Archive for December, 2009
Prosper, Lending Club and RaiseCapital.com as a Source for Angel Funding and Venture Capital?
The New York Daily News recently ran an article about how entrepreneurs are increasingly turning to peer-to-peer lending sites such as Prosper and Lending Club and Raise Capital to get funding for their small businesses. The article in question highlighted Chris Daily, who operates two small fitness centers in Manhattan. Daly wanted to get funding [...]
Washington Post Goes Hysterical as Ron Paul Tries to Drive Stake into Heart of Federal Reserve
It was enlightening to see the pathetic “editorial” in The Washington Post which attacked the idea the Federal Reserve needs to be reined in, and that an audit of the Fed, as proposed by an amendment introduced by Texas Republican Ron Paul, would be devastating to the ability of the secretive and arrogant organization to [...]
Have French Made Fools of Britain and Alistair Darling?
Although the move by Britain’s Alistair Darling to tax up to 50 percent of banking bonuses have giving him and the Labour party a small but temporary boost, it increasingly looks like it could end up being a disaster over the long haul, especially if banking staff begin to flee the fabled banking region to [...]
Bank of America Corp’s (NYSE:BAC) New CEO Brian Moynihan Not Looking to Shake Up Top Management
In a recent interview, Bank of America (NYSE:BAC) CEO designate Brian Moynihan stated he isn’t going to do any shuffling at the top of the banks leadership, and is looking to keep things in place at the company in that regard. This makes sense because of the obvious turmoil in the market, and the focus [...]
Incoming Morgan Stanley (NYSE: MS) CEO Indicates New Direction For Investment Bank
Slow and steady are not two words that most people use when describing investment banks. But if Morgan Stanley’s (MS) appointment of Mr. James Gorman is any indication, investors may have to change how they talk about, and their expectations for, investment banks. The Australian-born Mr. Gorman is fighting an industry that dictates and, in [...]
FDIC’s Deposit Insurance Fund Takes Another $1.8 billion Hit With Seven More Bank Closings
With the seven banks seized in the U.S. Friday by regulators, it brought the total for the year to 140, and will cost an estimated $1.8 billion to the FDIC deposit insurance fund, which has been operating in the red already. The seven banks closed on Friday were spread across six states, with California being [...]
Capital One (NYSE: COF) Introduces “InterestPlus” Online Savings Account
Capital One Financial Corporation (NYSE: COF) announced late last week that it added InterestPlus Online Savings to its line of high-yield direct banking products. The savings account currently offers a 1.6 percent annual percentage rate (APY) on accounts balances of $2,500 or more. In addition, the account offers customers who hold a Capital One credit [...]
JPMorgan (NYSE:JPM) Heads Equity Capital Market (ECM) Rankings, Generating $2.2 Billion in Fees
In good news for JPMorgan Chase (NYSE:JPM), they almost doubled their fees generated from equity capital market (ECM) underwriting, as the company enjoyed an estimated $2.2 billion in revenue from the business. Equity capital markets refer to underwriting and selling the stock of a company, a very lucrative part of the investment banking business. This [...]
When Will Citigroup (NYSE:C) Be Able to Remove Government Shackles?
It’s probably worse to have attempted the paying back of TARP funds and to have failed, than to not have tried at all, which is increasingly looking what Citigroup (NYSE:C) should have done. Trying to ride the skirts of Bank of America (NYSE:BAC) and Wells Fargo (NYSE:WFC), it seems that Citigroup CEO Vikram Pandit prematurely [...]
American Banking News Twitter Updates for the Week of 2009-12-20
Barclays May Defer Up to 60 Percent Of Bonuses – Report – New York Times http://tinyurl.com/y9kaksq #Econ # Obama's economic team confident for a better year ahead – The Hill http://tinyurl.com/yeyfg9q #Econ # Are we being shortchanged by TARP repayments? – Los Angeles Times http://tinyurl.com/y8pomfj #Econ # Obama presses bank chiefs to lend more – [...]
CommunityLend Receives $1 Million Investment by Stone & Co
Community Lend Holdings Inc, the parent company of the Canadian peer-to-peer lending service CommunityLend Inc, announced a $1 million (Canadian) investment via means of a convertible debenture from Stone & Co Limited Flagship Stock Fund (“Stone”). As part of the investment, Stone Founder and CEO Richard Stone will join CommunityLend’s board of directors in an [...]
Prosper and Lending Club May Get New Regulator under Financial Services Reform
Peer-to-peer lending companies, Prosper Marketplace and Lending Club, received welcome news from the House of Representatives during the month of December when an amendment was added to the bill that would move the regulation of peer-to-peer lending companies from the Securities and Exchange Commission to a new regulatory agency in President Obama’s financial reform bill. [...]
Prosper Chief Marketing Officer Catherine Muriel Departs Company, Joins Support.com Team
Prosper Marketplace has recently had a number of employees on its management team depart the company, and now it appears that Prosper has lost its chief marketing officer, Catherine Muriel. A press release released by Support.com stated that Catherine Muriel has joined their company as its new “general manager of direct business.” Support.com advertises itself [...]
Prosper Marketplace Earns “D+” Rating from Better Business Bureau
Prosper Marketplace, a popular peer-to-peer lending company, has earned a disappointing rating of “D+” by the Better Business Bureau. The Better Business Bureau (BBB) rates companies based on a number of factors, including length of operations, complaints against a company, government actions against a company, truth in advertising issues and a company’s responsiveness to complaints [...]
2009 Bank Failures Hit 140 As Seven More Close; FDIC Unable To Find Buyers For All
The Federal Deposit Insurance Corporation (FDIC) announced Friday it was named receiver of seven more banks that were shutdown by the Office of Thrift Supervision (OTS). The closures now bring the 2009 failed bank list to 140. Georgia, which continues to lead the country in bank failures, saw RockBridge Commercial Bank, in Atlanta GA, shutdown. [...]
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