Archive for July, 2010
SmartyPig Minority Owner Announces Q2 Earnings Reports
West Bancorporation (NASDAQ: WTBA), parent company of WestBank, a minority owner of the social banking website SmartyPig, posted net income of $2.0 million or $0.12 earnings per share during the second quarter, an improvement from a $22.8 million loss or $1.32 per share loss from the second quarter of 2009. For the first half of [...]
Citibank (NYSE: C) and Bank of America (NYSE: BAC) Rank in Top 10 For Cyber Attacks
A recent U.S.A Today article reports that Citibank (C) and Bank of America Corp. (BAC) rank third and seventh respectively among the top 10 most frequently attacked banks in the world. There is growing concern over identity theft and cyber-security. Particularly when about 80% of U.S. households do at least some of their banking over [...]
U.S. Recovery Isn’t Recovering Fast Enough Says Wells Fargo’s (NYSE: WFC) Silvia
The U.S. economy isn’t recovering fast enough to restore the level of jobs seen before the recession started in December 2007, said John Silvia, chief economist at Wells Fargo & Company (WFC). In an interview with Tom Keene on “Bloomberg Surveillance,” Silvia spoke from Charlotte North Carolina about the second quarter GDP numbers released earlier [...]
Bank of America’s (NYSE: BAC) Grant Initiative Commits $10 Million to Boost Small Business Lending
Bank of America Corp. (BAC) has announced a $10 million grant commitment to nonprofit organizations that lend to small and rural businesses. The grants, for use as loan loss reserves, may unlock as much as $100 million in low-cost, long-term capital for small business microloans nationwide over the next 12 months. A host of nonprofit [...]
Citigroup, Inc (NYSE: C) May Move Proprietary Traders to Comply with Dodd-Frank Act
Citigroup, Inc (NYSE: C) may move a team of proprietary traders into its hedge-fund operations in order to comply with the Dodd-Frank Act, according to a report from Business Week. The traders, led by Sutesh Sharma, currently operate in Citigroup, Inc (NYSE: C)’s Principal Strategies Unit and would be reassigned to Citi Capital Advisors, which [...]
Wells Fargo & Co. (NYSE: WFC) Accused of Predatory Lending in Pennsylvania
Wells Fargo & Co. (NYSE: WFC) has been accused by the Pennsylvania Human Relations Commission of engaging in predatory lending practices, especially in heavily African American neighborhoods in Philadelphia. The panel said in a complaint that Wells Fargo has engaged in lending practices contributing to the “disproportionately large number of foreclosures” in these neighborhoods since [...]
Goldman and Citigroup to Resume Sales of Commercial Mortgage Backed Securities (GS, C)
Citigroup, Inc (NYSE: C) and Goldman Sachs Group Inc. (NYSE: GS) will sell a $788.5 million commercial mortgage backed security, the largest deal of its kind since the beginning of the financial crisis. The deal was made public when a term sheet was sent to investors detailing the deal that Reuters obtained. The issue would [...]
Citigroup (NYSE: C) Agrees to Pay $75 Million to Settle SEC Lawsuit Over Subprime Exposure
Citigroup Inc. (C) agreed on Thursday to pay $75 million to settle a lawsuit brought by the Securities and Exchange Commission that the bank failed to disclose $40 billion in subprime exposure to investors. For the last year, the SEC has conducted a broad investigation into a variety of banking practices before and during the [...]
General Electric Co. (NYSE: GE) to Pay $23.4 Million Fine to SEC
General Electric Co. (NYSE: GE) has agreed to pay a $23.4 million fine to settle a complaint from the Securities and Exchange Commission (SEC) which alleged that G.E. bribed Iraqi government officials to win contracts to supply medical and water-purification equipment under the U.N. oil-for-food program. The SEC says that two subsidiaries of GE and [...]
“Focus on Operational Excellence” Leads Exxon Mobil (NYSE: XOM) To a $7.56 Billion Net Income in 2Q.
Exxon Mobil Corp. (XOM) released quarterly earnings Thursday that easily beat analysts’ expectations. The world’s largest public energy company cited higher crude prices and improved refining margins. Net income rose to $7.56 billion, or $1.60 a share, in the second quarter, up 91% from $3.95 billion, or 81 cents a share, in the same period [...]
Citigroup, Inc (NYSE: C) Losses Ruling Against Terra Firma over EMI
Citigroup, Inc (NYSE: C) has lost its bid to dismiss a suit accusing the company of tricking Terra Firma Capital Partners Ltd. into buying EMI Group Ltd. In Federal Court. The New York Based-bank had previously accused Terra Firma Capital Partners of “court shopping” and choosing a venue to sue which would be most beneficial [...]
Bank of America Corp (NYSE: BAC) to Increase Small Business Lending
Bank of America Corp (NYSE: BAC) announced on Tuesday that it plans to increase lending to small and mid-sized businesses in 2010 by nearly $9 billion compared to 2009 levels. The Charlotte, NC-based bank said that it has made $45.4 billion in loans this year to small and mid-sized businesses. In a statement, Bank of [...]
Citigroup, Inc (NYSE: C) to Invest $100 Million into NYC Housing Projects
Citigroup, Inc (NYSE: C) will be investing $100 million in low and moderate income housing projects in a New York City in a move which has drawn cautiously optimistic support from housing advocates that have been critical of other private investments in affordable housing. The fund plans on focusing on properties in the Bronx, Queens, [...]
Apple to Expand iPhone 4 to Norway, Denmark, Canada and Other Countries This Week
Apple (NASDAQ: AAPL) will be releasing the iPhone 4 in 17 more global markets this week, including Australia, Austria, Belgium, Canada, Denmark, Finland, Hong Kong, Ireland, Italy, Luxembourg, Netherlands, Norway, New Zealand, Singapore, Spain, Sweden and Switzerland. Apple first launched the iPhone 4 on June 24th to the U.S., France, Germany, Japan and the U.K. [...]
G.E. Capital (NYSE: GE) to Provide $8 Million to Burger King Franchisee
G.E. Capital Services (NYSE: GE) will provide $8.4 million in financing to Ghai Management Services Inc, a franchisee for Burger King based in Fremont, CA. The firm plans on using the funds to acquire eight additional Burger King restaurants. “Having worked with Ghai Management Services since 2001, our strong relationship greatly facilitated the timely closing [...]
worst video player ever- after over2:00 there's still no video appearing 