Home » Archive for December, 2009
Prosper Chief Marketing Officer Catherine Muriel Departs Company, Joins Support.com Team
Prosper Marketplace has recently had a number of employees on its management team depart the company, and now it appears that Prosper has lost its chief marketing officer, Catherine Muriel. A press release released by Support.com stated... More of this article »
Prosper Marketplace Earns “D+” Rating from Better Business Bureau
Prosper Marketplace, a popular peer-to-peer lending company, has earned a disappointing rating of “D+” by the Better Business Bureau. The Better Business Bureau (BBB) rates companies based on a number of factors, including length... More of this article »
2009 Bank Failures Hit 140 As Seven More Close; FDIC Unable To Find Buyers For All
The Federal Deposit Insurance Corporation (FDIC) announced Friday it was named receiver of seven more banks that were shutdown by the Office of Thrift Supervision (OTS). The closures now bring the 2009 failed bank list to 140. Georgia,... More of this article »
Meredith Whitney Lowers Profit Estimates for Goldman Sachs (NYSE: GS) and Morgan Stanley (NYSE: MS)
Banking analyst Meredith Whitney lowered her profit estimates for investment banks Morgan Stanley (MS) and Goldman Sachs (GS). Shares of both banks fell following the announcement. On Thursday, shares of Goldman fell $4.06, to $160.93.... More of this article »
SunTrust Inc. (NYSE: STI) Expands Live Solid Initiative with Budgeting Application for Facebook
SunTrust Banks, Inc. (STI) has launched Daily Dollar on Facebook. It’s the bank’s latest application in support of its Live Solid initiative. Daily Dollar taps into two complementary cultural shifts – a desire to rebalance priorities... More of this article »
HSBC Holdings (LSE: HSBA.L) Looking to Emerging Markets for Growth, Business in U.S. “Winding Down”
Mocked by shareholders in the pre-bubble years, HSBC Holdings’ (LSE: HSBA.L) group finance director Douglas Flint is now having the last laugh, as the huge bank performed magnificently while their competitive rabble around them... More of this article »
Treasury Department Can’t Afford to Sell Citigroup (NYSE:C) Shares
After announced plans to work with Citigroup Inc. (NYSE:C) to pay back the funds it received from taxpayers via the TARP program, the Treasury Department in a humiliating move had to back out of the deal to sell up to $5 billion of... More of this article »
Senate Banking Committee Confirms Bernanke for Second Term, Goes to Senate Floor for Full Vote
While it’s not certain Federal Reserve Chairman Ben Bernanke will be confirmed for a second term by the Senate, he has taken one more step toward that probably being the case, as the Senate Banking Committee voted 16-7 to give... More of this article »
Prudential (NYSE: PRU) To Sell Wachovia Securities Stake To Wells Fargo (NYSE: WFC), Net $1.5 Billion
In a regulatory filing with the Securities and Exchange Commission, Prudential Financial Inc. (NYSE: PRU) stated on Wednesday that it expects to gain about $1.5 billion from the sales of its minority stake in Wachovia Securities. The... More of this article »
Lending Club Forum, Stats and Wiki: Where to Get Additional Information about Lending Club
With the most recent recession, investors have become more painfully aware of the roller coaster ride that the stock market can take them on than ever. As a result, people are looking to find alternative investments that provide more... More of this article »
Citigroup Inc (NYSE: C) Shares Drop 7% as Treasury Holds On to Shares
In a somewhat surprising move late Wednesday, the Treasury Department backed away from an initial plan to sell some of its shares in Citigroup Inc. (C). Shortly after the announcement, shares in Citigroup, Inc dropped almost 7% to... More of this article »
Reinstating Glass-Steagall Act Receives Mixed Responses
It was probably inevitable that the Glass-Steagall Act would be revisited in response to the banking crisis, and Senators John McCain and Maria Cantwell have now brought the proposition forward, whereby commercial banking and investment... More of this article »
Wells Fargo (NYSE: WFC) and JP Morgan Chase (NYSE: JPM) Report Growth in 15-Year Mortgage Market
As more homeowners look to refinance, Wells Fargo (WFC) and JP Morgan Chase (JPM) are seeing surprisingly substantial increases in the origination of 15-year mortgages. Through November, Wells Fargo saw 15-year mortgage originations... More of this article »
Credit Suisse (SIX: CSGN) Fined $536 Million for Violation of U.S. Sanctions Against Iran, Other Countries
It’s getting expensive to do business in the U.S. if it means you have to cater to its every whim in its interactions with the world. Credit Suisse (SIX: CSGN) is the latest to learn that lesson as they have agreed to pay a... More of this article »
Bank of America (NYSE:BAC) Names Brian Moynihan as New CEO
After a humiliating and failed attempt to draw a quality candidate from outside the company to run its troubled affairs, Bank of America (NYSE:BAC), as expected, after Bank of New York Mellon Corp Chief Executive Robert Kelly rejected... More of this article »
Indecision of Bank of America (NYSE:BAC) Board Key to Robert Kelly Withdrawing as CEO Candidate
The inability of the Bank of America (NYSE:BAC) to fully support CEO candidate for the firm, Robert Kelly, seems to be the major reason why Kelly withdrew his name from the pool of candidates for the position. Insiders said Kelly didn’t... More of this article »
TIME Chooses Fed Chairman Ben Bernanke As 2009 Person Of The Year
After much consideration, TIME Magazine announced that Federal Reserve Chairman Ben Bernanke has been names its 2009 Person of the Year. According to TIME managing editor Richard Stengel, Bernanke edged out General Stanley McChyrstal,... More of this article »
FDIC Postpones Capital Requirements for Wells Fargo (NYSE:WFC), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM)
Blaming former rules which allowed banks to effectively keep assets and liabilities off of their books and look stronger than they actually were, the Financial Accounting Standards Board changed that to where billions of assets and... More of this article »
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... More of this article »
U.S. Credit Card Defaults Rise In November; Citigroup (NYSE:C), Bank Of America (NYSE: BAC) Lead The Way, While AMEX (NYSE: AXP) Improves
After falling a month earlier, financial institutions reported rising credit card defaults in November. Bank of America (NYSE: BAC) still leads all big banks with a 13 percent default rate, but Citigroup (NYSE: C) posted the largest... More of this article »
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... More of this article »
Royal Bank of Scotland (LSE: RBS.L) Receiving Government Funds While Defending Bonus Culture
Although it’s reported that the Royal Bank of Scotland (LSE: RBS.L) is turning to the government trough to receive bailout funds, they are at the same time trying to temper that decision with pressing to be left alone concerning... More of this article »
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... More of this article »