Home » Archive for June, 2010
Tax Proposal Removed From Regulatory Reform
The financial regulatory reform legislation has been amended (again). This time, the committee has agreed to remove the proposed $19 billion tax on the large banks. In addition, the Troubled Assets Relief Program (TARP) will be ended... More of this article »
Citigroup, Inc (NYSE: C) Stock Hit By NYSE Circuit Breakers
Citigroup, Inc (NYSE: C) has become the second stock to be halted by the New York Stock Exchange’s new circuit brokers. The first stock was halted was the Washington Post Corporation on June 16th. The offending trade this time appears... More of this article »
Bank of America (NYSE: BAC) Tops The Banker Magazine’s 2010 Rankings
Bank of America topped The Banker magazine’s 2010 ranking of the world’s banks, based on Tier 1 capital. Reuters recently posted the magazine’s rankings which show that Bank of America (BAC) has leap-frogged U.S. rival... More of this article »
Analyst Recommends Goldman Sachs (NYSE: GS) to Settle SEC Lawsuit
Somewhere lost in the shuffle of Toyota’s brake issue and BP’s oil disaster in the gulf, the SEC has continued making progress in it’s fraud suit levied against Goldman Sachs (NYSE: GS). Credit Agricole Securities... More of this article »
Will a British Glass Steagall break up Barclays (NYSE: BCS), Royal Bank of Scotland (NYSE: RBS), and Others?
After the Great Depression, America’s Congress decided one of the major reasons for the economic collapse was the banking industry. In particular, they argued that banks were engaged in too many lines of business, had potential... More of this article »
Goldman Sachs (NYSE: GS) and Citigroup (NYSE:C) May Have Up to 12 Years to Comply with New Financial Reforms
According to Bloomberg Businessweek, some U.S. banks, including Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C), may have until 2022 to fully comply with a new provision in the pending financial reform legislation. The provision... More of this article »
Wal-Mart (NYSE: WMT) Taps Castro-Wright As CEO Of Global.com, Simon Steps In As US CEO
Wal-Mart announced Tuesday changes at the Chief Executive level for two of its units. The retail giant appointed Vice Chairman Eduardo Castro-Wright as the president and CEO of Global.com and Global Sourcing, while also promoting... More of this article »
The Volcker Rule set to impact Hedge Fund Investments from Bank of America (NYSE: BAC), Citigroup (NYSE: C), JPMorgan Chase (NYSE: JPM), and Others
The Volcker rule, as it has come to be referred to, seeks to prevent financial institutions from gambling with taxpayer-insured funds. In the new financial reform act, the most significant part of the Volcker rule is steeped in ambiguity,... More of this article »
Could the Dodd-Frank Bill Make Big Banks Bigger? Yes, Says Citigroup Inc. (NYSE: C) Non-Executive Chairman Parsons
In an interview at the Fortune Global Forum in Cape Town, Citigroup Inc’s Non-Executive Chairman Richard Parsons said the Obama administration’s financial regulatory overhaul bill will make the U.S.’s largest banks bigger. An... More of this article »
J.P. Morgan Chase (NYSE: JPM) Stands to be the Biggest Loser in Financial Reform Bill
As reported in the New York Times, JPMorgan Chase (JPM) will see almost every aspect of their business affected by the new reforms in the proposed Dodd-Frank act. The bill, which has moved to the Senate for a final vote, would impose... More of this article »
TruPS Change to Impact Bank Capital Policies for Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), and Wells Fargo (NYSE: WFC)
The Financial Regulatory Reform Act is said to be a watered down version of the original legislation – however, that does not mean it is impotent. In legislation such as this, the minutia is of critical importance. In this case,... More of this article »
Ratings Downgrades Inevitable for Citigroup (NYSE: C), Bank of America (NYSE: BAC) and Others Post Financial Regulatory Reform?
As the financial regulatory reform act nears final completion, attention is now turning to the immediate impacts to the institutions it effects. While most attention has been given to the structural changes that will take place as... More of this article »
Former Citigroup, Inc (NYSE: C) Energy Trader Posts 10% Loss
Former Citigroup, Inc (NYSE: C) trader Andrew Hall has posted a decline of more than 10% since May, according to a Friday report from the Wall Street Journal. Hall’s hedge fund, Astenbeck Commodities Fund II, witnessed its weakest... More of this article »
Altria Group (NYSE: MO), Reynolds American (NYSE: RAI) Shares Jump On Supreme Court Appeal Rejection
Shares of Altria Group (NYSE: MO), parent of Phillip Morris USA, and Reynolds American (NYSE: RAI) both jumped more than 3 percent on Monday after the Supreme Court rejected appeals by the government on a suit that sought out upward... More of this article »
General Electric Co. (NYSE: GE) Asks for Summary Judgment in Mitsubishi Case
General Electric Co. (NYSE: GE) has asked a federal court to dismiss allegations made last month by Mitsubishi Heavy Industries Ltd. (7011.TO) that alleges the company engaged in improper conduct while obtaining and enforcing wind-turbine... More of this article »
Bank of America Corp (NYSE: BAC) Sued by Property Preservation
Bank of America Corp (NYSE: BAC) has been sued by a property preservation company on charges of deceit, fraud and breach of contract as well as unjust enrichment in a civil suit in California. Diversified Field Services of Tustin,... More of this article »
Apple (NSDQ: AAPL) iPhone 4 Sales Exceed 1.7 Million
Apple Inc. (NSDQ: AAPL) announced Monday that it sold more than 1.7 million iPhone 4s in the first three days after putting the device up for sale, easily topping the record set by previous version of the device. The iPhone 4, which... More of this article »
Citigroup, Inc (NYSE: C) Hires Private Bank Executive
Citigroup, Inc (NYSE: C)’s private banking division has named Thomas Petrone, a long time official in Citigroup, Inc (NYSE: C)’s investment banking division, to oversee the company’s management of a number of complex... More of this article »
Microsoft Corp (NASDAQ: MSFT) Can’t Decide on Kinect Pricing
Microsoft Corp (NASDAQ: MSFT) allowed the Electronic Entertainment Expo to come and go without announcing any official pricing for its Kinect motion gaming platform. “Official pricing has not been announced,” says Microsoft’s... More of this article »
Missouri State Gov to Pass Economic Incentives for Ford Motor Co. (NYSE: F)
Missouri Governor Jay Nixon says that he’s optimistic that the state’s general assembly will approve incentives designed to help boost the state’s automotive industry, including Ford Motor Co. (NYSE: F). Nixon told... More of this article »
Citigroup, Inc (NYSE: C) Ends Sponsorship of the Rose Bowl
Citigroup, Inc (NYSE: C) has backed out from sponsoring the Rose Bowl, the oldest bowl game in the history of college football. The withdrawal by Citigroup, Inc (NYSE: C) will result in a huge financial setback for the game. Citigroup,... More of this article »
Microsoft Corp (NASDAQ: MSFT) Updates IE 9 Preview with Improved HTML 5 Support
Microsoft Corp (NASDAQ: MSFT) has updated the preview version of Internet Explorer 9 on Thursday adding support for several HTML 5 standards and added that the browser is now faster than ever before. The preview version of the browser,... More of this article »
General Electric Co. (NYSE: GE) To Invest $10 Billion in Eco-Friendly Products
General Electric Co. (NYSE: GE) will invest $10 billion in creating environmentally friendly products by 2015, more than twice what it spend during the previous five year as part of an “ecomagination” program spearheaded... More of this article »