Archive for December, 2009
Schizophrenic Obama Administration Continues to Send Mixed Messages to Banking Industry
Obama doesn’t seem to have the ability to comprehend, not only how indecisive he is, but also the intellect to grasp the issues in relationship to the banking industry so he can understand and communicate a message that makes sense. As it stands, Obama doesn’t seem to even know he is sending more than one [...]
U.S. Credit Card Defaults Rise In November; Citigroup (NYSE:C), Bank Of America (NYSE: BAC) Lead The Way, While AMEX (NYSE: AXP) Improves
After falling a month earlier, financial institutions reported rising credit card defaults in November. Bank of America (NYSE: BAC) still leads all big banks with a 13 percent default rate, but Citigroup (NYSE: C) posted the largest rise as defaults jumped 1.5 percent to top 10 percent in November. JP Morgan Chase (NYSE: JPM), the [...]
Obama Panicking as Jobless ‘Recovery’ Fails to Materialize – Now Begs Bankers to Bail Him Out
In what appears to be a very disingenuous and pathetic assertion by Barack Obama, the banks of America now are obligated to facilitate economic growth because the government came to their aid, and the economic crisis was “largely of their own making.” Wait, I thought the stimulus spending by the government had done the job [...]
Royal Bank of Scotland (LSE: RBS.L) Receiving Government Funds While Defending Bonus Culture
Although it’s reported that the Royal Bank of Scotland (LSE: RBS.L) is turning to the government trough to receive bailout funds, they are at the same time trying to temper that decision with pressing to be left alone concerning how they compensate their people; specifically the bonus structure in place at the giant bank. Joining [...]
Wells Fargo (NYSE:WFC) Secures Deal to Pay Back $25 Billion in TARP Funds
Wells Fargo (NYSE:WFC) announced it has made a deal with the government to pay back all of the $25 billion in TARP funds it received from taxpayers. Although it has resisted doing so, Wells Fargo announced they would offer a $10.4 billion share offering as part of the capital raised to pay back the money [...]
Wells Fargo (NYSE: WFC) Announces Plans to Repay TARP, All National Banks Have Exited
It’s lonely when you are the last person to leave the party. Earlier today, Citigroup (NYSE: C) announced plans to repay the TARP funds the government gave them last year, to bail out the troubled instituion amidst the credit crisis. Bank of America (NYSE: BAC) announced similar plans just two weeks ago, and Goldman Sachs [...]
Mr. Smith Went to Washington, Will Bankers for Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM) and Others Follow?
The plan was for President Obama to host the leaders of the nations major national banks at the White House, chastise them about lending, and boost the economy in some way. Although the outcome of today’s discussion will not really be felt for at least a year, today’s plans surely did not go so well. [...]
Citigroup (NYSE: C) Repaying TARP, Positive Sign or Avoiding Pay Restrictions?
In a move that was telegraphed worse thane one of Josh Freeman’s passes, Citigroup (NYSE: C) announced earlier today that it will be repaying the $20 billion it received in the TARP program during the last twelve months. Concurrently, the government announced plans to sells it’s stake in the firm, which approximates to one-third of [...]
Bank Of America (NYSE: BAC) To Increase Lending By $5 Billion In 2010, Follows JP Morgan’s (NYSE: JPM) Similar Pledge
Shortly after President Obama finished telling big bank executives they need to explore every option available to increase lending, Bank of America (NYSE: BAC) announced it will increase lending to small and mid-sized business by $5 billion in 2010. JP Morgan Chase (NYSE: JPM) made a similar declaration about a month ago, pledging to increase [...]
Independent Community Bankers Want TARP Focused On Main Street Banks
The Independent Bankers Association of America (ICBA) urged the Obama Administration last week to focus Troubled Asset Relief (TARP) funds on main street community banks. TARP was recently extended to October 3, 2010. The ICBA believes the administration should begin using TARP funds to assist community banks facilitate lending to small businesses in local communities, [...]
Compensation Appears to be the Last Hurdle Between Bank of America (NYSE: BAC) and Robert Kelly
The Wall St. Journal reported that compensation seems to be the primary obstacle between Bank of America Corp. (BAC) and their pursuit of a successor for outgoing CEO Kenneth Lewis. According to sources close to the negotiations, Robert Kelly, the 55-year-old chief executive of Bank of New York Mellon Corp., has emerged as the front-runner [...]
JP Morgan Chase (NYSE: JPM) Makes 143,027 in HAMP Related Loan Modifications
A new report from the government’s Financial Stability.gov website has released new loan modification numbers for JP Morgan Chase (NYSE: JPM) for the government’s Making Home Affordable Plan. The newly released data represents the firm’s data since April 13th, 2009. Out of 448,815 homeowners that qualify for a loan mortgage modification that have loans with [...]
Citigroup (NYSE: C) Announces Plans to Repay $20 Billion in Debt Related to Troubled Asset Relief Program
Citigroup, the recipient of the largest bank bailout in American history, has struck a deal with federal regulators to repay $20 billion to taxpayers to free itself from pay restrictions imposed by the Treasury Department. Citi, the only bank that is classified as receiving “exceptional financial assistance” by the government, says that it will raise [...]
Citigroup (NYSE: C) Reaches $20.5 Billion Agreement to Pay Back TARP
Stating that it was in “a position to support the economic recovery,” Citigroup (C) Chairman and Chief Executive Vikram Pandit formally announced its agreement with the Treasury Department to exit the Troubled Asset Relief Program (TARP). The announcement came after weeks of negotiations with regulators who remain skeptical about the health of the financial giant. [...]
Morgan Stanley (NYSE:MS) Asia Chairman Stephen Roach Says Federal
At a recent conference in Berlin, Morgan Stanley (NYSE:MS) Asia Chairman Stephen Roach said that the Federal Reserve is the “weak link” among central banks, and they could create another financial crisis, beyond the one they already created, by no taking the liquidity out of the U.S. economy in a sound manner. The major concern [...]
worst video player ever- after over2:00 there's still no video appearing 