Archive for May, 2010
Peer to Peer Lending Investors Upset About Prosper.com’s New Loan Servicing Platform
Prosper.com, a company which offers a peer to peer lending marketplace to its members, has recently moved to a new loan servicing platform, which has left many of its investors unhappy with the company because of numerous individual account issues, the disappearance of performance data and the removal of the requirement to provide a reason [...]
Lending Club Highlights Five-Year Notes in Investor Forum
Lending Club, a company which offers a peer to peer lending marketplace to its members, has highlighted the new opportunity take out loans with a term of five years from both an investor’s and borrower’s perspective on a recent web-cast. Last week, Lending Club announced that borrowers could now take out loans on its platform [...]
Bank of America (NYSE:BAC), JPMorgan Chase (NYSE:JPM) Awarded Build America Bonds by Pennsylvania
Bank of America (NYSE:BAC) and JPMorgan Chase (NYSE:JPM) are the recipients of Build America Bonds offered by the state of Pennsylvania, generating $1 billion for the commonwealth. The Bank of America part of the bonds are what is called ‘true interest cost,’ which was valued at $548.9 million. JPMorgan Chase received the tax-exempt part of [...]
Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM), Morgan Stanley (NTSE:MS) All Up on Senate Banking Vote
With almost all the major banks like Citigroup (NYSE:C), Bank of America (NYSE:BAC), Goldman Sachs (NYSE:GS), J.P. Morgan (NYSE:JPM) and Morgan Stanley (NTSE:MS) having their share prices rise in anticipation of the test vote from the Senate, which would effectively close debate on the bill, it shows how the market is viewing the issue. The [...]
Itau Unibanco Holding SA (NYSE:ITUB) Gets Clobbered as Bank of America (NYSE:BAC) Sells Stake in Brazilian Bank
Brazilian bank Itau Unibanco Holding SA (NYSE:ITUB) had its share price hit hard after Bank of America (NYSE:BAC) announced their selling their entire stake in the financial institution. Bank of America held a 5.36 percent stake in Itau, and the divesting of shares is valued at approximately $4.5 billion. At one point Itau Unibanco had [...]
Citigroup (NYSE:C) Will Probably Avoid $10 Billion Tax Liability
Now that Citigroup (NYSE:C) has started to generate a profit again, they may be able to avoid a $10 billion tax hit which some believed they would have to endure. This is a reference to deferred tax assets, or DTAs, which are losses which can be used to cut taxes on the future income of [...]
Treasury Department To Cash In On Wells Fargo (NYSE: WFC) Warrants
The Treasury Department will make its latest move to regain additional taxpayer money on Thursday as an auction is scheduled to sell the Wells Fargo (NYSE: WFC) warrants it holds. The Treasury is expected to raise at least $715 million from the auction, based on the minimum bid of $6.50 a warrant. However, it is [...]
General Electric (NYSE: GE) To Invest $20 Million In ShoreBank, Joins Bank of America (NYSE: BAC), Others In Rescue Effort
General Electric (NYSE: GE) said Tuesday that it will invest roughly $20 million in ShoreBank, joining several other big banks, such as Bank of America (NYSE: BAC) and JP Morgan (NYSE: JPM) in an attempt to save the bank from a government takeover. ShoreBank Corp. of Chicago, a troubled community lender with strong Washington ties, [...]
J.P. Morgan (NYSE:JPM) Shareholders Reject Separation of CEO/Chairman Role, Looking for Dividend
At their annual shareholders meeting, J.P. Morgan (NYSE:JPM)investors rejected the proposal to separate the roles of CEO and chairman, which are both held by Jamie Dimon. The largest public pension fund in the U.S., Calpers, had supported the separation. On their Web site, Calpers, the California Public Employees’ Retirement System, said this as the reasoning [...]
Morgan Stanley (NYSE:MS) Shareholders Say No to Independent Chairman
At the annual shareholder meeting of Morgan Stanley (NYSE:MS), shareholders rejected the proposal that the chairman of the company must be an independent director who hadn’t ever worked as an executive officer there. The board of directors at Morgan Stanley had all opposed the idea, which had originated and was submitted by the Laborers National [...]
John Paulson Increases Stake in Bank of America (NYSE:BAC), Keeps Citigroup (NYSE:C) Unchanged
Most investment firms with over $100 million in holdings are required to file what is called a 13-F, which reports the various investments the firms engage in. John Paulson is one of the best in this area, and he continues to like the banking sector, especially Bank of America (NYSE:BAC), which he increased his number [...]
George Soros Sells Citigroup (NYSE:C) Stake, Increases Holdings in J.P. Morgan (NYSE:JPM)
George Soros has had enough of Citigroup (NYSE:C), and via his Soros Fund Management, he pretty much liquidated his position in the bank which had been performing strongly in the first quarter, but obvious fundamentals didn’t warrant his continued participation in the stock. This was revealed through the required 13f filing the company provided. Citigroup [...]
Paulson & Co. Add To Bank of America (NYSE: BAC) Stake
Billionaire hedge fund manager John Paulson added to his Bank of America (NYSE: BAC) stake in the first quarter, according to a regulatory filing. His fund, Paulson & Co, added about 16.7 million shares for a total stake of 167.8 million shares. The addition marks about a 10 percent increase in the funds stake of [...]
Goldman Sachs (NYSE:GS) Says Equities More Bullish than Credit Markets
Goldman Sachs (NYSE:GS) released a report today saying the equity market for companies in the S&P 500 are considered more bullish this weak, after markets viewed them as bearish last week. Suggestions from Goldman were investors should look at buying put spreads on the Industrial SPDR ETF (NYSE:XLI), as a way to take advantage of [...]
Citigroup (NYSE:C) Says Concerns over EU Debt Moving from Costs to Growth
The initial concerns over the bailing out the irresponsible spending of countries in southern Europe were costs of doing so, but according to Citigroup (NYSE:C), that has now changed to how much effect it will have on growth. Coupled with problems of inflation emerging in China and how that may cut into demand for raw [...]
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