The Financial Accounting Standards Board is likely to propose that banks expand their use of market values for financial assets such as loans, impacting up to $2.8 trillion in assets at Citibank (NYSE: C), Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Wells Fargo (NYSE: WFC), according to a new report from [...]
March 15th, 2010 | admin | Comments | ContinuedGovernment and Legislation Articles
U.S. Treasury May Divest itself from Citibank (NYSE: C) Starting Next Week
Citibank (NYSE: C) CEO Vikram Pandit said that he “wouldn’t be surprised” if the U.S. Treasury began winding down its 27% stake in Citigroup beginning next week.
The U.S. Treasury owns 7.7 billion shares of the financial giant that it received last September after converting Citibank’s $25 billion in bailout funds into common stock. If the [...]
JP Morgan (NYSE: JPM) to Provide Expanded Collateral Management Services to Canadian Government
(Business Wire) JP Morgan Worldwide Securities Services (NYSE: JPM) announced that it has been selected by the Government of Canada to provide an expanded set of collateral management services for derivatives. A derivatives collateral management client since March 2002, the Government of Canada also utilizes the firm’s treasury management and derivatives trading services.
Darren Measures, clearance [...]
Centennial Bank, Waterfield Bank, Sun American Bank and Bank of Illinois Shutdown by Federal Regulators
Centennial Bank, Waterfield Bank, Sun American Bank and Bank of Illinois were shut down by federal regulators on Friday, pushing the number of bank failures to 26 for the year of 2010.
The Federal Deposit Insurance Corporation (FDIC) has since far been unable to find buyers for two of the banks, Centennial Bank in Ogden, UT [...]
U.K to Collect £1 Billion in Bonus Taxes from U.S. Banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS)
Major U.S. banks including Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Morgan Stanley (NYSE: MS) will be paying up to £1 billion to the British treasury as part of the country’s banking bonus tax.
A new survey from the Financial Times of London among 16 global banks predicts that the British Treasury [...]
U.S. Treasury Wants Out of Citibank ASAP (NYSE: C)
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related to the Congressional Oversight Panel for the Troubled Asset Relief Program.
The exchange took place during a [...]
Federal Reserve Inquiring into Goldman Sachs’ Bets on Greek Debt (NYSE: GS)
Federal Reserve Chairman Benjamin Bernanke said on Thursday that the Securities and Exchange Commission is inquiring into Goldman Sachs’ (NYSE: GS) and other firms’ user of investment instruments to profit if Greece defaults on its national debt.
Bernanke said that the Federal Reserve is looking into the user of Goldman Sachs’ credit default swaps, a form [...]
Goldman Sachs Accepts Criticism Related to Greece’s Economy (NYSE :GS)
Goldman Sachs (NYSE :GS) managing director Gerald Corrigan said that the currency swaps that his bank had entered into with Greece in 2001 could have been more transparent.
Corrigan told The U.S. Treasury’s Select Committee that “nothing inappropriate” happened in the deals which produced “a rather small but nevertheless not insignificant reduction in Greece’s debt to [...]
Bank of America Steps up Loan Modifications under HAMP (NYSE: BAC)
Bank of America (NYSE: BAC) reported an increase in the number of both trial modifications and permanent modifications under the federal government’s Home Mortgage Affordability Program (HAMP) in its latest report.
The Charlotte, N.C. based bank reported that it now has 13,701 permanent home modifications pending under the Home Mortgage Affordability Program.
This news comes on the [...]
Citibank Counterfeiting Attempt Shows Fake Cash Still a Problem (NYSE: C)
A New York City woman was arrested on Wednesday after police said that she attempted to deposit 19 counterfeit $100 bills into her Citibank (NYSE: C) checking account at the company’s Franklin Square Branch in Brooklyn.
The woman, Kercia Hutchinson, 28, was arrested by Nassua County Police soon after the bank realized Hutchinson’s counterfeit attempt. Hutchinson’s [...]
Mr. Moynihan Goes to Washington. Bank of America Corp. (NYSE: BAC) CEO Makes D.C. a Strategic Priority
To the person who is against all things banking right now, Bank of America Corp. (BAC) CEO Brian Moynihan may seem like a cynical opportunist. Moynihan sees himself as making a statement.
Bank of America gets it.
For decades, Bank of America was hostile, if not openly defiant, towards regulators and elected officials. It acquired competitors across [...]
Discover Card just told me that they are not allowing any balance transfers on any accounts right now. 
Does everyone realize that Citibank owns almost all the credit card divisions of gas card companys and dept. stores including ...
I thought the goal was to increase capital, who would want to lend in this environment of 10% unemployment and ...