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Citigroup Inc. (NYSE:C) Survey of Texans Shows Consumers Still Tightening Belts
A survey of Texas residents by Citigroup Inc. (NYSE:C) confirms that consumers are still holding back on buying, and putting off spending on major products until the economy gets better. Some of the findings of the survey were indicative... More of this article »
Report from ‘Pew Center on the States’ Confirms U.S. Economic Recovery a Myth and Need for Limited Government
In a devastating report on the fiscal condition of states across America, a report from the Pew Center on the States found that, along with California, nine other states are approaching similar crises. This of course raises the question... More of this article »
Why is Wells Fargo’s (NYSE:WFC) Tier 1 Capital-asset Ratio the Taxpayers’ Problem?
It didn’t bother Wells Fargo (NYSE:WFC), which Warren Buffett’s holding company Berkshire Hathaway (NYSE:BRK-A) has a major stake in, to accept taxpayer funds in order to secure capital when credit was tight, so why does... More of this article »
East West Bancorp (NASDAQ: EWBC) Acquires Failed California Bank ‘United Commercial Bank’
United Commercial Bank, a subsidiary of UCBH Holdings, was shut down on Friday and its assets acquired by East West Bancorp (NASDAQ: EWBC), becoming the 120th bank to fail so far in 2009. United Commercial Bank was based in San Francisco. Four... More of this article »
Editorial: Are We Still Missing the Lessons from Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) Disaster?
As Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have grown even more “too big to fail” in the eyes of many industry watchers, the... More of this article »
Bank of America Merrill Lynch (NYSE:BAC) Takes Over for Goldman Sachs (NYSE:GS) as United Company Rusal Stock Market Listing Adviser
Goldman Sachs (NYSE:GS) has dropped out of its role as adviser to United Company Rusal, and has been replaced by Bank of America Merrill Lynch (NYSE:BAC) to help them navigate the IPO waters. UC Rusal is a huge aluminum company based... More of this article »
Editorial: Smaller Banks Like Prosperity Bancshares (NASDAQ:PRSP) and MB Financial (NASDAQ:MBFI) Growing As They Buy Up Failed Rivals or Grow Organically
In what I consider a testimony to the strength of capitalism left alone, smaller banks around the country like Prosperity Bancshares (NASDAQ:PRSP) and MB Financial (NASDAQ:MBFI) are doing what should have been done in the first place:... More of this article »
Battle Over Who Will Supervise American Banking System Heating Up
In what seems to be a political move to build up his political capital after being perceived as too friendly with the major banks, Senate Banking Committee Chairman Christopher Dodd (D., Conn.), has been preparing legislation which... More of this article »
Editorial: Does the Breakup of British Banks – Royal Bank of Scotland Group (LON:RBS) and Lloyds Banking Group (LON:LLOY) – Miss the Point?
Some have been heralding the breakup of British banks Royal Bank of Scotland Group (LON:RBS) and Lloyds Banking Group (LON:LLOY) as a road-map to deal with the alleged issue of “too big to fail,” in relationship to huge... More of this article »
Understanding the Gamble of Wells Fargo (NYSE: WFC) with its Interest-Only Mortgage Strategy
Wells Fargo’s (NYSE: WFC) decision to allow customers with option-adjustable rate mortgages to change them to interest-only loans has generated some consternation as to the wisdom of the strategy. While there are several elements... More of this article »
HSBC Holdings (NYSE: HBC) Slashing Another 1,700 Jobs in UK
HSBC Holdings Plc (NYSE: HBC) continues to shrink its workforce, this time focusing its efforts on Britain, where they announced another 1,700 administrative jobs based in the U.K. will be cut, which represents over 4 percent of its... More of this article »
Small Banks and Credit Unions Ramping Up Marketing Campaigns against Huge Banks like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC)
Sensing an unprecedented opportunity to gain market share against banking behemoths like Wells Fargo (NYSE: WFC) and Bank of America (NYSE: BAC), small banks and credit unions have been diligently pursuing American consumers who have... More of this article »
Editorial: Former Major Federal Banking Regulator Prof. Bill Black Says Treasury Secretary Timothy Geithner Incompetent in CIT Group (NYSE: CIT) Bailout Deal – Government Also in Full Cover-up Mode
Taxpayers are out of $2.3 billion because of the incompetent and outrageous deal Treasury Secretary Timothy Geithner made with CIT Group (NYSE: CIT) for receiving its bailout funds, according to William Black, professor at the University... More of this article »
Ron Paul: Bank-Connected Democrat Mel Watt Strips H.R. 1207 of Almost Everything
With most Americans outraged over the behavior of the Federal Reserve and the part it has played in the bailouts of huge institutions in the financial and automotive industries, Ron Paul introduced H.R. 1207, which would have required... More of this article »
Editorial: Obama Administration Under Attack from All Quarters Over Attempt to Institutionalize ‘Too Big to Fail’
Saying it would give the executive branch far too much “unprecedented power,” both Republicans and Democrats struck out at the bill introduced to battle against financial risk in the economy. Responses were it would not... More of this article »
Bank of America’s (NYSE:BAC) Latest Ad Campaign Targets Building Trust with Consumers
Bank of America (NYSE:BAC) has decided in their latest $40 million marketing campaign to get back to simplicity with their message, and it seems to be working so far, as consumers seem to understand the trouble the economy is in, and... More of this article »
HSBC Holdings (NYSE: HBC) Believes There Will Be More Bank Consolidation Than Breakups Going Forward
Although there has been a lot of talk lately of breaking up big banks so the idea that they’re “too big to fail” doesn’t have an effect on the banks going to the governments to be bailed out every time they... More of this article »
Bank of America (NYSE:BAC) Expands Into Brazil Trading Market with Global Trading Platform
The growing demand for complex trading products has offered Bank of America (NYSE:BAC) increased opportunities to expand its international algorithmic trading platform, and there latest expansion is into Brazil, where they’ve... More of this article »
Citigroup (NYSE: C) CEO Vikram Pandit Blames Unregulated “Shadow Banking” for Industry Problems
Speaking at its bank credit card processing center in Las Vegas, Citigroup (NYSE: C) CEO Vikram Pandit blamed unregulated “shadow banking” as a major part of the banking industry’s problems, saying that he believes... More of this article »
U.S. Foreclosure Rates Surge as Unemployment Continues to Rise
Even including the attempts by the government to slow down foreclosures through programs aimed at modifying the terms of loans, mortgage defaults continue to grow, according to a report from, RealtyTrac, a real estate data company. “Rising... More of this article »
Analyst Dick Bove Downgrades SunTrust Banks (NYSE:STI), Fifth Third Bancorp (NYSE: FITB), and U.S. Bancorp (NYSE: USB) Over Loan Loss Fears
Concerns over loan losses, which include Alt-A and commercial loans, has caused analyst Dick Bove to downgrade SunTrust Banks (NYSE:STI), Fifth Third Bancorp (NYSE: FITB), and U.S. Bancorp (NYSE: USB), causing bank shares to plunge... More of this article »
Editorial: Will Attempt by U.S. Government and Federal Reserve to Regulate Bankers’ Pay Backfire?
The idea that the U.S. government can make the decision on bankers’ pay better than banking boards and executives is ludicrous at best, and in reality, laughable. Taking into account the unbelievable disaster the government has... More of this article »
Goldman Sachs (NYSE: GS), Wells Fargo (NYSE: WFC) Picketed at Chicago Offices
Stirred up by union activists in Chicago, protesters picketed the offices of Goldman Sachs (NYSE: GS) and Wells Fargo (NYSE: WFC), and then went to the Sheraton hotel, where the annual American Bankers’ Association convention... More of this article »