Archive for April, 2010
Bank of America (NYSE:BAC), Countrywide Financial Ordered to Defend Against Fraud Claims of MBIA Inc. (NYSE:MBI)
When Bank of America (NYSE:BAC) Countrywide Financial, concerns were raised about the liability they were buying with that deal, and that fallout continues to rise, as the latest case involves a fraud claim from one of the units of MBIA Inc. (NYSE:MBI) over billions in home-equity lines of credit which had been securitized. Other elements [...]
Citigroup’s (NYSE:C) Richard Stuckey to Retire After Cutting Toxic Assets
Citigroup (NYSE:C) announced Richard Stuckey has stepped down from his position as head of the Special Asset Pool where he oversaw about $241 billion in bad bonds and mortgages which he has trimmed by close to half since January 2009, at which time he was named to the role. In an internal memo, Citigroup said [...]
Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) Tap Houlihan Lokey for Advise on Gramercy Capital (NYSE:GKK) Restructuring
Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and other creditors of Gramercy Capital (NYSE:GKK) have asked Houlihan Lokey to advise them on the strategic options available in a proposed restructuring of approximately $800 million in debt. Citigroup and Goldman Sachs Group hold a portion of the mortgage and mezzanine loans of Gramercy Capital, along with other creditors. [...]
Treasury Nets $324 Million On PNC Financial (NYSE: PNC) Warrant Auction
The U.S. Treasury Department auctioned of the warrants it held on PNC Financial Services (NYSE: PNC) Friday, raising roughly $324 billion from the sale. The auction has followed several others that has enabled the Treasury to recoup more than $5 billion in Troubled Asset Relief Program (TARP) funds. Friday’s PNC warrant auction raised the third [...]
What Would a Reverse Stock Split Mean for Citigroup? (NYSE: C)
Citigroup (NYSE: C) remains consistently at the top of the New York Stock Exchange’s volume leaders list on a daily basis because has 28.62 billion outstanding shares and a market-cap of $130 billion. With Citigroup’s stock price consistently trading below $5.00 since the beginning of 2009, investors are beginning to murmur as to whether or [...]
Bank of America (NYSE: BAC) Looks to Education to Prevent Future Foreclosures
Bank of America Corp (NYSE: BAC) is not looking to a new round of federal regulation to prevent the next mortgage crisis, but rather the Charlotte-based bank is seeking to educate borrowers through a multi-faceted online approach in order to prevent foreclosures before the mortgage is even originated. Bank of America’s home loans division is [...]
JPMorgan (NYSE: JPM) To Cease Offering Tax Refund Loans
JPMorgan Chase (NYSE: JPM) announced that it will no longer provide financing for tax-refund loans for about 13,000 independent prepares, according to a new report from Business Week which suggested that the move will help push customers toward H&R block. JPMorgan decided that tax-refund loans no longer fit the company’s strategic plans. Refund-anticipation loans are [...]
Canada Faces Real Risks says Morgan Stanley (NYSE:MS)
After some glowing reviews from Moody’s (NYSE:MCO) and the Bank of Canada, it seems the country is poised to grow at rates faster than expected, but Morgan Stanley (NYSE:MS) says there are some very real risks Canada faces, and there’s no surety the increased estimate for growth in the country will become a reality. Moody’s [...]
Should You Use Lending Club for Debt Consolidation?
If you have several thousand dollars of miscellaneous debt floating around, such as credit cards or personal loans, it might be worth considering consolidating your debt into a single loan for convenience purposes and because it could very well save you a lot of money on interest. Up until the recent crash in the real [...]
Student Lending Reform May Hamper Growth in Student-Targeted Peer to Peer Lending Sites
Fynanz and People Capital, Two fledgling peer to peer lending companies, which offer peer to peer loans to student borrowers, may face trouble finding customers given the student loan reform legislation which was passed as part of the health care reform bill. Although the legislation does not deal directly with private loans like those issued [...]
Bank of America (NYSE:BAC) Chairman Charles “Chad” Holliday Could Help International Expansion
The choice of Charles “Chad” Holliday as the new chairman of Bank of America (NYSE:BAC) may have been at least partially influenced by his experience as CEO of DuPont (NYSE:DD) at a time when the company was expanding it operations internationally. Bank of America knows growth will come from overseas markets, and the domestic market [...]
Judge Rules California Localities Can Bring Civil Cases Against Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC)
A civil case against Citigroup (NYSE:C), Goldman Sachs (NYSE:GS) and Wells Fargo (NYSE:WFC), and other, was given the go ahead by a federal judge concerning an alleged conspiracy in a bid rigging scheme contracts and derivatives related to municipal investments. The suits were brought by Cotchett, Pitre & McCarthy, and spokeswoman Nanci Nishimura said concerning [...]
Visa Q2 Profit Jumps 33 Percent On Transaction Growth
Visa Inc. (NYSE: V) announced Wednesday that fiscal second quarter earnings jumped 33 percent as revenue pushed higher on gains in transaction volumes. The credit card company said it earned $713 million or 96 cents a share in the quarter ended March 31, up from $536 million or 71 cents a share in the same [...]
General Electric (NYSE: GE) Says Economy, Business Has Stabilized
General Electric’s (NYSE: GE) annual shareholder meeting kicked off Wednesday and the industrial and financial giant said that it believes the broader economy has stabilized and that its business units are improving. The meeting, being held in Houston has been given the theme “Renewal” as the company wants to underscore the improvement in the general [...]
HP to Purchase Palm (NASDAQ: PALM) for $1.2 Billion
PALO ALTO, Calif. & SUNNYVALE, Calif.–(BUSINESS WIRE)–HP (NYSE: HPQ – News) and Palm, Inc. (NASDAQ: PALM – News) today announced that they have entered into a definitive agreement under which HP will purchase Palm, a provider of smartphones powered by the Palm webOS mobile operating system, at a price of $5.70 per share of Palm [...]
worst video player ever- after over2:00 there's still no video appearing 