Archive for October, 2010
Peer-to-Peer Lending Site Prosper.com Hits 1 Million Member Mark
Prosper.com, a company which operates a peer to peer lending marketplace, announced on Monday that it now has more than 1 million users on its website. The company allows members on its website to lend money to one another in a process known as peer to peer lending. People that want to borrow money using [...]
Ohio AG Takes Aim at Wells Fargo (NYSE: WFC), Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Others
Homes are being foreclosed on in record numbers, amidst the housing market collapse. Tuesday is election day, and banks have had their questionable foreclosure process and robo-signers exposed. All of this adds together to create a recipe for disaster, and that is exactly what is happening. Attorney Generals have started piling on, with Ohio being [...]
Lehman Brothers (OTC: LEHMQ.PK) Pays CEO nearly $100,000 for July Alone
Lehman Brothers Holdings Inc. (OTC: LEHMQ.PK) may be defunct in the banking world, but is still actively winding down operations for assets not sold to Barclays (NYSE: BCS) and other firms. The firm has largely fell off the map since filing for bankruptcy, but it still has a Chief Executive, Bryan Marsal, working for the [...]
Bank of America (NYSE: BAC) Preparing For Legal Battle, are JPMorgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC) Next?
Bank of America (NYSE: BAC) has a mess on it’s hands. The firm badly missed earnings estimates, is struggling to cope with the new Dodd Frank financial reform legislation, and was all over the news recently for the mortgage debacle. What does the firm do to right the ship? They’re going to the mattresses, and [...]
Citigroup (NYSE: C) Continues To Shed Assets
Citigroup (NYSE: C), the mammoth banking giant created by Sandy Weill is starting to look vastly different than it was even just a few years ago. The firm once stood as the beacon of a new era in banking, where a single firm would perform every service and individual, business, or government would need. All [...]
New Credit Card Strategy Needed for Bank of America (NYSE: BAC), JPMorgan Chase (NYSE: JPM), and Others
When you’re twenty years old and you get a credit card offer, many people anxiously sign up. When you’re forty years old, consumers become much more jaded and the offer is more likely to end up in the trash bin. Marketing to customers has always been a difficult task, and with the new legislative changes [...]
Goldman Sachs (NYSE: GS) Repaying Buffett Early?
Goldman Sachs (NYSE: GS) was on the ropes two years ago and looking for a savior. While their stock price was plummeting the firm sought to restore confidence and stability by gaining an investment from a big name. The biggest name in fact, Warren Buffett. In light of the long term relationship, and solid value [...]
Bank of America (NYSE: BAC) Continues Rebound
Bank of America (NYSE: BAC) has seen it’s stock price battered in recent weeks. Although loan loss write offs are down, and the worst of the financial crisis may be behind us, Bank of America has continued to struggle mightily. Last week, during it’s earning release, the firm noted that the Dodd Frank legislation [...]
Compensation Down at Goldman Sachs (NYSE: GS) and Deutsche Bank (NYSE: DB)
Now that earnings season is over, there is a plethora of information to digest. In the world of investment banking, compensation levels always exists near the top of the list. Following this quarter’s disclosures, an interesting change has been observed: Deutsche Bank’s (NYSE: DB) investment bankers earned an average of $398,100 in the first nine months [...]
Federal Reserve Seeking To Block Details of Bailouts to JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC), and Others
The details around the bank bailouts have been rather hazy to date. Although JPMorgan Chase (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) and many others were given cash by the treasury department, few know the full details of what occurred, when, and how. The Federal Reserve seems intent on keeping it that [...]
PerkStreet Financial Review: Get Up to 5% Cash Back on Debit Card Purchases
Credit cards that offer great rewards programs will soon disappear as a result of the recent implementation of the Credit CARD Act and an anti-trust suit against Visa, MasterCard and American Express. Banks are now tacking on annual fees to most credit cards and will soon find it much harder to charge high transaction fees [...]
Citigroup (NYSE: C) Exec Forgetful In Court
David Wormsley, an executive at Citigroup (NYSE: C) had a bought of forgetfulness today. While Wormsley was on the witness stand today, he seemed to have a difficult time trying to recall his role in the acquisition of music company EMI by a British private equity firm. “I’m afraid I don’t recall” was a phrase [...]
Closed Courtroom for Former Goldman Sachs (NYSE: GS) Employee?
The fact that Goldman Sachs (NYSE: GS) has a competitive advantage is no secret. The firm has flourished while many have failed. While most will point to the people inside Goldman as the reason the firm has done so well, the importance of it’s technology cannot be overlooked. Goldman is said to have the best [...]
PerkStreet Financial Offering 5% Cash Back During Holiday Season
PerkStreet Financial, a company known for offering a debit card with 2% cash back, has begun offering 5% cash back to its account holders for some purchases during the Christmas season. Account holders can now get 5% cash back when shopping at Christmas-themed stores through December 31st, 2010, including Best Buy, Gap, Toys R Us, [...]
Bank of America (NYSE: BAC) Facing Billions in Mortgage Repurchases
The practice of repurchasing loans is not new. However, the recent crisis surrounding falsified mortgages that were bundled into Residential Mortgage Securities (RMBS) may leave large banks such as Bank of America (BAC) exposed with billions of dollars in losses. A recent article posted on CNNMoney.com reports how institutional investors are raising questions about home [...]
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