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Obama’s ‘Worker, Homeownership and Business Assistance Act of 2009’ Provides Tax Breaks Worth Billions to Big Business
Nowhere has the bailout funds been seen as useless than the billions thrown around by the Obama administration in the name of creating more jobs. Now that it has been exposed as either a hoax, or at minimum – incompetence, the... More of this article »
Virgin Money Winds Down U.S. Business Operations
Virgin Money has recently redesigned their U.S. website and has dropped the majority of their service offerings. If you navigate over to Virgin Money’s website, you’ll see the phrase “Everyone’s better off with simplicity in... More of this article »
Prosper.com Receives $1 Million Bridge-Funding Investment
Peer-to-Peer lending company, Prosper, announced last week that they have received a $1 million investment from the founder of Capital One, Nigel Moris, who now leads and investment group called QED Investors. The terms of the loan... More of this article »
$300 Million Hedge Fund Shift Good News for Citigroup (NYSE: C), Bad News for Goldman Sachs (NYSE: GS), JP Morgan Chase (NYSE: JPM) and Bank of America (NYSE: BAC)
A hedge fund with over $29 billion in assets has made a play to take a significant ownership share in Citigroup (NYSE: C), while selling its entire stake in Goldman Sachs (NYSE: GS) and selling shares in JP Morgan Chase (NYSE: JPM)... More of this article »
Bank of America (NYSE:BAC) and Citibank (NYSE:C) Checking Account Fees Reveal Folly of Government Interference
There are always unintended consequences to government interference in the marketplace, and that’s no exception with the banking industry, as recent fees were added to checking accounts at Bank of America (NYSE:BAC) and Citibank... More of this article »
China Criticizes U.S. Monetary Policy, Says Could Risk Global Recovery
Liu Mingkang, China’s top banking regulator, speaking at the International Finance Forum in Beijing on November 15, said that U.S. monetary policy is generating a tremendous amount of speculation in global asset markets, and... More of this article »
Analysts: Bank of America (NYSE:BAC) Should Keep Ken Lewis as CEO … For Now
There is a potential disaster looming at Bank of America (NYSE:BAC) concerning its CEO situation, where nobody with any brains would want to accept the position, as government attacks on Ken Lewis would assuredly continue on with his... More of this article »
Is Investing in Peer-to-Peer Loans Through Prosper.com a Good Investment?
Prosper.com has been around for several years now and has recently began a significant advertising campaign, which includes running ads on CNBC and many are wondering if Prosper.com is a viable alternative investment for some of their... More of this article »
First Bank of Wal-Mart (NYSE:WMT) Rising Out of the Banksters Ashes?
It’s too bad Wal-Mart (NYSE: WMT) wasn’t allowed to enter into the banking industry, as it would have quickly shown the other poorly-run banks how to do it right and for far less. In 2007 Wal-Mart has applied for a... More of this article »
New Lending Club Investor Tools Released, Aim to Offer More Consistent Rates of Return
Peer-to-Peer Lending Firm, Lending Club, recently launched several new features for investors using the service which will help them better diversify the loans that they fund in hopes of generating higher and more consistent returns. The... More of this article »
U.S. Trade Deficit Soars 18.2 Percent In September
The Commerce Department announced Friday that the U.S. Trade Deficit hit $36.5 billion in September, the largest amount since this past January. The figure topped the $31.5 billion economists’ were expecting and marks the largest... More of this article »
Lending Club Offers No-Fee IRA Option for P2P Lenders
P2P Lending Firm, Lending Club, has recently announced an option to for investors making P2P loans to invest through an individual retirement arrangement (IRA), allowing tax-free investing in the fledgling peer-to-peer loan industry. Lending... More of this article »
Prosper.com Moves into Consumer Financing with Zero Motorcycles Partnership
P2p lending Firm, Prosper.com, is looking to generate revenue by targeting on consumers that are environmentally friendly by partnering with Zero, an electric motorcycle manufacturer, to offer a peer-to-peer lending-based financing... More of this article »
FDIC Board Unanimously Approves $45 Billion Prepay for Banks to Shore Up Deposit Insurance Fund
In an expected move, the board of the Federal Deposit Insurance Corp. unanimously approved a 3-year prepayment by banks to the tune of $45 billion in order to put liquidity back into the Deposit Insurance Fund, which ran out of money... More of this article »
Bank Customers Must Give Consent Under New Overdraft Rules
In response to complaints from consumers over unexpected overdraft fees from banks, the Federal Reserve instituted a new rule which forces banks to secure consent from the consumer before allowing them to overdraft their accounts,... More of this article »
Charles Schwab (NASDAQ:SCHW) Pressuring Competitors in New ETF Business Strategy – Capitalism at its Best!
There’s no secret to the simple but effective strategy employed by Charles Schwab (NASDAQ:SCHW) to expand its scale and attempt to dominate the low-cost trading sector it serves. To that end, earlier in the month they launched... More of this article »
Pay Czar Concerned AIG (NYSE: AIG), Bank of America (NYSE: BAC) and Other Firms Could Lose Top Talent
The Treasury Department’s “pay czar”, Kenneth Feinberg, commented on Thursday that he is concerned about scaring away some of the best talent at seven firms, including Bank of America (NYSE: BAC) and American International Group... More of this article »
Report from ‘Pew Center on the States’ Confirms U.S. Economic Recovery a Myth and Need for Limited Government
In a devastating report on the fiscal condition of states across America, a report from the Pew Center on the States found that, along with California, nine other states are approaching similar crises. This of course raises the question... More of this article »
Editorial: Are We Still Missing the Lessons from Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) Disaster?
As Bank of America (NYSE:BAC), J.P. Morgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC) , Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) have grown even more “too big to fail” in the eyes of many industry watchers, the... More of this article »
Lloyds Banking Group (LON: LLOY) Prospectus Reveals Reliance on Government Support
Lloyds Banking Group Plc (LON: LLOY) has been “heavily reliant” on the England’s central bank and other government-sponsored liquidity schemes, according to a newly released company fundraising prospectus. The prospectus stated... More of this article »
Citibank (NYSE: C) and UBS (NYSE: UBS) To Advise British Government on Railway Asset Sales
Investment banks Citibank (NYSE: C) and UBS (NYSE: UBS) will be retained as advisers to the British government during the sale of Government and London & Continental Railways, when its Channel Tunnel rail link is sold in 2010. The... More of this article »
Congressional Oversight Panel Challenges Treasury Dept to Release Details of Citibank (NYSE: C) Bailout
The Congressional Oversight Panel released a report saying that the U.S. treasury should provide regular reports about losses from the $301 billion worth of assets that the federal government agreed to guarantee for Citibank (NYSE:... More of this article »
Battle Over Who Will Supervise American Banking System Heating Up
In what seems to be a political move to build up his political capital after being perceived as too friendly with the major banks, Senate Banking Committee Chairman Christopher Dodd (D., Conn.), has been preparing legislation which... More of this article »