Archive for August, 2010
Capital One (NYSE: COF) and Bank of America (NYSE: BAC) Showing Greater Transparency to Credit Card Applicants
In a recent study by CardHub.com, Capital One (COF) and Bank of America (BAC) came in first and second in terms of disclosing essential information to consumers on their credit card applications. One of the primary catalysts for the recently passed credit card law (Credit CARD Act) has been the need for greater transparency between [...]
FINRA Fines Morgan Stanley (NYSE: MS) $800,000 for Failing to Disclose Conflicts of Interest
The Financial Industry Regulatory Authority fined Morgan Stanley (NYSE: MS) $800,000 for failing to adequately disclose conflicts of interests on the part of its research analysts. The industry regulatory found that between 2006 and 2010, Morgan Stanley (NYSE: MS) did not disclose accurate information about the company’s or analysts’ relationships with the companies that that [...]
JPMorgan (NYSE: JPM) Purchases 3,800 Real Estate Loans from Citibank (NYSE: C)
JPMorgan Chase & Co. (NYSE: JPM) announced that it would be purchasing 3,800 multi-family real-estate and commercial real-estate loans from Citigroup, Inc (NYSE: C), a total loan portfolio worth more than $3.5 billion. Most of the notes are multifamily real estate loans for properties located in New York, California, and Illinois. The bank said that [...]
China Investment Corp Sells $1.6 More Morgan Stanley (NYSE: MS) Shares
China Investment Corp has sold another $1.6 million shares in Morgan Stanley (NYSE: MS), according to a regulatory filing released on Wednesday. During the past three weeks, China’s sovereign wealth fund has sold 25.5 million shares of the U.S. investment bank for $692.4 million. Many believe that CIC is selling its shares to keep its [...]
Goldman Sachs Group Inc. (NYSE: GS) Predicts Gold Prices to Hit $1300 in February
Goldman Sachs Group Inc. (NYSE: GS) analysts said that significantly lower interest rates in the U.S. will lead to higher gold prices during the next six months, said the company in a research note to investors on Wednesday. The Wall Street firm’s analysts now predict gold futures will be at $1,300 an ounce sometime between [...]
Goldman Sachs Group Inc. (NYSE: GS) May Profit from Financial Reform Law
Although many believed that the recently passed financial reform legislation would hinder Goldman Sachs Group Inc. (NYSE: GS)’s ability to make risky trades and generate revenue, the Los Angeles Times reported that the new financial reform law may actually help the investment banking firm. When the legislation passed in July, analysts first predicted that as [...]
Citigroup, Inc (NYSE: C) Affiliates Found Guilty of Mismanaging MAT/ASTA Municipal Arbitrage Funds
Citigroup, Inc (NYSE: C) affiliates lost a case before a Financial Industry Regulatory Authority (FINRA) arbitration panel relating to MAT/ASTA municipal arbitrage products which the firm had sold to investors. The panel awarded more than $1.8 million to two clients in connection with their purchases of MAT/ASTA investments. The panel found that Respondents Citigroup Global [...]
GM Receives $5 Billion Credit Facility from Bank of America (NYSE: BAC), JPMorgan (NYSE: JPM) and Morgan Stanley (NYSE: MS).
General Motors Co. has secured $5 billion credit line from JPMorgan Chase & Co. (NYSE: JPM), Morgan Stanley (NYSE: MS) and Bank of America Corp (NYSE: BAC) and other firms, in a step which will clear the way for the automaker to offer stock to the public, according to a report from the Wall Street [...]
Goldman Sachs Group Inc. (NYSE: GS) Names New COO of Investment Banking
Goldman Sachs Group Inc. (NYSE: GS) has named Jim Esposito has the company’s new chief operating officer of the company’s global investment banking operations, replacing Howard Schiller, who is retiring, effectively immediately. Mr. Esposito previously was the head of Goldman Sachs Group Inc. (NYSE: GS)’s investment-grade and public-sector financing and infrastructure financing businesses. Under his [...]
General Motors Has $32.5 Billion in Cash, Makes $1.33 Billion in Profit, Preparing for IPO
General Motors Co. announced on Thursday that it made $1.33 billion in profit during the second quarter, an indication that the beleaguered automaker is moving toward a public stock offering. GM CEO Ed Whitacre said last week that the company will be eager to begin its initial public offering so that it can end its [...]
Citigroup (NYSE: C) Raises Long-Term Debt Estimates
Citigroup Inc. (C) expects to issue $3 billion to $6 billion more in long-term debt this year than it previously estimated. In a regulatory filing, the bank, which is still 18% owned by the U.S. government, said it now expects to sell approximately $18 billion to $21 billion in long-term debt this year “to maintain [...]
Going Over the Line on Overdrafts. U.S. District Court Fines Wells Fargo & Co. (NYSE: WFC) $200 Million
In the latest of bad and embarrassing news for the big banks, Wells Fargo & Co. (WFC) has been ordered to pay more than $200 million for manipulating and multiplying overdraft fees. Both Forbes and CNNMoney are reporting that U.S. District Court Judge William Alsup of Northern California, in his 90-page ruling Tuesday, said Wells Fargo [...]
Bank of America (NYSE: BAC) and Capital One (NYSE: COF) “Most Upfront” About Credit Card Fees
Bank of America Corp (NYSE: BAC) and Capital One Financial (NYSE: COF) were ranked as being the most up-front about fees and rewards on their credit cards, according to a study by credit card research group CardHub. Capital One and Bank of America ranked highest among 10 issuers in clarity on their applications, with scores [...]
Wells Fargo & Co. (NYSE: WFC) Must Pay $203 Million in Restitution for Overdraft Fees
A federal judge ordered Wells Fargo & Co. (NYSE: WFC) on Tuesday to pay California customers $203 million in restitution for claims that it had manipulated transactions to maximize the amount of overdraft fees that it could charge. Wells Fargo processed transactions from largest to smallest rather than processing transactions in the order that they [...]
Wells Fargo (NYSE: WFC) Gives $500,000 Grant to Washington University
Wells Fargo & Co. (NYSE: WFC) gave a $500,000 gift to Washington University in St. Louis, IL to fund scholarships and internships for undergraduate business school students, Bloomberg reported. The majority of the gift ($400,000) will fund annual scholarships called the “Wells Fargo Scholars” award, which will be given to six promising sophomores whose academic [...]
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