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U.S. Treasury Wants Out of Citibank ASAP (NYSE: C)
The United States Treasury wants out of its investment in Citibank (NYSE: C) as soon as it can be done in an orderly manner, said Assistant Secretary of the Treasury for Financial Stability Herbert Allison during a hearing related... More of this article »
Federal Reserve Inquiring into Goldman Sachs’ Bets on Greek Debt (NYSE: GS)
Federal Reserve Chairman Benjamin Bernanke said on Thursday that the Securities and Exchange Commission is inquiring into Goldman Sachs’ (NYSE: GS) and other firms’ user of investment instruments to profit if Greece defaults on... More of this article »
Goldman Sachs Accepts Criticism Related to Greece’s Economy (NYSE :GS)
Goldman Sachs (NYSE :GS) managing director Gerald Corrigan said that the currency swaps that his bank had entered into with Greece in 2001 could have been more transparent. Corrigan told The U.S. Treasury’s Select Committee that... More of this article »
Bank of America Steps up Loan Modifications under HAMP (NYSE: BAC)
Bank of America (NYSE: BAC) reported an increase in the number of both trial modifications and permanent modifications under the federal government’s Home Mortgage Affordability Program (HAMP) in its latest report. The Charlotte,... More of this article »
Citibank Counterfeiting Attempt Shows Fake Cash Still a Problem (NYSE: C)
A New York City woman was arrested on Wednesday after police said that she attempted to deposit 19 counterfeit $100 bills into her Citibank (NYSE: C) checking account at the company’s Franklin Square Branch in Brooklyn. The woman,... More of this article »
Mr. Moynihan Goes to Washington. Bank of America Corp. (NYSE: BAC) CEO Makes D.C. a Strategic Priority
To the person who is against all things banking right now, Bank of America Corp. (BAC) CEO Brian Moynihan may seem like a cynical opportunist. Moynihan sees himself as making a statement. Bank of America gets it. For decades, Bank... More of this article »
Bank of America (NYSE: BAC) CEO Open to Creation of Consumer Financial Protection Agency (CFPA)
Bank of America (NYSE: BAC) CEO Brian Moynihan may not oppose the creation of a new federal consumer protection agency, according to a new report from the Wall Street Journal. As part of the Obama administration’s overhaul of financial... More of this article »
Morgan Stanley (NYSE:MS): Bank of America (NYSE:BAC) May Be Hit Harder than Thought from Obama Trading Ban
The original report from Citibank (NYSE:C) in response to a proposal to limit proprietary trading from Obama was that Bank of America (NYSE:BAC) would lose about 1 to 2 percent of earnings from the event. Morgan Stanley (NYSE:MS) has... More of this article »
JP Morgan (NYSE: JPM), Exxon Mobil (NYSE: XOM) and Other CEOs Have Lunch with President Obama
JP Morgan Chase & Co (NYSE: JPM) Chief Executive and Chairman Jamie Dimon, Exxon Mobile Corp Chairman and CEO Rex Tillerson and 4 other executives are having lunch with President Obama on Tuesday at the white house. In addition... More of this article »
US Government Loses $1.5 Billion in Citigroup (NYSE: C) Stake after Threatening New Regulation
President Obama proposed a new set of regulations which would limit the size and scope of banks as well as prevent banks from participating in risky business ventures such as running hedge funds. As a result, the financial industry... More of this article »
Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) Institute Multi-Billion Dollar Compensation Increases
Bank of America (NYSE: BAC) and Morgan Stanley (NYSE: MS) both announced their 2009 compensation levels on Wednesday as the latest round of closely-watch Wall Street Firms disclosed their payouts to employees. Morgan Stanley said that... More of this article »
Morgan Stanley (NYSE:MS) To Change Bonus Plans In Response to New UK Tax
The battle over bank bonuses continues as Morgan Stanley (NYSE:MS) made plans to change their current bonus payment plans in response to government actions in the United Kingdom. The Wall Street Journal reported that Morgan Stanley... More of this article »
JP Morgan Chase (NYSE: JPM) Reacts to Public Outcry Over Bonuses
JP Morgan Chase (NYSE: JPM) gave in to public pressure to rein in compensation packages on Friday, cutting the revenue earmarked for compensation in an attempt to defuse some of the political outrage against large cap banks that are... More of this article »
SEC Admits It’s Investigating Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup (NYSE:C), and Goldman Sachs (NYSE:GS)
The head of the Securities and Exchange Commission (SEC), Mary Schapiro, admitted today that it is investigating the sales practices of Collateralized Debt Obligations (CDOs) of Bank of America (NYSE:BAC), Wells Fargo (NYSE:WFC), Citigroup... More of this article »
Limit Leverage or Lending? “Too-Big-to-Fail” Banks J.P. Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Bank of America (NYSE: BAC) May Face Statutory Leverage Limits as Part of Congressional Bank-Reform Bill
As part of its campaign to rein in “too-big-to-fail” banks such as J.P. Morgan Chase (JPM), Citigroup (C), and Bank of America (BAC), Republicans and Democrats in Congress are debating a provision that would cap borrowing, or leverage,... More of this article »
New Credit Card Regulations Positive for Consumers, Negative for Bank of America (NYSE: BAC), JP Morgan Chase (NYSE: JPM) and Citigroup (NYSE: C)
2008 and 2009 have been painful years for consumers with rising unemployment, high-levels of consumer debt and an increasing number of foreclosures, but the skies are clearing for consumers in 2010 as new financial protections go into... More of this article »
JP Morgan Chase (NYSE: JPM) CEO Jamie Dimon Critical of UK Tax on Executive Bonuses
JP Morgan Chase (NYSE: JPM) Chairman and CEO recently criticized a decision by the British government to impose a 50% tax on executive bonuses and called British Finance Minister Alistair Darling telling him that the bonus tax had... More of this article »
Movement to Reinstate Glass-Steagall Would Break up Citigroup (NYSE:C), JP Morgan (NYSE: JPM), Bank of America (NYSE: BAC) and Others
Senators John McCain (R-AZ) and Maria Cantwell (D-WA) have introduced a new piece of legislation in congress that would effectively bring back the Glass-Steagall Act, which would force the breakup of Citigroup (NYSE: C), JP Morgan... More of this article »
Federal Reserve Selects Two Community Bankers For Consumer Advisory Panel As ICBA Continues To Make Footprint
In yet another example of community banks gaining traction over the influence of the U.S. financial system, the Independent Community Bankers of America (ICBA) announced last week that the Federal Reserve selected to more of its members... More of this article »
Federal Reserve Considers Term-Deposits To Help Reign In Excess Bank Reserves
The Federal Reserve announced Monday that it is considering the use of a term-deposit program that would motivate financial institutions to park excess reserves at the central bank. The move is being considered as the Fed ponders... More of this article »
Banning ‘Phantom Votes’ Gives Shareholders More Say in Who Will Be Bank Board Members
Voting for bank boards should definitely be a more interesting as new rules regarding “phantom votes” by the New York Stock Exchange will give shareholders more say in who ends up seated on the board. This will of course... More of this article »
Citigroup (NYSE: C) and Bank of America (NYSE: BAC) to Avoid Feinberg Pay Rulings in 2010
Citigroup (NYSE: C) received notice from the federal government that they will not be subject to rulings from the Treasury Department’s paymaster Kenneth Feinberg in 2010. Bank of America (NYSE: BAC) had previously received confirmation... More of this article »
Fannie Mae (NYSE: FNM), Freddie Mac (NYSE: FRE) Execs May Earn $6 Million, Gov’t To Withdraw $400 Billion Financial Aid Cap
According to regulatory filings, Fannie Mae (NYSE: FNM) Chief Executive Michael Williams and Freddie Mac CEO Charles Halderman Jr. are each eligible to receive compensation for 2009 that could reach $6 million. The two mortgage giants,... More of this article »