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2009 Bank Failures Hit 140 As Seven More Close; FDIC Unable To Find Buyers For All
The Federal Deposit Insurance Corporation (FDIC) announced Friday it was named receiver of seven more banks that were shutdown by the Office of Thrift Supervision (OTS). The closures now bring the 2009 failed bank list to 140. Georgia,... More of this article »
Senate Banking Committee Confirms Bernanke for Second Term, Goes to Senate Floor for Full Vote
While it’s not certain Federal Reserve Chairman Ben Bernanke will be confirmed for a second term by the Senate, he has taken one more step toward that probably being the case, as the Senate Banking Committee voted 16-7 to give... More of this article »
Citigroup Inc (NYSE: C) Shares Drop 7% as Treasury Holds On to Shares
In a somewhat surprising move late Wednesday, the Treasury Department backed away from an initial plan to sell some of its shares in Citigroup Inc. (C). Shortly after the announcement, shares in Citigroup, Inc dropped almost 7% to... More of this article »
Reinstating Glass-Steagall Act Receives Mixed Responses
It was probably inevitable that the Glass-Steagall Act would be revisited in response to the banking crisis, and Senators John McCain and Maria Cantwell have now brought the proposition forward, whereby commercial banking and investment... More of this article »
Credit Suisse (SIX: CSGN) Fined $536 Million for Violation of U.S. Sanctions Against Iran, Other Countries
It’s getting expensive to do business in the U.S. if it means you have to cater to its every whim in its interactions with the world. Credit Suisse (SIX: CSGN) is the latest to learn that lesson as they have agreed to pay a... More of this article »
FDIC Postpones Capital Requirements for Wells Fargo (NYSE:WFC), Citigroup Inc. (NYSE:C), Bank of America Corp. (NYSE:BAC) and JPMorgan Chase & Co. (NYSE:JPM)
Blaming former rules which allowed banks to effectively keep assets and liabilities off of their books and look stronger than they actually were, the Financial Accounting Standards Board changed that to where billions of assets and... More of this article »
Wells Fargo (NYSE:WFC) Secures Deal to Pay Back $25 Billion in TARP Funds
Wells Fargo (NYSE:WFC) announced it has made a deal with the government to pay back all of the $25 billion in TARP funds it received from taxpayers. Although it has resisted doing so, Wells Fargo announced they would offer a $10.4... More of this article »
JP Morgan Chase (NYSE: JPM) Makes 143,027 in HAMP Related Loan Modifications
A new report from the government’s Financial Stability.gov website has released new loan modification numbers for JP Morgan Chase (NYSE: JPM) for the government’s Making Home Affordable Plan. The newly released data represents... More of this article »
Citigroup (NYSE: C) Reaches $20.5 Billion Agreement to Pay Back TARP
Stating that it was in “a position to support the economic recovery,” Citigroup (C) Chairman and Chief Executive Vikram Pandit formally announced its agreement with the Treasury Department to exit the Troubled Asset Relief Program... More of this article »
Morgan Stanley (NYSE:MS) Asia Chairman Stephen Roach Says Federal
At a recent conference in Berlin, Morgan Stanley (NYSE:MS) Asia Chairman Stephen Roach said that the Federal Reserve is the “weak link” among central banks, and they could create another financial crisis, beyond the one... More of this article »
President Obama Calls JP Morgan (NYSE: JPM), Citigroup (NYSE: C), Bank of America (NYSE: BAC) Executives “Fat Cats” that “Don’t Get It”
President Obama and his team of economic advisors lashed out at large-cap banks calling bank executives “fat cats” that “don’t get it” in a move that will certainly escalate tensions between the nation’s largest banks ahead... More of this article »
Canadian Finance Minister Jim Flaherty Says ‘No’ to Proposed International Tax on Bank Bonuses
The Finance Minister of Canada, Jim Flaherty, is rightly rejecting proposals from some leaders of the G8 for an international tax on bank bonuses, as he’s not interested in ‘punishing’ those who work in a highly profitable... More of this article »
Will Institutional Investors Return to Citigroup? (NYSE: C)
Institutional stock ownership in Citigroup (NYSE: C) has dropped significantly as major investment units have pulled out of the firm. Currently, only 20% of Citigroup’s shares are owned by institutional investors, but an exit of... More of this article »
Treasury Departments Limits Salary of Mid-Level Executives at Citigroup (NYSE: C), AIG (NYSE: AIG), General Motors (NYSE: GM), Chrysler, and GMAC (NYSE: NYSE:GMA).
The Treasury Department’s Paymaster Kenneth Feinberg is now taking aim at compensation packages for mid-level executives at several firms including Citigroup (NYSE: C), AIG (NYSE: AIG), General Motors (NYSE: GM), Chrysler, and GMAC... More of this article »
Troubled Asset Relief Program (TARP) to be Extended by Obama Administration
The use of taxpayer dollars to bail out Wall Street will continue, as Treasury Secretary Timothy Geithner, talking to a watchdog panel on Thursday said the Obama Administration will extend the highly controversial and unpopular bailout... More of this article »
Citigroup (NYSE: C) CEO Takes Bank of America (NYSE: BAC) TARP Exit as Wake-Up Call
When Bank of America (NYSE: BAC) CEO Kenneth Lewis announced plans to repay the government debt related to the Troubled Asset Relief Program, Citigroup (NYSE: C) CEO Vikram Pandit, took the news as a wake-up call. Just one day after... More of this article »
UK Treasury Head Alistar Darling’s Tax on Bank Bonuses a Complete Waste Time and Resources
The move by UK Treasury head Alistar Darling to install a 50 percent tax on the bonuses awarded to bankers is largely a politically motivated decision, and in the long run will do absolutely nothing but add some pounds to the British... More of this article »
TARP a Disaster Says Congressional Oversight Panel
Most people know that the TARP was and is a disaster, as it has done nothing but allow the terrible banking and business practices of the large financial institutions to be rewarded by keeping them going by throwing taxpayer dollars... More of this article »
Federal Reserve and FDIC Take Tough Stance on Citigroup’s (NYSE: C) TARP Exit
The Federal Reserve and the FDIC are taking a hard line than the Treasury Department on how much capital Citigroup (NYSE: C) should be forced to raise before the company repays its $20 billion in funds that the company borrowed from... More of this article »
Wells Fargo (NYSE: WFC) TARP Repayment Hindered by Debt to Prudential Financial (NYSE:PRU), May Not Follow Bank of America (NYSE: BAC) After All
Wells Fargo & CO’s (NYSE: WFC) efforts to follow Bank of America (NYSE: BAC) in the repayment of U.S. bailout funds may be delayed by a $5 billion debt that the company owes to Prudential Financial Inc. (NYSE: PRU), which could... More of this article »
Federal Reserve Drains $180 Million from Banking System via Repurchase agreements with JP Morgan Chase (NYSE: JPM) and Bank of New York Mellon (NYSE: BK)
The Federal Reserve announced that it had drained $180 million in temporary reserves from the banking system when it arranged eight-day tri-party reverse repurchase agreements with JP Morgan Chase & Co (NYSE: JPM) and Bank of New... More of this article »
Will Ron Paul Vote Against His Own Bill to Audit the Federal Reserve?
Washington has been so out of touch with principles and reality for so long, that they probably think voting for the bill initiated by Ron Paul to edit the Federal Reserve would be political feather in the cap of Ron Paul. But it looks... More of this article »
Citgroup, Inc. (NYSE: C) and Wells Fargo & Co (NYSE: WFC) At Odds with Fed over Tarp Repayment
Officials at Citigroup, Inc. (C) and Wells Fargo & Co (WFC) are in intense discussions with the U.S. government over the scope of capital requirements the banks would need to exit the Troubled Asset Relief Program (TARP). At issue... More of this article »