Home » Archive for December, 2009
Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) Questioned over Mystery Credit Card Charges
The United States Senate has requested information from Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) as part of a continuing investigation as to whether or not consumers were mislead into enrolling into online... More of this article »
JP Morgan (NYSE: JPM) Could Lose $3 Billion in Clearinghouse Profit
JP Morgan Chase & Co (NYSE: JPM), the second largest U.S. bank in terms of assets, could lose as much as $3 billion in revenue if most derivative trades are moved to exchanges, according to a Sanford C. Bernstein & Co analyst. Derivatives... More of this article »
Bank of America (NYSE: BAC) Stock Sale Largest Since 2000
Bank of America (NYSE: BAC) raised $19.3 billion by selling new securities at $15.00 per share in the largest sale of preferred shares of stock by a public U.S. company during the last decade. The bank is planning on using the funds... More of this article »
Bank of America’s (NYSE:BAC) Board of Directors to Meet Tuesday, May Discuss New CEO
The Board of Directors of Bank of America (NYSE: BAC) is slated to meet next week and may discuss a new Chief Executive Officer (CEO) to succeed the retiring Kenneth Lewis who is set to retire at the end of this year. The Tuesday... More of this article »
Goldman Sachs (NYSE:GS) Claims Didn’t Need Government Bailout
Goldman Sachs (NYSE:GS) CEO Lloyd Blankfein said in an online Vanity Fair article recently that the company didn’t need a government bailout, and would have survived without it. President of Goldman Sachs, Gary Cohn, said it... More of this article »
Federal Reserve Says Bank of America (NYSE: BAC) Must Sell Some Operations
As part of Bank of America’s (NYSE: BAC) plan to repay its bailout funds under the Troubled Asset Relief Program, the Federal Reserve is requiring the Bank of America to decide which businesses it can sell to generate capital by... More of this article »
Citigroup (NYSE: C) Executives Say Treasury Department Inaction Preventing TARP Repayment
The Treasury Department’s refusal to sell its 34% ownership stake in Citigroup (NYSE: C) is preventing the bank’s plans to repay nearly $20 billion worth of loans under the Troubled Asset Relief Program, according to several sources. Executives... More of this article »
U.S. Peer-to-Peer Lending Firms Originate $9.2 Million in Loan Growth during November
The two largest peer-to-peer lending firms, Prosper and Lending Club, originated a total of $9.2 million in loans during the month of November. Out of the $9.2 million in peer-to-peer loans that these two companies Lending Club generated... More of this article »
FDIC Shutters Six More Banks, Total ’09 Failures Hit 130
The Federal Deposit Insurance Corporation announced Friday it shuttered six more banks, bringing total bank failures in 2009 to 130. The FDIC did not report any bank closures a week ago, November 27. Georgia, which has seen a large... More of this article »
Major Belgium Lawsuit Against Citibank (NYSE:C) Started Friday
In the largest Belgium lawsuit in relationship to the financial banking crisis, 4,000 Belgium customers of Citibank (NYSE:C) have begun their attempt at recouping their savings after losing everything in where the prosecution says... More of this article »
Ben Bernanke Lectures Gordon Brown and Britain in Hopes of Maintaining Status Quo at Federal Reserve
Ben Bernanke is looking more anemic and pathetic every day that goes by, as now the disastrous Chairman of the Federal Reserve, in an attempt to shore up his position at the Federal Reserve, and the Federal Reserve itself, is using... More of this article »
Analysts: Wells Fargo (NYSE:WFC) Would Need to Raise $34 billion to Match Bank of America’s (NYSE:BAC) Capital Ratios
Analysts at Keefe, Bruyette & Woods said on Thursday that in order for Wells Fargo (NYSE:WFC) to maintain capital ratios of 8.5 percent as Bank of America (NYSE:BAC) will, they would have to raise up to $34 billion to do it in... More of this article »
Shoretel (NASDAQ:SHOR) Up 11% on JP Morgan (NYSE: JPM) Upgrade
Shares of Shoretel (NASDAQ:SHOR) climbed by nearly 11% after JP Morgan Chase’s (NYSE:JPM) brokerage unit upgrade the service provider of internet telephony to “overweight” from “underweight”, citing market-share gains in... More of this article »
Lending Club Highlights Two Types of Investors
The peer-to-peer lending firm, Lending Club, recently highlighted two distinct classes of investment strategy that lenders are using on its platform during an online web-cast with its investors. Lending Club frequently has online webcasts... More of this article »
Treasury Prices Capital One (NYSE: COF) Warrants, Taxpayers To Make $146 Million On Deal
The U.S. Treasury Department announced Friday the Capital One (NYSE: COF) warrants it is auctioning off have been priced at $11.75 per issue. The warrants have received authorization to be listed on the New York Stock Exchange under... More of this article »
Lloyds Banking Group (LON: LLOY) Executives Expected to Receive 80% Payout on Salaries
About 200 executives at Lloyds Banking Group (LON:LLOY) will be given one-time payments worth up to 80% of their annual salaries. The bank, which is currently 43% owned by British taxpayers, negotiated the deal with its shareholders... More of this article »
JP Morgan (NYSE: JPM) Upgrades Barclays Capital (NYSE:BCS) to Neutral Rating
JP Morgan’s (NYSE: JPM) brokerage unit upgraded Barclays Capital (NYSE: BCS) to a “neutral” rating from a “sell” rating on Friday. The megabank’s brokerage division said that despite having disappointing third-quarter revenues... More of this article »
FDIC Chairman Sheila Bair May Give Citigroup Inc. (NYSE:C) and J.P. Morgan Chase (NYSE:JPM) Break On Higher Capital Rules
With billions of dollars poised to be transferred to the balance sheets of banks, Federal Deposit Insurance Corp. Chairman Sheila Bair stated she is looking at easing the migration of securities to the balance sheets of banks like... More of this article »
Kentucky Senator Jim Bunning Slams Ben Bernanke at Senate Banking Committee Hearings
Former major league baseball player and hall of famer Jim Bunning, Senator from Kentucky, put Federal Reserve Chairman Ben Bernanke’s feet on the hot coals today, as he laid into him for his performance in his first four-years... More of this article »
U.S. Senator Jim DeMint Will Hold Bernanke Nomination Until Senate Votes on Auditing the Federal Reserve
Things were definitely not boring at the confirmation hearing of beleaguered Federal Reserve Chairman Ben Bernanke today, where he stood before the Senate Banking Committee to decide on whether he would be awarded a second four-year... More of this article »
Why Wells Fargo (NYSE: WFC) and Citibank (NYSE: C) Won’t Follow Bank of America’s (NYSE: BAC) Lead and Repaid its TARP Funds
Bank of America’s announcement to repay its TARP loans likely won’t be followed by other large-cap banks, including Citibank (NYSE: C) and Wells Fargo & Co (NYSE: WFC). Bank of America (NYSE: BAC) said on Wednesday that it... More of this article »
Jefferson County, AL Says $50 Million Settlement with JP Morgan Chase (NYSE: JPM) Won’t Be Enough to Avoid Municipal Bankruptcy
Jefferson County, Alabama, which has struggled to avoid municipal bankruptcy, said that a $50 million settlement with JP Morgan Chase & Co won’t be enough to cover its potential general fund liabilities. The troubled county may... More of this article »
Pennsylvania Resident Gets 10 Years in Prison for Defrauding Citibank (NYSE: C)
Eric Skys, a 26-year old Pennyslvania resident, will receive 11 years in prison for attempting to defraud Citibank (NYSE: C) of more than $83 million. Skys had claimed to be a German-raised computer genius with a net-worth more than... More of this article »