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Fannie Mae (NYSE: FNM) Posts Third-Quarter Loss, Requests $15 Billion In Aid
Fannie Mae (NYSE: FNM) announced Thursday evening it lost $18.9 billion in the third quarter as the number of delinquent loans it holds continues to surge. The loss is larger than a year ago, when the company was in the red by $14.8... More of this article »
Mexican Legislature Asks for Legal Ruling on Citibank (NYSE: C) Ownership of Banamex
A group of Mexican senators asked Mexico’s Supreme Court on Wednesday to make a ruling as to whether or not Citibank’s Mexican arm is breaking the law because it’s partially owned by the U.S. government, a Senate spokesperson... More of this article »
JP Morgan Chase (NYSE: JPM) Had the “Most to Lose” and Morgan Stanley (NYSE: MS), Citibank (NYSE: C) and Goldman Sachs (NYSE: GS) Had the “Most To Gain” From Bailouts
Just over a year ago, the Bush administration pumped $125 billion in new capital into the nine largest U.S. banks in exchange for preferred shares and J.P Morgan Chase (NYSE: JPM) came out a “loser” out of the deal. At least, that’s... More of this article »
British Chancellor Reveals Details of New Bailout for Royal Bank of Scotland (LON: RBS) and Lloyds Banking Group (LON: LYG)
There have been rumors that there would be a major shakeup in the Royal Bank of Scotland (LON: RBS) and Lloyds Banking Group (LON: LYG), and now British Chancellor, Alistair Darling, announced the decision to inject an additional £25.5... 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 »
Federal Reserve Official Says Banks have More Real Estate Trouble Coming
The strong headwinds that are facing financial institutions in the United States will likely continue from some time, said a Federal Reserve official on Monday, suggesting that struggles in the commercial and residential real estate... More of this article »
JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS) CEOs Meet with Federal Reserve Over Pay Packages
The Federal Reserve met privately with top banking officials at JP Morgan Chase (NYSE: JPM), Citibank (NYSE: C), Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS) and others on Monday to discuss new compensation rules and to urge... 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 »
Democratic Lawmakers Call for Regulations To Limit Bank Overdraft Charges
In a move that would affect commercial banks like Bank of America (NYSE: BAC), Wells Fargo & Co. (NYSE: WFC), and JP Morgan Chase (NYSE: JPM), Democratic lawmakers on Friday publicly called for regulatory changes to banks ability... 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 »
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 »
Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) See Protesters on Monday
The Chicago offices of both Wells Fargo (NYSE: WFC) and Goldman Sachs (NYSE: GS) saw picketers and protesters on Monday morning, as reported by the Wall Street Journal. The protest was part of a larger multi-day protest that focused... More of this article »
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 »
Senator Dodd’s FAIR Act Threatens Banks’ Overdraft Fees
Despite many of the country’s national banks implementing new rules to limit overdraft charges on its customers, U.S. Senator Dodd’s, D-CT, Fairness and Accountability in Receiving Overdraft Coverage Act (FAIR) certainly threatens... 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 »
Pay Czar To Cut Compensation By 50 Percent At Seven Bailed Out Firms
Kenneth Feinberg, the White House appointed compensation watchdog, has requested large compensation cuts that are expected to be formally announced by the Treasury Department in the coming days. The reductions impact executives and... More of this article »
Senate Moving to Expand $8000 First-Time Homebuyer Credit to All Homebuyers
A group of Senators, including Senate Banking Committee Chairman Chris Dodd, are moving to extend the $8,000 first-time homebuyers tax credit and extend it to all homebuyers. Sen. Johnny Isakson (R-GA) who had previously owned a real... More of this article »
Obama Administration Demands Pay Cuts for Executives at Citibank (NYSE: C), Bank of America (NYSE: BAC) and AIG (NYSE: AIG)
Senior level executives at seven bailed-out companies including Citigroup (NYSE: C), Bank of America (NYSE: BAC), AIG (NYSE: AIG) and others will have their pay cut by about 50% after negotiations with the Treasury Department’s “pay... More of this article »
Former Federal Reserve Chairman Says to Break Up Citibank (NYSE: C), Bank of America (NYSE: BAC) and Others
Former Federal Reserve Chairman, Paul Volcker, along with the head of Current Bank of England Governor, Mervyn King, are arguing that some of the nation’s largest banks, such as Bank of America (NYSE: BAC), Citibank (NYSE: C), 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 »
JP Morgan (NYSE: JPM) Predicts New Overdraft Legislation and Policy Changes Will Cut Profits by $500 Million Annually
The U.S. Senate’s banking committee published new draft legislation which would severely limit banks’ ability to charge large overdraft fees, in a move that would be beneficial to consumers but would diminish industry profits.... 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 »