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Editorial: Is Obama Administration Attack on Executive Pay Just Politics?
The interference by the government in executive pay at banks has drawn a growing amount of criticism as to whether it’s primarily motivated by politics and garnering favor with the public. All of this is generated by the announcement... More of this article »
Editorial: J.P. Morgan Chase & Co. (NYSE:JPM), Goldman Sachs (NYSE:GS), Bank of America Corp. (NYSE:BAC) and Morgan Stanley (NYSE:MS) Increase Political Donations as Key Decisions Loom
Lobbying by large financial firms has been relatively quiet during the period they were receiving government bailouts, as it would have looked foolish and unethical to be receiving taxpayer funds while then turning around and making... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Quarterly Report Shows Folly of Assertion the Recession is Over
Anyone who understands that statistics, surveys, polls, and other data-gathering mechanisms and reports can be made to say whatever the presenter or receiver of them wants or interprets, you will know that release of the third-quarter... More of this article »
U.S. Bancorp (NYSE:USB) Earnings Rise in Third Quarter by 4.7 Percent
U.S. Bancorp (NYSE:USB) reported its profits for the third quarter rose 4.7 percent to $603 million on mortgage fees and higher net interest margins. Both of these rose primarily from the acquisition of banks that had failed, giving... More of this article »
Wells Fargo (NYSE:WFC) Reports Record Profits But Non-collectible Loans Rising
Wells Fargo (NYSE:WFC) reported record profits for the third quarter, rising a huge 98 percent to $3.2 billion, mostly based on the acquisition of Wachovia. The third-largest bank in the United States by market capitalization, Wells... More of this article »
Government Should Break Up JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), Says Hedge-Fund Manager
Four major banks in America, JPMorgan Chase & Co. (NYSE:JPM), Bank of America Corp. (NYSE:BAC), Wells Fargo & Co. (NYSE:WFC) and Citigroup Inc. (NYSE:C), are among those considered as needing to be broken up by hedge-fund manager... More of this article »
Class Action Lawsuits Filed Against Bank of America (NYSE:BAC), Wachovia (NYSE:WFC), U.S. Bank (NYSE:USB), JPMorgan Chase (NYSE:JPM) and Citibank (NYSE:C) Over Overdraft Fee Policies
It was inevitable in the current economic climate and banking bailouts that consumers would vent their anger toward the banks on anything that frustrates over doing business with them, and that’s the case with a series of class... More of this article »
Marketing Wells Fargo (NYSE:WFC) in a Hostile Consumer Environment
Wells Fargo (NYSE:WFC), as with all banks in America, are viewed in a very hostile an unforgiving manner at this time by consumers, and rightly so, as they have been bailed out with taxpayers money via the Federal Reserve, while large... More of this article »
States Scramble for Money – Sue Federal Government over War Bonds
Over $16 billion in unclaimed war bonds is the stakes which instigated a lawsuit of the states against the federal government, claiming the unclaimed cash should be sent to the states and not the Feds. World War II was the scenario... More of this article »
Editorial: Is Goldman Sachs (NYSE:GS) Obama’s Personal Financial Farm Team?
The announcement last week that yet another executive from Goldman Sachs (NYSE:GS) was installed in a major financial regulatory position of the Obama administration raised even more red flags on the growing and apparently disturbing... More of this article »
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession... More of this article »
Bankers Continue to Fight Honest Home Loan Disclosure Closing Costs
In the battle to provide home loan estimate costs that closely reflect the reality at closing, major banking groups like the Mortgage Bankers Association, American Bankers Association, the American Escrow Association, the American... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Battles IRS Over SILO Deals
In a typical scenario where one arm of the government – in this case the IRS – doesn’t know what another arm of the government is doing, the IRS has continued to legally pursue Wells Fargo (NYSE:WFC) over SILO deals... More of this article »
For Wealthy Homeowners, Things Will Get Worse Before Market Turns Around
With the luxury home market all but drying up, a number of indicators show that things will probably get worse for those homeowners, as it could for many of the lower end residential owners in America. Even though some are trying to... More of this article »
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took... More of this article »
Sonn and Erez File $6 Million Arbitration Suit Against Morgan Stanley (NYSE:MS)
A well known securities law firm, Sonn and Erez, announced they’ve filed a $6 million arbitration law suit against Morgan Stanley (NYSE:MS) concerning the sale of proprietary structured products. The arbitration suit is filed... More of this article »
Mortgage-servicing Rights Writedowns Could Crush Banks’ Earnings for Quarter
Preliminary outlooks for the major U.S. banks on their mortgage servicing rights (MSRs) doesn’t look good, and it devastate the earnings of the banks for the quarter. Especially vulnerable are Bank of America Corp. (NYSE:BAC),... More of this article »
Citibank (NYSE:C) Launches ‘Citi Mobile en Espanol’ for Spanish-speaking Smartphone Users
While a number of banks haven’t even offered mobile banking options to their customers at this time, Citibank (NYSE:C) is moving beyond general mobile banking service to target their customers who prefer or must do their banking... More of this article »
Wells Fargo (NYSE:WFC) Customer Seeking ‘Class-action’ Status in Lawsuit Against Bank
In a move that could come back to haunt them, Wells Fargo (NYSE:WFC) sent a letter to a client saying her home equity line of credit had been suspended based on her credit rating. The problem was her credit rating was actually very... More of this article »
Major Banks Releasing Quarterly Results This Week – Starting with JPMorgan Chase (NYSE:JPM)
How will people respond to the release of most major bank earnings this week? Speculation is all over the place as JPMorgan Chase (NYSE:JPM) leads things off on Wednesday morning. Preliminary thoughts are everyone will pick among the... More of this article »
JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS), Settle for $100 Million with American Business Financial Services Trustee
An attorney announced yesterday that JPMorgan Chase (NYSE:JPM), Bear Stearns, Morgan Stanley (NYSE:MS) and Credit Suisse (NYSE:CS) agreed to an overall $100 million settlement over the lawsuit filed by trustee George Miller of American... More of this article »
Top Female Bankers Defend and Support Their Industry
In celebration of ‘The 25 Most Powerful Women in Banking,’ industry leaders gathered at the Plaza Hotel on Tuesday evening to honor the top women in banking, who were selected by the editors of U.S. Banker and American... More of this article »
Is the Federal Housing Administration Next to be Bailed Out?
In testimony before a House committee in Washington yesterday, former chief credit officer for Fannie Mae said that the Federal Housing Administration (FHA) could need to be bailed out by the taxpayers sometime in the next 24 to 36... More of this article »