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Ron Paul Wins Key Battle to Open Federal Reserve’s Books
Representative Ron Paul won a major battle on Capitol Hill last week to shed light into the Federal Reserve’s activities with an amendment in the House Financial Services Committee’s financial-system reform bill that would begin... More of this article »
RBS (LSE: RBS) Loses More Than 1,000 Investment Bankers Over Government Interference in Bonuses
Proving that government interference in the market always has a negative impact, over 1,000 investment bankers have left the Royal Bank of Scotland (LSE: RBS.L) since the British government gave bailout funds to the bank and assumed... More of this article »
U.S. Gov’t To Slash Estimate Of TARP Cost By $200 Billion
The Obama Administration is expected to announce a drastic reduction to its cost estimate of the Troubled Asset Relief Program (TARP). The new estimate will reportedly be for a cost of $141 billion, well lower than the $341 billion... More of this article »
Bank of America (NYSE: BAC) Provides 600,000 Trial Modifications to Homeowners
Bank of America (NYSE: BAC) announced on December 7th that they had provided mortgage relief via concluded and trial modifications to more than 600,000 homeowners since January of 2008 in a statement. Bank of America’s head of credit... More of this article »
Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) Questioned over Mystery Credit Card Charges
The United States Senate has requested information from Visa (NYSE: V), MasterCard (NYSE: MA) and American Express (NYSE: AXP) as part of a continuing investigation as to whether or not consumers were mislead into enrolling into online... More of this article »
Federal Reserve Says Bank of America (NYSE: BAC) Must Sell Some Operations
As part of Bank of America’s (NYSE: BAC) plan to repay its bailout funds under the Troubled Asset Relief Program, the Federal Reserve is requiring the Bank of America to decide which businesses it can sell to generate capital by... More of this article »
Treasury Prices Capital One (NYSE: COF) Warrants, Taxpayers To Make $146 Million On Deal
The U.S. Treasury Department announced Friday the Capital One (NYSE: COF) warrants it is auctioning off have been priced at $11.75 per issue. The warrants have received authorization to be listed on the New York Stock Exchange under... More of this article »
Kentucky Senator Jim Bunning Slams Ben Bernanke at Senate Banking Committee Hearings
Former major league baseball player and hall of famer Jim Bunning, Senator from Kentucky, put Federal Reserve Chairman Ben Bernanke’s feet on the hot coals today, as he laid into him for his performance in his first four-years... More of this article »
U.S. Senator Jim DeMint Will Hold Bernanke Nomination Until Senate Votes on Auditing the Federal Reserve
Things were definitely not boring at the confirmation hearing of beleaguered Federal Reserve Chairman Ben Bernanke today, where he stood before the Senate Banking Committee to decide on whether he would be awarded a second four-year... More of this article »
Why Wells Fargo (NYSE: WFC) and Citibank (NYSE: C) Won’t Follow Bank of America’s (NYSE: BAC) Lead and Repaid its TARP Funds
Bank of America’s announcement to repay its TARP loans likely won’t be followed by other large-cap banks, including Citibank (NYSE: C) and Wells Fargo & Co (NYSE: WFC). Bank of America (NYSE: BAC) said on Wednesday that it... More of this article »
Jefferson County, AL Says $50 Million Settlement with JP Morgan Chase (NYSE: JPM) Won’t Be Enough to Avoid Municipal Bankruptcy
Jefferson County, Alabama, which has struggled to avoid municipal bankruptcy, said that a $50 million settlement with JP Morgan Chase & Co won’t be enough to cover its potential general fund liabilities. The troubled county may... More of this article »
Will Wells Fargo (NYSE: FC), PNC Financial Service (NYSE: PNC) or Citigroup (NYSE: C) Be the Next to Repay TARP Funds after Bank of America (NYSE: BAC)?
Markets were pleased with Bank of America’s (NYSE: BAC) decision to repay its debt to the federal government under the Troubled Asset Relief Program and now analysts are wondering which bank will be the next institution to repay... More of this article »
Bank of America (NYSE: BAC) Announces Plans to Repay $45 Billion in Bailout Funds
Bank of America Corp. (NYSE: BAC), the largest bank in the United States in terms of assets, announced that it will repay the $45 billion of U.S. government bailout funds that it received as part of the Troubled Asset Relief Program... More of this article »
Bank of America (NYSE:BAC), Citibank (NYSE:C), Wells Fargo (NYSE:WFC) and J.P. Morgan Chase (NYSE:JPM) Meeting with Obama Administration on Permanent Loan Modifications
Under the threat of being fined, Bank of America (NYSE:BAC), Citibank (NYSE:C), Wells Fargo (NYSE:WFC) and J.P. Morgan Chase (NYSE:JPM), among others, will meet with officials from the Obama administration next week concerning moving... More of this article »
UK Financial Services Authority Probing RBS (LON: RBS) over Compliance with Money-Laundering Rules
Britain’s regulatory agency that oversees financial markets is investigating a claim against some units of the Royal Bank of Scotland Group (LON: RBS) over compliance issues with certain money-laundering related allegations. The... More of this article »
Treasury Department To Auction Off Capital One (NYSE: COF) Warrants, JP Morgan (NYSE: JPM) Warrants Likely Next
The U.S. Treasury Department announced Tuesday it plans to auction off 12.66 million warrants it holds for stock in Capital One Financial Corp (NYSE: COF). The credit card company received $3.55 billion in government bailout money... More of this article »
US Treasury Set to Auction Capital One Financial (NYSE: COF) Warrants
The United States Treasury announced on Tuesday plans to auction off 12.66 million warrants to buy stock in Capital One Financial (NYSE: COF). The auction, scheduled for Thursday (starting at 8:00am EST), is the first sale by the... More of this article »
Citigroup (NYSE: C) Faced 1,000 Angry Investors at Belgian Trial
Citigroup (NYSE: C) faced criminal charges and over 1,000 angry investors at a trial that began in Brussels on Tuesday, as a trial began which is questioning the way that Citigroup sold investments connect to Lehman Brothers in Belgium. Citibank... More of this article »
Obama Administration Putting Pressure on JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) to Increase Home Modifications
The Obama administration is placing pressure on JP Morgan Chase (NYSE: JPM), Citigroup (NYSE: C) and Wells Fargo (NYSE: WFC) as part of an attempt to bring the government’s $75 billion Home Affordable Modification Program (HAMP)... More of this article »
Bank of Japan Ready for Market Intervention?
As financial markets across the globe begin to regroup and find new direction, each country is seemingly taking steps to ensure the banking system does not collapse. The latest news comes out of Japan, where the governor of the Bank... More of this article »
Senator Bernie Sanders To Vote Against Renomination of Ben Bernanke
Saying the Ben Bernanke is “part of the problem,” Senator Bernie Sanders said on Sunday that he will definitely vote against nominating Bernanke for a second term as Chairman of the Federal Reserve. The Federal Reserve,... More of this article »
Federal Reserve’s Balance Sheet Shrinks $2.4 Billion Last Week
The Federal Reserve released data on Friday that showed a $2.4 billion decrease in its total liabilities for the week prior. However, America’s central bank still has a balance sheet showing liabilities in excess of $2 trillion... More of this article »
Pay Czar Slashes Salaries of Two Key Executives at Bank of America (NYSE: BAC)
Bank of America Corp. (NYSE: BAC) benefited from more than $45 billion in taxpayer bailouts has cut the 2009 salaries of two of its key executives after the U.S. Treasury’s pay czar, Kenneth Feinberg, reviewed the compensation of... More of this article »