Home » Archive for September, 2009
Credit Unions Look to Move to Private Insurance as NCUA Charges New Insurance Fees
Several boards of directors in credit unions across the nation have been voting to convert their credit union’s share insurance provide from the federally-backed National Credit Union Association (NCUA) to the privately backed American... More of this article »
JP Morgan Chase Launches its Chase Blueprints to Help with Financial Management
JP Morgan Chase (NYSE:JPM) has released it Chase Blueprint initiative via its Chase Card Services unit, which is built to help consumers better manage their personal finances. What Chase Blueprint empowers a Chase customer to do is... More of this article »
Citibank (NYSE: C) Executive Says $100 Million Compensation is Too Much
Vikram Pandit, chief executive of Citibank’s parent, CitiGroup Inc (NYSE: C) stated that a $100 million annual salary is far too much for a bank executive. Pandit made this statement during an interview with BusinessWeek Editor,... More of this article »
SEC To Increase Oversight Of Credit Rating Agencies
The Securities and Exchange Commission voted unanimously to adopt rules that will increase oversight of credit rating agencies and improve transparency. The rules will require greater disclosure, address conflicts of interest and... More of this article »
Editorial: Entangling Alliances: Another Reason the Federal Reserve Needs to be Abolished
There are many reasons why the Federal Reserve, at minimum, needs to be audited, and eventually, needs to be shut down. One of those reasons is the secret dealings it has with foreign nations’ central banks, which are done completely... More of this article »
Bank of America (NYSE: BAC) Repositions itself in Credit Card Market
Bank of America (NYSE: BAC) is revamping its credit card offerings in hopes of drawing new consumers during a time where consumer protection is at the forefront. At the forefront of this move is Bank of America’s “BankAmericard... More of this article »
Citibank (NYSE: C) Trims Overseas Operations
CitiGroup Inc. (NYSE: C) announced that it is cutting some of its overseas operations, in a move to generate capital and to get closer to getting out of the Federal government’s pocket. Chief Executive Vice President, Vikram Pandit,... More of this article »
Lending Club Originates $4.3 Million in Loans in August, Prosper.com Originates $905 Thousand
During the month of August 2009, Lending Club.com originated a total of $4.3 million in loans and its older brother Prosper.com only originated $905 thousand. Prosper.com pioneered the peer-to-peer lending industry in the United States... More of this article »
Foreign Appetite For U.S. Debt Takes Massive Dip In July
Worries over the impact of ever increasing federal deficits proved to be warranted as the Treasury Department reported Wednesday that foreign demand for long-term U.S. assets tumbled in July compared to June. Net buying of long-term... More of this article »
Commercial and Alt-A Loans Next Major Bank Problems
While the subprime and prime home mortgage loan problem is still far from being solved, there is the continual loan failures coming from commercial and Alt-A loans that will continue to put tremendous pressure on the banking industry... More of this article »
Fallout from Rejection of SEC/BofA Settlement
The rejection of the proposed $33 million settlement between the SEC and Bank of America (NYSE: BAC) has created a number of interesting scenarios and potential fallout from the decision. Included with that fallout will be the bringing... More of this article »
CNN Highlights Peer-to-Peer Lending Industry
CNN’s Chrsitine Roman recently did a piece on the peer-to-peer lending industry. Roman highlighted a borrower that’s making use of these services and discusses the growth of the industry. Here’s the video: Embedded... More of this article »
Wells Fargo Fires Exec over Malibu Housing Scandal
After murmurs of a calling a boycott, Wells Fargo (NYSE: WFC) took steps to prevent a public relations disaster by firing Cheronda Guyton, a Wells Fargo vice president that was accused of using a luxurious beachfront Malibu home owned... More of this article »
Federal Reserve To Oversee Subprime Lenders Under New Policy
Under a new policy, the Federal Reserve announced Tuesday that it will begin a consumer compliance supervision program that will perform checks on non-bank subsidiaries of bank holding companies, such as home-equity loan businesses. ... More of this article »
International Peer to Peer Lending Firm, Zopa, Delays Re-Launch in Italy
Italian P2P Lender, Zopa Italia, announced that their new site will not relaunch until at least October. Zopa has been working on establishing sub-accounts for lenders as a part of an agreement with the Bank of Italy, and is pushing... More of this article »
Jim Rogers Says Bank Regulators Should be in Jail For Not Allowing Banks to Fail
There is a lot to say on the consequences of the policies of the regulators and the Federal Reserve from outrageous and irresponsible bailouts of big banks and some big businesses, and we’ll continue to talk about and expose... More of this article »
Personal Finance Software Maker Mint Acquired by Intuit
Mint and Intuit have announced today that Intuit will purchase the free online personal financial management service, Mint.com, for approximately $170 million. The rumors were first reported by Silicon Alley Insider and the deal was... More of this article »
Editorial: Why did Prosper.com Obfuscate its Investment Performance?
If you would have visited Prosper’s website a week ago, you would have clearly seen the rate of return that its investors are receiving on its homepage. Both Prosper and Lending Club had their average interest rates listed directly... More of this article »
Peer-to-Peer Lending Company, Prosper.com, Welcomes Lenders in Florida
Prosper.com, one of the first companies to successfully develop a peer-to-peer lending marketplace in the United States, has announced today that they will now allow lenders from the state of Florida to participate in their site. Peer... More of this article »
Nobel Prize-winning Economist Says Government Not Fixing Right Banking Problems
According to Nobel Prize- winning economist Joseph Stiglitz, the problems connected to the banking and financial industry are now worse than they were before the U.S. government intervened to prop up the poorly run banks. In an interview... More of this article »
Judge Denies $33 Million Settlement between SEC and BofA
In what is a surprise move to me, Federal District Judge Jed S. Rakoff set a trial date of February 1 after denying a proposed settlement between the SEC and Bank of America (NYSE:BAC) of $33 million, in which both parties agreed to.... More of this article »
How to Diversify Your Investment Portfolio with Peer-to-Peer Loans
Many have discovered that they were woefully unprepared for the financial crisis by being too heavily invested in certain investments. Now, investors are diversifying their funds by investing in new asset classes such as by making... More of this article »
Obama Expected To Push Regulatory Reform On Wall Street Monday
President Barack Obama will speak in New York on Monday, addressing the government’s role in the financial markets and pushing for regulatory reform on Wall Street. Since the near financial collapse last fall financial regulations... More of this article »