Goldman Sachs (NYSE:GS) has come under fire concerning another issue as Senator Charles E. Grassley, the senior Republican on the Finance Committee, asked in a letter to Chief Executive Lloyd C. Blankfein about the underwriting fees associated with the Build America Bonds, which were supposedly created for the purpose of creating jobs primarily through projects [...]
February 26th, 2010 | Gary | Comments | ContinuedAll Posts Tagged With: "Government Bailouts"
Big Banks Like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) Still Quietly Using Government Money
Big banks like Bank of America (NYSE: BAC) and Citigroup (NYSE:C) are still using free government money, in the form of low interest loans from the Temporary Liquidity Guarantee Program (TLGP), guaranteed by the FDIC. So while CEOs and industry spokespeople decry the government for its “interference” despite the fact they’ve paid back their TARP [...]
January 28th, 2010 | John | Comments | Continued
Warren Buffett Doesn’t Like Obama Bank Tax, Saying it’s “Trying to Punish People”
I was surprised to hear Warren Buffett state in an interview on Bloomberg Television yesterday that he opposed the Obama tax on financial institutions, as he views it as “trying to punish people.”
Buffett said in the interview that “I don’t see any reason why they should be paying a special tax,” as those proposing it [...]
Large Banks Fighting Back Against Obama Tax by Hiring Supreme Court Lawyer
When the top lobbying arm of the banking industry hired one of the leading Supreme Court lawyers to go over the proposal by Obama to tax the largest banks in the country, they are obviously sending a message to the administration, the question is what is the message meant to convey and will it be [...]
January 20th, 2010 | Gary | Comments | Continued
Obama Plans Bank Tax On AIG (NYSE: AIG), Bank Of America (NYSE: BAC), Citigroup (NYSE: C) And Other Big Banks To Recoup TARP Losses
President Obama is planning to announce Thursday a bank tax on 50 of the nation’s largest financial institutions in order to recoup losses from the bank bailout. The tax would be applicable to any institution with more than $50 billion in assets and would kick in on June 30.
News of the possible tax broke after [...]
Goldman Sachs (NYSE:GS) Sued By Two Pension Funds Over Bonuses
The divisive issue of bonus payments to investment bankers reared its head again as it was announced that Goldman Sachs (NYSE:GS) is being sued by two pension funds over planned bonuses paid to employees. The plaintiffs in the lawsuit, released on Tuesday, maintain that the company shouldn’t use its normal methods for calculating bonuses in [...]
January 13th, 2010 | John | Comments | Continued
Editorial: Financial Crisis Theater Starring – Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS)
The next production of government sponsored financial crisis theater is set to open this week in Washington DC, and has assembled an all star ensemble cast of Goldman Sachs (NYSE:GS), Bank of America (NYSE:BAC), JP Morgan Chase (NYSE:JPM), and Morgan Stanley (NYSE:MS). The play stars the Federal Crisis Inquiry Commission in the lead role as [...]
January 11th, 2010 | John | Comments | Continued
Federal Reserve Proposes ‘Term Deposit Facility’ to Withdraw Money from Banking System
On Monday the Federal Reserve put forth the idea of creating a new way to withdraw money from the banking system when the need to tighten money policy presents itself.
Dubbed a term deposit facility, what it will do is allow banks or other financial institutions opportunity to earn interest on loans that are of longer [...]
US Quietly Concedes Billions in Tax Benefits to CitiGroup (NYSE:C)
In a move that quietly flew under the radar, The Washington Post reported today that the US government granted Citigroup (NYSE:C) billions in tax exemptions as part of a deal between the company to repay TARP bailout money. The concession is designed to help the company survive the current economic crisis despite the gigantic taxpayer [...]
December 17th, 2009 | John | Comments | Continued
Schizophrenic Obama Administration Continues to Send Mixed Messages to Banking Industry
Obama doesn’t seem to have the ability to comprehend, not only how indecisive he is, but also the intellect to grasp the issues in relationship to the banking industry so he can understand and communicate a message that makes sense. As it stands, Obama doesn’t seem to even know he is sending more than one [...]
December 16th, 2009 | Gary | Comments | Continued
Wells Fargo (NYSE:WFC) Secures Deal to Pay Back $25 Billion in TARP Funds
Wells Fargo (NYSE:WFC) announced it has made a deal with the government to pay back all of the $25 billion in TARP funds it received from taxpayers.
Although it has resisted doing so, Wells Fargo announced they would offer a $10.4 billion share offering as part of the capital raised to pay back the money owed.
The [...]
Like a lot of large conglomerate companies that went through the deepest recession since the great depression not every part ...
This website has lost all credibility... every article they publish is something negative about Citi... I suppose the people behind ...
This is why the talk about a buyback is without foundation as Citi holdings has large amounts of debt and ...