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Will Ben Bernanke Remain Chairman of the Federal Reserve?
Not too long ago Federal Reserve Chairman Ben Bernanke was considered to be assured of being nominated for another term as Chairman of institution, but after a dismal performance at the helm of the agency, it’s not necessarily... More of this article »
Morgan Stanley (NYSE:MS) Transfers Subsidiary ‘Crescent Real Estate Equities’ to Barclays Capital (LSE: BARC.L)
The timing of buying Crescent Real Estate Equities by Morgan Stanley (NYSE:MS) was among the worst in history, and not long after paying out $6.5 billion to acquire the company, Morgan Stanley has struggled to pay for it since that... More of this article »
JPMorgan Chase & Co. (NYSE:JPM) Drops Arbitration Clause From Card Contracts in Antitrust Lawsuit
JPMorgan Chase & Co. (NYSE:JPM), the largest credit card lender in America has agreed to drop the use of an arbitration clause in order to move forward in settling an antitrust lawsuit which included a number of other large financial... More of this article »
Wells Fargo (NYSE:WFC) Says Taxpayers Will Bail Out Bad Loans, So Doesn’t Have to Reserve Against Losses
Wells Fargo (NYSE:WFC), in an extraordinary and arrogant practice, has decided they don’t have to reserve against any potential losses for off balance sheet (OBS) exposures because the taxpayers will bail them out if the loans... More of this article »
Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and J.P. Morgan Chase (NYSE:JPM) Hire 17,000 for Mortgage Restructuring
There’s good and bad news when you consider that a large growth area for job creation is with Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and J.P. Morgan Chase (NYSE:JPM), which have hired approximately... More of this article »
Is Wells Fargo (NYSE:WFC) Much Weaker Than it Admits?
The Wells Fargo (NYSE:WFC) continues to be a somewhat strange one, as the conflicting signals from the company over the months leaves you wondering what the real strength of the bank is. One obvious example is their response to receiving... More of this article »
JP Morgan (NYSE:JPM) Acquiring All of Cazenove for $1.67 Billion
After a successful joint venture partnership over the last five years, JP Morgan (NYSE:JPM) announced it will be acquiring the rest of Cazenove, an investment bank based in the UK. Terms of the deal were JP Morgan would pay $8.98 a... More of this article »
Congressmen Ron Paul and Alan Grayson Announce Amendment Based on HR 1207 Passes in Financial Services Committee
Concerns were raised after highly supported HR 1207 was gutted by Mel Watts, who offered a version of the bill so different as to not to be taken seriously, in response, Congressmen Ron Paul and Alan Grayson added an amendment to HR... More of this article »
Goldman Sachs (NYSE:GS) Shorting Wells Fargo (NYSE:WFC), Mastercard (NYSE: MA), PNC (NYSE: PNC) and AIG (NYSE: AIG)
I learned a long time ago to not listen to what people say but watch what they do, and in the case of Goldman Sachs (NYSE:GS), their net shorting of Wells Fargo (NYSE:GS), Mastercard (NYSE: MA), PNC (NYSE: PNC) and AIG (NYSE: AIG)... More of this article »
J.P. Morgan Chase (NYSE:JPM) CEO Jamie Dimon: No Bank Should be Too Big to Fail
In a recent op-ed piece, J.P. Morgan Chase (NYSE:JPM) chairman and CEO Jamie Dimon asserted that there should be no limits to the size companies are allowed to grow, while at the same time any company should be allowed to fail. While... More of this article »
Warren Buffett Increases Stake in Wells Fargo (NYSE:WFC) Via Berkshire Hathaway (BRK:A) – Is it Ethical?
In its most recent regulatory filing, Berkshire Hathaway (BRK:A) increased its stake in Wells Fargo (NYSE:WFC) by over 10 million shares in the third quarter. To me, this does raise ethical questions on the part of the actions and... More of this article »
Federal Reserve Report Asserts Inflation Less Than Expected
In an excuse to keep interest rates low and allow the U.S. dollar to fall in value, the Federal Reserve issued its latest report saying, among other things, that wholesale prices rose far less than expected, supposedly reinforcing... More of this article »
How Many Rules Does it Take to Regulate Overdraft Fees?
When the Federal Reserve introduced new rules last week which would ban banks and credit unions from charging overdraft fees to consumers at ATMs or debit cards unless they’re giving option of accepting or declining the service,... More of this article »
Maybe Goldman Sachs (NYSE:GS) and CEO Lloyd Blankfein Should Become More Boring
Like it or not, the current economic crisis and outrageous bailouts offered by the U.S. government on behalf of taxpayers have put Americans in a sour mood, and for better or worse, those bankers and businesses putting themselves out... More of this article »
Federal Reserve or Super Regulatory Agency? … Neither
For those who understand what has happened in reference to regulators before and during the current economic crisis, the idea of taking authority and responsibility away from the Federal Reserve and placing it within a new super regulatory... More of this article »
Obama’s ‘Worker, Homeownership and Business Assistance Act of 2009’ Provides Tax Breaks Worth Billions to Big Business
Nowhere has the bailout funds been seen as useless than the billions thrown around by the Obama administration in the name of creating more jobs. Now that it has been exposed as either a hoax, or at minimum – incompetence, the... More of this article »
Bank of America (NYSE:BAC) and Citibank (NYSE:C) Checking Account Fees Reveal Folly of Government Interference
There are always unintended consequences to government interference in the marketplace, and that’s no exception with the banking industry, as recent fees were added to checking accounts at Bank of America (NYSE:BAC) and Citibank... More of this article »
FDIC Shutters Three More Banks on Friday the 13th
With the three banks closed on Friday the 13th, the total for the year has now reached 123. The banks taken over by the Federal Deposit Insurance Corporation included unsurprisingly, two in Florida and one in California. The Florida... More of this article »
China Criticizes U.S. Monetary Policy, Says Could Risk Global Recovery
Liu Mingkang, China’s top banking regulator, speaking at the International Finance Forum in Beijing on November 15, said that U.S. monetary policy is generating a tremendous amount of speculation in global asset markets, and... More of this article »
Analysts: Bank of America (NYSE:BAC) Should Keep Ken Lewis as CEO … For Now
There is a potential disaster looming at Bank of America (NYSE:BAC) concerning its CEO situation, where nobody with any brains would want to accept the position, as government attacks on Ken Lewis would assuredly continue on with his... More of this article »
First Bank of Wal-Mart (NYSE:WMT) Rising Out of the Banksters Ashes?
It’s too bad Wal-Mart (NYSE: WMT) wasn’t allowed to enter into the banking industry, as it would have quickly shown the other poorly-run banks how to do it right and for far less. In 2007 Wal-Mart has applied for a... More of this article »
Bank of New York Mellon (NYSE: BK) Highly Undervalued Says Analyst Richard Bove
Banking analyst Richard Bove recently stated that shares of Bank of New York Mellon (NYSE: BK), with its strong prospects for significant growth, are way undervalued, and should be priced at double its current valuation. Bove recommends... More of this article »
FDIC Board Unanimously Approves $45 Billion Prepay for Banks to Shore Up Deposit Insurance Fund
In an expected move, the board of the Federal Deposit Insurance Corp. unanimously approved a 3-year prepayment by banks to the tune of $45 billion in order to put liquidity back into the Deposit Insurance Fund, which ran out of money... More of this article »