Home » Archive for October, 2009
Bank of America (NYSE: BAC) Refuses to Cash Armless Man’s Check
When Steve Valdez used one of his prosthetic arms to hand a teller a check at a Bank of America (NYSE: BAC) Branch in Tampa, FL, the teller told him, “Obviously you aren’t going to be able to give us a thumbprint.” Valdez... More of this article »
Using Cash While Traveling Overseas: How to Avoid Credit Card Junk Fees
If you were traveling abroad a decade ago, you would probably take money in the form of traveler’s checks in order to pay for the good and services while you’re there. Times have changed; plastic has become the preferred means... More of this article »
Peer-to-Peer Investing: Prosper.com Review
Prosper.com is a website in the emerging peer-to-peer lending industry which facilitates the borrowing and lending of money between its users. How it Works: Prosper, Lending Club and other firms sidestep the banking industry by creating... More of this article »
Comparing Prosper.com and Lending Club Investment Performance
Prosper.com and Lending Club.com are by far the two largest peer-to-peer lending websites in the United States. Many investors have used these services to diversify their investment portfolios. During the financial crisis, while stock... More of this article »
Consumer Credit Drops $12 Billion In August
U.S. households cut the nation’s level of consumer credit for the seventh consecutive month. Consumer credit declined $12 billion in August, according to a Federal Reserve report released Wednesday, that’s more than the $10 billion... More of this article »
Bank of America (NYSE: BAC) Begins Search for New CEO
Bank of America Corp. (NYSE: BAC) directors have formed a six-person committee to find a new chief executive officer to replace Kenneth Lewis, and will likely begin to develop a list of potential candidates next week. The formal process... More of this article »
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... More of this article »
Wells Fargo (NYSE: WFC) Continues Cuts to Personal Credit Lines
Wells Fargo (NYSE: WFC) has sent out over thousands of letters to customers informing them that their home equity line of credit limits and other personal credit limits would be trimmed in order to prevent additional losses to the... More of this article »
JPMorgan Chase & Co (NYSE: JPM) To Expand Private Banking Business
JPMorgan Chase & Co plan on expanding its U.S. private banker force by 10% in the next several months in hopes of gaining new wealthy customers that are leaving banks that were hit hard by the financial crisis, according to a statement... More of this article »
Wells Fargo (NYSE: WFC) Sues U.S. Over Income Taxes
Wells Fargo & Co. (NYSE: WFC) is suing the federal government, one of its largest shareholders, over its 2003 income taxes. The suit filed on Monday demanded the return of $162.3 million paid in income taxes that it was “erroneously... More of this article »
Inspector General Says U.S. Treasury Mislead Public
The inspector general that oversaw the government’s bailout of the U.S. banking system has is criticizing the Treasury Department for making misleading public statements last fall to the publish and suggested that the US Treasury... More of this article »
Pay Czar Feinberg Expected To Cut Salaries
According to recent reports, President Obama’s Pay Czar Kenneth Feinberg is expected to cut part of the cash many top Wall Street Executives receive as part of their annual salary. The move would only impact executives and top... More of this article »
Citibank (NYSE: C) Brokerage to Move to Fee-Only Business Model
Citibank (NYSE: C) has sold a significant portion of its brokerage businesses across the world and now plans on reforming what’s left of its North American brokerage business. Citibank’s reform will involve making it so that financial... More of this article »
HSBC Holdings (NYSE:HBC): The rise of the East and Demise of the West
There’s no doubt the move last month by HSBC Holdings (NYSE:HBC) to embed their CEO in Hong Kong, moving him from the London office, speaks volumes as to where they see their future growth, and it’s definitely Asia. In... More of this article »
Wells Fargo (NYSE: WFC), Comerica (NYSE: CMA) and Capital One (NYSE: COF) Lift Financial Sector
Shares of major U.S. banking companies led gains in the financial industry on Monday after analysts from Goldman Sachs and other firms upgraded the sector as a whole and said that earning power for the firms is improving. In a report... More of this article »
Goldman Sachs (NYSE:GS): Huge Banks Undervalued
Goldman Sachs (NYSE:GS) increased its rating on a number a large banks based on the premise that current stock prices aren’t reflecting the real earnings power the huge banks have. While Goldman has already had conviction buy... More of this article »
Saudi Prince urges U.S. to Sell Stake in Citigroup (NYSE: C)
Prince Alwaleed Bin Talal, a major investor in Citigroup (NYSE: C), urged the U.S. federal government to sell its ownership stake in Citigroup as soon as possible in order to boost investor confidence. Alwaleed made the statement in... More of this article »
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC)’s Student Loan Businesses to be Regulated out of Existence
Citibank (NYSE: C) and Wells Fargo (NYSE: WFC)’s student loan businesses are under threat as Congress works on the most significant overhaul of the financial aid system since it was introduced in the 1960’s, leading many to believe... More of this article »
Support for Ron Paul’s Audit of the Federal Reserve Grows: Over 300 Co-sponsors Now on Board
Understanding that the highly secretive Federal Reserve has had a major role in undermining the value of the U.S. dollar, and unregulated and unaccountable non-government agency had pretty much done whatever it has wanted almost since... More of this article »
How Does Investing with Lending Club Compare to Saving with a High-Yield Savings Account?
With the Federal Reserve keeping target interest rates near zero, consumers are becoming increasingly disappointed with the interest rates being offered by traditional “high-yield” savings accounts and are looking for investment... More of this article »
Three More Banks Fail – Bringing Bank Failures to 98 So Far This Year
Three more banks were seized by banking regulators, bringing the number to 98 so far this year. Banks in Minnesota, Michigan and Colorado were the latest casualties. In Minnesota, Jennings State Bank, a family-owned bank in Spring... More of this article »
Editorial: Everyone Needs a Strong U.S. Dollar? – Too Late!
Listening to the financial leaders of the Group of Seven as they head to Istanbul for talks saying there is a need for a strong U.S. dollar, is ludicrous in the face of the practices of the central banks across the globe, and specifically... More of this article »
Federal Reserve President of Boston Says Stimulus Must Continue
Eric Rosengren, President of the Boston’s Federal Reserve Bank, said that the central bank and the government should continue its pro-growth economic policies until a self sustaining recovery is assured. In a recent speech to a business... More of this article »