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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 »
Next Bank Failure will be No. 100 this Year – FDIC Will Operate in Red through 2012 at Least
The Federal Deposit Insurance Corp. and the government have been dreading the eventual failure of bank No. 100 this year, as the unwanted milestone is a negative psychological barrier which reminds the American people that the recession... More of this article »
$7.2 Million in New Loans Originated by Peer-to-Peer Lending Companies in September
Peer-to-Peer Lending Giants, Prosper.com and Lending Club originated a total of $7.2 million during the month of September, according to internal statistics from both companies. Both companies saw a significant increase in new loans... More of this article »
San Joaquin Bank Marks 99th Bank Failure in 2009
California’s regulatory agency for banks, the California Department of Financial Institutions, shut down San Joaquin bank on Friday, marking the 99th bank failure this year. The Federal Deposit Insurance Corporation (FDIC) was appointed... More of this article »
Bankers Continue to Fight Honest Home Loan Disclosure Closing Costs
In the battle to provide home loan estimate costs that closely reflect the reality at closing, major banking groups like the Mortgage Bankers Association, American Bankers Association, the American Escrow Association, the American... More of this article »
Editorial: Wells Fargo (NYSE:WFC) Battles IRS Over SILO Deals
In a typical scenario where one arm of the government – in this case the IRS – doesn’t know what another arm of the government is doing, the IRS has continued to legally pursue Wells Fargo (NYSE:WFC) over SILO deals... More of this article »
P2P Lending’s Idle Money Problem: How Lending Club and Prospers Rates of Return Could be Better
When peer-to-peer lending companies first began originating loans for borrowers in 2006 and 2007, they didn’t do the best job of reviewing their customer’s credit history and the interest rates simply were not where they need to... More of this article »
Feds Knew About Merrill Lynch Bonuses Says Court Documents in Bank of America (NYSE:BAC) Case
It doesn’t come as a surprise that court documents in the Bank of America (NYSE:BAC) case alleging the institution withheld information from the government about bonuses awarded to executives at Merrill Lynch before they took... More of this article »
Pay Czar Asks AIG (NYSE: AIG) Not Pay Full Retention Bonuses
Executives in the Financial Products Group at American International Group have paid back just over 40 percent of the $45 million in promised bonus repayments. However, now it looks as if the remaining $26 million in expected repayments... More of this article »
Uncovering Prosper.com Investors’ True Return on Investment
American Banking News has recently come under fire from members of the “Prospers” peer-to-peer lending community for citing Prosper.com’s statistics about the interest rates that its investors are earning, contending that the... More of this article »
Virgin Money Brings New Twist to Peer-to-Peer Lending
Companies such as Prosper and Lending Club have provided a marketplace to individuals wishing to lend each other money over the internet, now Virgin Money hopes to formalize loans made between friends and family members. Virgin money... More of this article »
Retirement Savings Contribution Credit Offers Tax Benefits for Retirement Savers
In the last several years, Congress has made it much more desirable to save for retirement. One of the tax credits which was introduced provides tax credits for low income earners that are putting money away for retirement, called... More of this article »
Wells Fargo (NYSE:WFC) Raising Credit Card Interest Rates 3 Percentage Points Before New Limits Put in Place
Wells Fargo & Co., of which Warren Buffett has a large stake via his Berkshire Hathaway (NYSE:BRK.A) holding company, has decided to raise its interest rates on credit cards by 3 percentage points before the upcoming rules are... More of this article »
How Foreclosures, Short Sales and Bankruptcies Affect Your Credit Score
Consumers have known that short sales, foreclosures and bankruptcies can have significant negative impacts on their credit reports and credit scores. A new report was recently released that details how much your credit score will be... More of this article »
Using Cash While Traveling Overseas: How to Avoid Credit Card Junk Fees
If you were traveling abroad a decade ago, you would probably take money in the form of traveler’s checks in order to pay for the good and services while you’re there. Times have changed; plastic has become the preferred means... More of this article »
Peer-to-Peer Investing: Prosper.com Review
Prosper.com is a website in the emerging peer-to-peer lending industry which facilitates the borrowing and lending of money between its users. How it Works: Prosper, Lending Club and other firms sidestep the banking industry by creating... More of this article »
Comparing Prosper.com and Lending Club Investment Performance
Prosper.com and Lending Club.com are by far the two largest peer-to-peer lending websites in the United States. Many investors have used these services to diversify their investment portfolios. During the financial crisis, while stock... More of this article »
Inspector General Says U.S. Treasury Mislead Public
The inspector general that oversaw the government’s bailout of the U.S. banking system has is criticizing the Treasury Department for making misleading public statements last fall to the publish and suggested that the US Treasury... More of this article »
Pay Czar Feinberg Expected To Cut Salaries
According to recent reports, President Obama’s Pay Czar Kenneth Feinberg is expected to cut part of the cash many top Wall Street Executives receive as part of their annual salary. The move would only impact executives and top... More of this article »