Archive for December, 2009
Citigroup (NYSE: C) Has Officially Repaid TARP
Today, Citigroup Inc. (NYSE: C) repaid $20 billion in TARP funds it received during the financial crisis, as promised in recent weeks. Last week Citigroup sold common stock to raise the cash it needed to repay the government, and the Treasury department plans to begin selling its 34 percent stake in the firm as the stock [...]
SmartyPig Review 2010: A Review of SmartyPig’s Online Savings Account
SmartyPig provides an innovative new way to save for and reach financial goals. Here’s our SmartyPig Review: Saving for major purchases involves as much psychology as it does actually saving. Most of us would like to save up for a major purchase such as a new car, a new laptop or a new flat screen [...]
JP Morgan Chase (NYSE: JPM), Disney (NYSE: DIS) Offer New Disney Rewards Debit Card
JP Morgan Chase (NYSE: JPM) announced Wednesday that its Chase banking unit has joined up with Disney (NYSE: DIS) to offer the Disney Rewards Visa Debit Card. The card joins the family of existing Chase Disney Rewards Visa cards previously launched by the pair. The new card offers members a 10 percent discount on select [...]
Wells Fargo (NYSE: WFC) Poised to Benefit From New Home Loan Disclosures
Wells Fargo (WFC) could serve as a litmus test for how banks across the U.S.will deal with the largest changes to home loan disclosures since the 1970s. Even as the housing market shows signs of recovery, banks are having to wrestle with the impact of a complete overhaul in the “good faith estimate” document – [...]
Are Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NSYE:WFC) Good Investment Opportunities?
From a contrarian investment point of view, it seems that Bank of America (NYSE:BAC), JPMorgan (NYSE:JPM), Citigroup (NYSE:C) and Wells Fargo (NSYE:WFC) are at a good place to consider some serious investing in the companies, as there is still a stain on all the banks, but it’s getting a little clearer and better for them, [...]
FDIC’s Need For Capital Putting Pressure on Community Banks
The depletion of funds from the Federal Deposit Insurance Corporation’s deposit insurance fund has left the FDIC with few options, and they consequently decided to rebuild the fund by having banks across the nation pay insurance premiums for the next three years. Those gigantic premiums will be due at the end of December. With over [...]
President Obama Meets With Community Bankers, Discuss Small Business Lending
Eight members of the Independent Community Bankers of America (ICBA) met with President Obama on Tuesday to discuss concerns over banking regulations that slow the increase in small business lending that the White House so desires. The meeting comes just weeks after Obama met with chief executives of the nation’s largest banks to discuss how [...]
Citigroup (NYSE:C) Denies Being Hacked by Russians
Citigroup (NYSE:C) denied a report from the Wall Street Journal which stated they have been the victim of a cyber crime from Russian hackers, which resulted in the of millions of dollars for the company. Responding to the reports, the giant banks said this in a statement: “We had no breach of the system and [...]
Commerce Department Reports 2.2 Percent Third Quarter GDP Growth
The Commerce Department released its final revision of third quarter Gross Domestic Product (GDP) on Thursday. According to the report, the U.S. economy grew by 2.2 percent on an annual pace, snapping a streak of four straight quarters of declining GDP. The final third quarter GDP rate of 2.2 percent was a decline from the [...]
United States Banking Sector Ratings Lowered by Standard & Poor’s Ratings Services, Along with UK Banking
America and the UK have now joined the likes of Austria, Chile and Portugal as countries with banking rankings which place them in group 3, as Standard & Poor’s Ratings Services dropped them to an even lower level than their fall from Group 1 to Group 2 about a year ago in the midst of [...]
New Bank of America (NYSE:BAC) CEO Brian Moynihan Says Execution Key to Turning Things Around at Banking Giant
Incoming Bank of America (NYSE:BAC) CEO Brian Moynihan says the key the the company turning things around and improving is to focus on execution. Moynihan was referring to execution in relationship to their consumer and business customers, of whom he said, “When we use the word execution, we mean key things that face our customers.” [...]
HSBC Holdings (LSE: HSBA.L) Listing on Shanghai Exchange with £5 Billion Share Offer
There is little doubt growth for banks is in the Asian markets, and to that end HSBC Holdings (LSE: HSBA.L) will soon be listed on the Shanghai stock exchange. To start off the bank will initiate a £5 billion share offer to investors from China. Recently HSBC acknowledged that even after they turn things around [...]
Microsoft (NSDQ: MSFT) CFO Liddell To Become Finance Chief Of General Motors (OTC: MTLQQ.PK)
General Motors (OTC: MTLQQ.PK) announced Monday that it has appointed Chris Liddell as chief financial officer and vice chairman. Liddell, 51, will leave his position as CFO of Microsoft, a role he has held since May 2005. Liddell is set to takeover the reigns come the new year. He is leaving Microsoft as of December, [...]
Lending Club Performance: How Do Lending Club Loans Perform Over Time?
Investors in Prosper Marketplace have criticized the company for misrepresenting its default rates and average rates of return. Prosper first began offering loans in the tail end of 2006 and investors that funded those early loans found that they had taken on significantly more risk than they were expecting. Because of higher than expected default [...]
Using Peer-to-Peer Lending Sites to Make Lending to Family Members More Successful
When you loan money to friends and family members, you’re likely never going to see the money again. There’s no consequence to the borrowers’ credit score if they don’t repay the loan and chances are you’re going to be too nice to perform any meaningful collections. For a while, Virgin Money hoped to alleviate some [...]
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