to Open Federal Reserve’s Books
Representative Ron Paul won a major battle on Capitol Hill last week to shed light into the Federal Reserve’s activities with an amendment in the House Financial Services Committee’s financial-system reform bill that would begin federal reviews of the central bank’s operations, with a 43-26 vote. For years, Ron Paul has asserted that the Federal [...]
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