Archive for December, 2009
Goldman Sachs (NYSE:GS) Claims Didn’t Need Government Bailout
Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein said in an online Vanity Fair article recently that the company didn’t need a government bailout, and would have survived without it. President of Goldman Sachs, Gary Cohn, said it stronger, stating the company had cash and “would not have failed.” Goldman spokesman Lucas van Praag confirmed that Goldman [...]
Federal Reserve Says Bank of America (NYSE: BAC) Must Sell Some Operations
As part of Bank of America’s (NYSE: BAC) plan to repay its bailout funds under the Troubled Asset Relief Program, the Federal Reserve is requiring the Bank of America to decide which businesses it can sell to generate capital by the beginning of the Summer. Bank of America’s agreement with the Federal Reserve to repay [...]
Citigroup (NYSE: C) Executives Say Treasury Department Inaction Preventing TARP Repayment
The Treasury Department’s refusal to sell its 34% ownership stake in Citigroup (NYSE: C) is preventing the bank’s plans to repay nearly $20 billion worth of loans under the Troubled Asset Relief Program, according to several sources. Executives at the New-York based firm are becoming increasingly frustrated because they are unable to sell stock to [...]
U.S. Peer-to-Peer Lending Firms Originate $9.2 Million in Loan Growth during November
The two largest peer-to-peer lending firms, Prosper and Lending Club, originated a total of $9.2 million in loans during the month of November. Out of the $9.2 million in peer-to-peer loans that these two companies Lending Club generated the lion’s share with $6.8 million in new loans that were created during the month. Lending Club [...]
FDIC Shutters Six More Banks, Total ’09 Failures Hit 130
The Federal Deposit Insurance Corporation announced Friday it shuttered six more banks, bringing total bank failures in 2009 to 130. The FDIC did not report any bank closures a week ago, November 27. Georgia, which has seen a large share of bank failures this year, saw three banks taken over by regulators Friday. Those included [...]
Major Belgium Lawsuit Against Citibank (NYSE:C) Started Friday
In the largest Belgium lawsuit in relationship to the financial banking crisis, 4,000 Belgium customers of Citibank (NYSE:C) have begun their attempt at recouping their savings after losing everything in where the prosecution says Citibank used “misleading information” and employed “tricks” to get Belgium banking customers to invest in highly risky products. What the prosecutors [...]
Ben Bernanke Lectures Gordon Brown and Britain in Hopes of Maintaining Status Quo at Federal Reserve
Ben Bernanke is looking more anemic and pathetic every day that goes by, as now the disastrous Chairman of the Federal Reserve, in an attempt to shore up his position at the Federal Reserve, and the Federal Reserve itself, is using Gordon Brown as a scapegoat in an attempt to make it look like his [...]
Analysts: Wells Fargo (NYSE:WFC) Would Need to Raise $34 billion to Match Bank of America’s (NYSE:BAC) Capital Ratios
Analysts at Keefe, Bruyette & Woods said on Thursday that in order for Wells Fargo (NYSE:WFC) to maintain capital ratios of 8.5 percent as Bank of America (NYSE:BAC) will, they would have to raise up to $34 billion to do it in order to pay back their TARP payment. Even so, the firm said Wells [...]
Shoretel (NASDAQ:SHOR) Up 11% on JP Morgan (NYSE: JPM) Upgrade
Shares of Shoretel (NASDAQ:SHOR) climbed by nearly 11% after JP Morgan Chase’s (NYSE:JPM) brokerage unit upgrade the service provider of internet telephony to “overweight” from “underweight”, citing market-share gains in the enterprise IP voice market. JP Morgan has set a price target of $8.00 on the stock and projects that the enterprise IP telephony business [...]
Lending Club Highlights Two Types of Investors
The peer-to-peer lending firm, Lending Club, recently highlighted two distinct classes of investment strategy that lenders are using on its platform during an online web-cast with its investors. Lending Club frequently has online webcasts with is community of borrowers and lenders to let them know how to maximize their use of the service. Last night’s [...]
Treasury Prices Capital One (NYSE: COF) Warrants, Taxpayers To Make $146 Million On Deal
The U.S. Treasury Department announced Friday the Capital One (NYSE: COF) warrants it is auctioning off have been priced at $11.75 per issue. The warrants have received authorization to be listed on the New York Stock Exchange under the symbol “COF WS.” Total proceeds from the auction if all warrants are sold will be $146.5 [...]
Lloyds Banking Group (LON: LLOY) Executives Expected to Receive 80% Payout on Salaries
About 200 executives at Lloyds Banking Group (LON:LLOY) will be given one-time payments worth up to 80% of their annual salaries. The bank, which is currently 43% owned by British taxpayers, negotiated the deal with its shareholders as it embarked on a merger with HBOS earlier in the year. A spokesman from Lloyd Banking Group [...]
JP Morgan (NYSE: JPM) Upgrades Barclays Capital (NYSE:BCS) to Neutral Rating
JP Morgan’s (NYSE: JPM) brokerage unit upgraded Barclays Capital (NYSE: BCS) to a “neutral” rating from a “sell” rating on Friday. The megabank’s brokerage division said that despite having disappointing third-quarter revenues and a downgrade on its predicted fourth-quarter revenues from its investment bank to 3.3 billion GBP, down from 4.6 billion GBP, it has [...]
FDIC Chairman Sheila Bair May Give Citigroup Inc. (NYSE:C) and J.P. Morgan Chase (NYSE:JPM) Break On Higher Capital Rules
With billions of dollars poised to be transferred to the balance sheets of banks, Federal Deposit Insurance Corp. Chairman Sheila Bair stated she is looking at easing the migration of securities to the balance sheets of banks like Citigroup Inc. (NYSE:C) and J.P. Morgan Chase (NYSE:JPM), as there would be an immediate need to raise [...]
Kentucky Senator Jim Bunning Slams Ben Bernanke at Senate Banking Committee Hearings
Former major league baseball player and hall of famer Jim Bunning, Senator from Kentucky, put Federal Reserve Chairman Ben Bernanke’s feet on the hot coals today, as he laid into him for his performance in his first four-years at the Fed. He also had a few choice words for former Federal Reserve Chairman Alan Greenspan, [...]
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