Archive for July, 2010
Sierra Club Accuses Exxon Mobil (NYSE: XOM) of Violating Clean Air Act
The Sierra Club has accused the largest U.S. oil refinery, owned by Exxon Mobil (NYSE: XOM), of violating the Clean Air Act and other pollution laws thousands of times during the last five years, allegedly releasing more than 10 million pounds worth of pollution into the air. The Sierra Club has also recently sued Shell [...]
Ford Motor Co. (NYSE: F) CEO Cautiously Optimistic on Growth
Ford Motor Co. (NYSE: F) CEO Alan Mulally said on Monday that his company is “cautiously optimistic” that it will continue to grow as the U.S. economy slowly recovers. “This is a slower recovery from the previous recessions,” Mulally said in an interview on The Today Show. He added, “We have sized ourselves to the [...]
U.S. Treasury Resumes Sale of Citigroup Shares through Morgan Stanley (C,MS)
The U.S. Treasury is resuming sales of its Citigroup, Inc (NYSE: C) stock after suspending the efforts at the end of June during what the government entity called a “blackout period” before the New York-based bank’s second quarter earnings results on July 16th. The federal government currently owns 5.1 billion Citigroup, Inc (NYSE: C) shares [...]
Lloyds (LON: LLOY) May Sell 140 Million GBP in Retail Assets
Lloyds Banking Group PLC (LON: LLOY) may sell as much as 140 million GBP worth of retail assets, according to a report from the Mail on Sunday, citing anonymous sources. The firm wrote that Legal & General Property may buy the assets, but says other parties have also have expressed interests and held talks over [...]
Was Goldman Sachs (NYSE: GS) the Biggest Winner in the AIG Bailout?
When American International Group failed, the financial system de-stabilized and some firms were thrust into a panic amid the dust. Now, the picture becomes more clear on exposures, and protection plans that were in place. Recently released Goldman Sachs Group Inc. (NYSE: GS) documents show that the bank depended on Citigroup Inc. (NYSE: C) and Lehman [...]
Goldman Sachs (NYSE: GS) Retains Right to Issue IPO’s
Goldman Sachs (NYSE: GS), a major player in the IPO market received important news: they remain a qualified issuer. After the firm agreed to settle a fraud case with the Securities and Exchange Commission, doubts were raised if they would be permitted to continue offering securities. As it turns out, they are. The S.E.C [...]
European Stress Tests Yield Positive Results
Following the collapse in the banking sector, the European regulators kicked off a stress test, designed to examine and better understand the safety of the banking sector, and likelihood of a recurrent collapse. As the exam is now completed, the regulators have released the results which were pleasantly surprising. Of the 91 banks tested, [...]
Earnings Season Review for JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), and More
We have now reached the end of earnings season for the major banks, so looking back on the results collectively is now appropriate to assess collective performance. Earnings season can be a rally cry for a bull market, or a deadening lull towards a bear – this quarter’s earnings gave us a bit of both. [...]
Revised Volcker Rule Being Given Early Test by Citigroup (NYSE: C)
A recent article for Fortune magazine’s “Street Sweep” cites three examples of how Citigroup (C) is liberally interpreting the new Volcker rule. Selling a $3.5 billion real-estate fund to Apollo Management and a $4.2 billion fund of hedge funds to SkyBridge Capital, and it let its star commodities trader, Andrew Hall, go free to pursue [...]
Bank of America Corp (NYSE: BAC) to Enhance Wholesale Banknotes Platform
Bank of America Corp (NYSE: BAC)’s Merrill Lynch division announced on Friday that it would be enhancing its wholesale bank notes platform that it provides to clients, which will have “greater customization and improved functionality, demonstrating the bank’s strong commitment to Global Banknote Services. “ Merrill Lynch’s Banknotes Services business manages the import and export [...]
JPMorgan Chase & Co. (NYSE: JPM) to Invest $1 Million into Phoenix Neighborhood
JPMorgan Chase & Co. (NYSE: JPM) has announced a $1 million investment during 2010 to two struggling Phoenix neighborhoods dealing with poverty, unemployment and low graduation rates. “In supporting two of our most challenged neighborhoods, JPMorgan Chase is an example of the corporate citizenship the City of Phoenix needs now more than ever,” said Phoenix [...]
Pay Czar Says Citigroup, Inc (NYSE: C) is “Worst Offender” in Executive Compensation
Treasury Department Pay Czar Kenneth Feinberg criticized 17 companies on Friday, which received federal bailout funds, for handing more than $1.6 billion in excess compensation at the height of the financial crisis, adding that Citigroup, Inc (NYSE: C) was the worst offender of the group paying out more than $400 million in excess pay to [...]
Wells Fargo & Co. (NYSE: WFC) to Expand Elder Services Operations
Wells Fargo & Co. (NYSE: WFC)’s Wells Fargo Private Bank is expanding its “Elder Services” program to the east coast. The program, designed to serve as a premium wealth and life management solution for senior customers, aims to combine wealth management services and life management assistance to help aging adults deal with, according to a [...]
Citigroup (NYSE: C) and JPMorgan (NYSE: JPM) Sold Goldman Sachs (NYSE: GS) Insurance Against AIG Failure
JPMorgan Chase & Co. (NYSE: JPM) and Citigroup, Inc (NYSE: C) are among the list of banks which sold Goldman Sachs Group Inc. (NYSE: GS) insurance against the failure of American International Group (AIG), according to a report from Bloomberg. Deutsche Bank, Credit Suisse and Morgan Stanley (NYSE: MS) were also among the banks which [...]
100 Examples That Show Regional Banks are Still Suffering
Community Security Bank, based in New Prague, Minnesota was closed by government regulators Friday, the Federal Deposit Insurance Corp. said. It brought the total number of bank failures in 2010 to 101. It also continues a pattern. Small, regional banks continue to fail, even as conditions improve for many of the nation’s largest banks. Analysts [...]
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