Hartford Financial Services Group (NYSE:HIG) announced it will sell $1.1 billion in bonds and another $1.95 billion in preferred and common stock in order to pay back the $3.4 billion in TARP funds it received from the Treasury Department.
Capital raised from the bond offering will be used by Hartford to buy back preferred shares held [...]
Archive for Gary
Hartford Financial Services Group (NYSE:HIG) Selling Bonds to Repay TARP
First American Sued by Bank of America (NYSE:BAC) Over Claims of ‘Lien Protection’
The lawsuits continue to fly in reference to the banking industry, as everyone is trying to recoup losses from the ongoing mortgage debacle which still has a long way to go before they’re purged from the system. The latest Lawsuit is from Bank of America (NYSE:BAC), which is suing First American Corp., a title insurer [...]
March 18th, 2010 | Gary | Comments | Continued
Morgan Stanley (NYSE:MS) and Citigroup (NYSE:C) Request to Change 2003 Firewall Agreement Denied by Judge
A legal agreement between Morgan Stanley (NYSE:MS), Citigroup (NYSE:C) and the Securities and Exchange Commission created a firewall which separated the investment banking units of the companies form research analysts. A request to have that firewall changed was denied by Judge William Pauley III of the Southern District of New York.
The reason the firewall was [...]
Bank of America (NYSE:BAC), Citigroup (NYSE:C), HSBC Holdings Plc NYSE:HBC), and ING Groep NV – Managing Sale of Mexico Peso Bonds
Bank of America (NYSE:BAC), Citigroup (NYSE:C), HSBC Holdings Plc, ING Groep NV have been hired by Mexico to manage its offering of peso bonds which will be linked to inflation. The bonds will mature in 30 years.
The bonds will be tied to inflation at a rate of 4 percentage points above what the current rate [...]
Sprint Nextel (NYSE:S) Ready to Unveil WiMax Phone
Sprint Nextel (NYSE:S) will reportedly unveil the first WiMax phone at a conference next week, which will be compatible with its fourth-generation mobile network.
Named the Supersonic, Sprint is betting and hoping it’ll give a huge boost to the company, which has been battling to grow and generate significant profits for the company and add value [...]
J.P. Morgan Chase (NYSE:JPM) Settlement with Lehman Brothers Approved by Judge
J.P. Morgan Chase (NYSE:JPM) and Lehman Brothers Holdings received approval from a judge for the settlement agreement between the two companies.
Per the agreement, J.P. Morgan will receive cash and collateral from Lehman Brothers while they return about $9 billion in illiquid securities and real estate to Lehman.
Even though U.S. Bankruptcy Judge James Peck approved of [...]
Citigroup (NYSE:C) Spinning Off Insurance Unit, Primerica Files for IPO of $252 Million
Citigroup (NYSE:C) has made the decision to focus on and keep only those assets connected to their core banking business, and their latest divestiture will be their life insurance unit – Primerica.
The life insurance unit has filed for an initial public offering which will be as high as $252 million.
This isn’t the only part the [...]
Bank of America (NYSE:BAC) Seeking Approval to Sell More Products in China
With North America as a growth market largely over, multi-national banks like Bank of America (NYSE:BAC) are targeting emerging markets as their engine of growth, with China being one of the key markets.
Bank of America, while now having a small presence in China, is definitely seeking to expand there, as it is now asking for [...]
J.P. Morgan (NYSE:JPM): Emerging Market Countries, Companies, Issue Half of Bonds in 2010
J.P. Morgan (NYSE:JPM) estimates that half of the bonds issued so far in 2010 have been issued by emerging-market countries, generating a total of $55 billion so far for the quarter, with estimates it could reach over $60 billion for the three-month period.
Figures from ING confirm this, as data show already close to $55 billion [...]
General Electric (NSYE:GE) CFO Says Dividend Increases Could Resume in 2011
General Electric (NSYE:GE) Chief Financial Officer Keith Sherin said today the company could resume its increase in dividends as early as 2011. For the first time since the Great Depression General Electric cut its dividend in 2009.
According to Sherin, the reason for the optimism centers on the company having a much better picture and feel [...]
Citigroup (NYSE:C) Spends $1.25 million on Lobbying Government
In a move to influence government decisions concerning potential regulations related to the banking industry, Citigroup (NYSE:C) spent about $1.25 million on lobbying during the fourth quarter.
While a significant amount, it was slightly below the $1.28 million spend during the last quarter of 2008. In the third quarter Citigroup spent $1.33 million on lobbying efforts.
Targeted [...]
I've only seen blog mentality reporting from this site, and don't take much merit in anything it says. 
The govt. is free to sell whenever it wants. This article is completely contrived. Why would he even suggest such ...