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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 »
Citibank (NYSE: C) Unannounced Account Closing Highlights Necessity for Multiple Credit Cards
With credit card companies such as Citibank (NYSE: C), Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC) and others raising interest rates on their credit cards, cutting limits and in some cases closing down cards without any... More of this article »
Ten Things You Didn’t Know About Lending Club
Peer-to-Peer lending company, Lending Club, has made a big splash in the world of person-to-person lending by providing consistently good interest rates to its lenders over the last few years. Here are ten facts you may not know about... More of this article »
Credit Cards Continue to Gouge Consumers
The Credit Card Industry has drawn significant criticism lately, as consumers have begun to focus on their cost of funds, just as institutions do. While Congress has debated and passed new legislation set to curtail these actions,... More of this article »
Consumer Alert: Fake Credit Unions Ripping-Off Customers with Advanced-Fee Loan Scams
Con artists come out of the woodwork during times of uncertainty and take advantage of those who are desperate for help, and this last recession has been no exception. It’s been reported that a new wave of fake credit unions are... More of this article »
U.S. Personal Bankruptcy to Reach Near Record Levels in 2009
The number of people finding bankruptcy in the United States will likely be the second-highest total ever. With stagnant wages and increasing levels of unemployment, nearly 130,000 families filed for bankruptcy last month alone. The... 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 »
Vanguard Reports Majority of 401(k) Account Balances Have Recovered
Investment giant Vanguard has released a new report that shows what’s really happening with consumer’s 401(k) balances. The new report released by Vanguard takes into consideration the low in March and the recent run-up in stocks... 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 »
Editorial: Personal Responsibility Still Matters in the Post Overdraft Reform World
As legislation works its way through Congress, consumers will likely be no longer hit with several $30 or $40 fees whenever they overdraft their checking accounts, but that doesn’t mean that consumers need not worry about making... More of this article »
Lending Club’s Collections Practices
Peer-to-Peer lending company, Lending Club, recently outlined its collections practices during an online meeting with several hundreds of its investors. During the interview, the company stated that the majority of its borrowers that... 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 »