The Chief Financial Officer (CFO) for Citigroup (NYSE:C), John Gerspach, stated unequivocally at a conference on Thursday that employees of the bank were paid competitively in 2009 and could expect to see similar pay in 2010. The statement came at a conference hosted by Credit Suisse, and comes at a time when the banking giant [...]
February 12th, 2010 | John | Comments | ContinuedAll Posts Tagged With: "Recession"
Bank of America (NYSE:BAC) Earnings Report Confirms We’re Still in Deep Recession
For the first time in over 20 years Bank of America (NYSE:BAC) posted its first annual loss, much of that from the ongoing default crisis from consumers’ inability or unwillingness to pay back their home loans. To a lesser degree the one-off payment of the bailout money it received from taxpayers was also part of [...]
January 21st, 2010 | Gary | Comments | Continued
Obama Panicking as Jobless ‘Recovery’ Fails to Materialize – Now Begs Bankers to Bail Him Out
In what appears to be a very disingenuous and pathetic assertion by Barack Obama, the banks of America now are obligated to facilitate economic growth because the government came to their aid, and the economic crisis was “largely of their own making.” Wait, I thought the stimulus spending by the government had done the job [...]
December 15th, 2009 | Gary | Comments | Continued
Obama Administration Clueless on Banking Issues, Sending Mixed Messages to the Industry
Again we can see why government shouldn’t ever interfere in the markets, as revealed by the confusion and cluelessness of the Obama administration in navigating the banking waters.
Obama is now pushing for banks to start lending much more in order to encourage economic recovery (you know, the one we’re already in).
In an attempt to influence [...]
Citigroup Inc. (NYSE:C) Survey of Texans Shows Consumers Still Tightening Belts
A survey of Texas residents by Citigroup Inc. (NYSE:C) confirms that consumers are still holding back on buying, and putting off spending on major products until the economy gets better.
Some of the findings of the survey were indicative of what is happening across the entire country, as people are not only holding back on major [...]
Goldman Sachs (NYSE:GS) Economist Says Home Prices Could Plunge 10% in 2010
Several economists at Goldman Sachs (NYSE:GS) say that home prices in 2010 could plunge by up to 10 percent by mid-2010, and over the next several years will appreciate little, if any.
“The risk of renewed home price declines remains significant,” said Goldman economist Alec Phillips recently, in a note to clients. “Our working assumption is [...]
Marketing Wells Fargo (NYSE:WFC) in a Hostile Consumer Environment
Wells Fargo (NYSE:WFC), as with all banks in America, are viewed in a very hostile an unforgiving manner at this time by consumers, and rightly so, as they have been bailed out with taxpayers money via the Federal Reserve, while large numbers of Americans continue to struggle on a day-to-day basis.
With that backdrop, banks have had [...]
Effects and Longevity of Recession on Small Business Depends on Sector Served
While it’s highly unlikely the assertion by the Federal Reserve that the recession is winding down and sustainable economic growth would resume, for most small businesses that wouldn’t be of much comfort, as small business is similar to unemployment figures in that they are considered a lagging indicator of what is happening in a recovery.
For [...]
JPMorgan Chase & Co. (NYSE:JPM) Says it’ll Take Four Years to Recover Lost Recession Jobs
Economists from JPMorgan Chase (NYSE:JPM), even with a more positive outlook for economic growth in the U.S than other economists, still say it’ll take four years for the jobs lost during the current recession to be replaced.
Their optimism doesn’t impress or convince me at all, as the job market is far from bottoming out yet, [...]
Banks Aren’t Lending, Consumers Aren’t Spending – What Recovery?
The assertion by analysts and economists that data from the quarter from July-September signals the end to the recession is so distorted and ridiculous, that you have to question either their integrity, sanity or ability to make that determination. This is so far from the truth that it can’t even be seriously entertained as a [...]
August 29th, 2009 | Gary | Comments | Continued
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 ...