Archive for December, 2009
U.S. Senator Jim DeMint Will Hold Bernanke Nomination Until Senate Votes on Auditing the Federal Reserve
Things were definitely not boring at the confirmation hearing of beleaguered Federal Reserve Chairman Ben Bernanke today, where he stood before the Senate Banking Committee to decide on whether he would be awarded a second four-year term as head of the secretive agency. One of those interesting moments came when U.S. Senator Jim DeMint (R-South [...]
Why Wells Fargo (NYSE: WFC) and Citibank (NYSE: C) Won’t Follow Bank of America’s (NYSE: BAC) Lead and Repaid its TARP Funds
Bank of America’s announcement to repay its TARP loans likely won’t be followed by other large-cap banks, including Citibank (NYSE: C) and Wells Fargo & Co (NYSE: WFC). Bank of America (NYSE: BAC) said on Wednesday that it plans to raise $20 billion worth of new capital to repay loans under the Troubled Asset Relief [...]
Jefferson County, AL Says $50 Million Settlement with JP Morgan Chase (NYSE: JPM) Won’t Be Enough to Avoid Municipal Bankruptcy
Jefferson County, Alabama, which has struggled to avoid municipal bankruptcy, said that a $50 million settlement with JP Morgan Chase & Co won’t be enough to cover its potential general fund liabilities. The troubled county may have to refund over $50 million in disputed occupational tax revenue and pay $29 million to replace a surety-bond [...]
Pennsylvania Resident Gets 10 Years in Prison for Defrauding Citibank (NYSE: C)
Eric Skys, a 26-year old Pennyslvania resident, will receive 11 years in prison for attempting to defraud Citibank (NYSE: C) of more than $83 million. Skys had claimed to be a German-raised computer genius with a net-worth more than $388 million in an attempt to defraud tens of millions of dollars from Citibank. Skys had [...]
Prosper Marketplace Hires Former Citibank (NYSE: C) Executive as New Chief Revenue Officer
Prosper Marketplace, a peer-to-peer lending firm, has announced that it has appointed Nick Talwar, the former head of Citibank (NYSE: C) Sweden, as its new Chief Revenue Officer. As Chief Revenue Officer, Talwar will be responsible for developing additional revenue for the company and encouraging customer growth. Prosper Chief Executive Chris Larsen said in a [...]
Lloyds Banking Group (LON: LLOY) to Cut 1,190 Insurance Jobs after HBOS Takeover
Lloyds Banking Group (LON: LLOY) has said that it will cut 1,190 insurance-related positions as part of an organizational shake-up which is expected to affect over 5,000 jobs following the Lloyds’ takeover of the Halifax Bank of Scotland. Out of the cuts in the insurance business, 950 of the cuts will come from HBOS’ life [...]
Goldman Sachs (NYSE: GS) Meets with Investors to Stop Criticism over Record Compensation Packages
Goldman Sachs (NYSE: GS) has started meeting with some of its major investors in an effort to quiet criticism over the record compensation packages that it has paid some of its top executives. These meetings are the first of their kind and will likely continue for several more weeks. The company is defending its compensation [...]
JP Morgan Chase (NYSE: JPM) Preparing New Commercial Mortgage-Backed Security (CMBS)
JP Morgan Chase & Co (NYSE: JPM) have announced that they are developing a new commercial mortgage-backed security, or CMBS concerning Inland Western Real Estate Trust Inc, rating company, according to a statement made by Realpoint on Thursday. This bond will be the first new issue CMBS to be rated by Realpoint, the company said [...]
Will Wells Fargo (NYSE: FC), PNC Financial Service (NYSE: PNC) or Citigroup (NYSE: C) Be the Next to Repay TARP Funds after Bank of America (NYSE: BAC)?
Markets were pleased with Bank of America’s (NYSE: BAC) decision to repay its debt to the federal government under the Troubled Asset Relief Program and now analysts are wondering which bank will be the next institution to repay its public debt. The remaining major players that are still participating in the Troubled Asset Relief Program [...]
Bank of America (NYSE:BAC) Reaches Agreement to Pay Back $45 Billion in TARP Funds to U.S. Government
Evidently remaining true to his stated goal of paying back TARP funds before he retired at the end of 2009, Ken Lewis and Bank of America (NYSE:BAC) announced they’ve reached an agreement with the government to pay back the $45 billion they owe in TARP funds sometime in the next several days. The bank said [...]
Wells Fargo (NYSE: WFC) CEO Says Banks Are Lending as Much as They Can
Wells Fargo (NYSE: WFC) CEO John Stumpf said on Wednesday that banks are not holding back on making loans in the wake of the global financial crisis. A group of three chief executives including Bank of America CEO Kenneth Lewis, Wells Fargo CEO John Stumpf and Jim Rodgers, CEO of Duke Energy met at the [...]
Abu Dhabi Loses Big on Citigroup (NYSE: C) Investment
Abu Dhabi’s Investment authority is set to face the consequences of an investment deal that it had made with Citigroup two years ago, early in the financial crisis. Under the deal, the United Arab Emirates’ Sovereign Fund will soon have to s tart purchasing $7.5 billion worth of Citigroup shares at $31.83 a piece, more [...]
Institutional Shareholders of Royal Bank of Scotland (LON: RBS) Ready to Battle British Treasury Over Bank Bonuses
After taking control of the bonus pool of the Royal Bank of Scotland (RBS.L), a battle is shaping up between the British Treasury and institutional shareholders in the bank over the effects that could have on the company and its ability to attract qualified workers. In a report from The Times, the British Treasury maintained [...]
Defaults on US Commercial Property Loans Surging as Expected
Recent reports from a couple of research firms confirm that defaults on US commercial property loans are surging, standing at the worst level in 16 years. The reports also confirm it is going to get much worse going forward into 2010 and 2011, also as expected. A report from Real Estate Econometrics states that the [...]
Bank of America (NYSE: BAC) Announces Plans to Repay $45 Billion in Bailout Funds
Bank of America Corp. (NYSE: BAC), the largest bank in the United States in terms of assets, announced that it will repay the $45 billion of U.S. government bailout funds that it received as part of the Troubled Asset Relief Program (TARP) that it had participated last year. The bank plans on repaying the government [...]
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