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Geithner insists Chinese dollar assets are safe - Telegraph
US Treasury Secretary Tim Geithner was laughed at by an audience of Chinese students after insisting that China's US assets are safe.
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Geithner insists Chinese dollar assets are safe
US Treasury Secretary Tim Geithner was laughed at by an audience of Chinese
students after insisting that China's US assets are safe.
AIG LOOKS TO USE CHARITY ENDOWMENT AND TAKE BACK CHARITY PAYMENT TO PAY BONUSES - New York Post
Insurance giant AIG is trying to seize a $490 million charitable endowment -- and claw back $27 million it already awarded to New York charities -- to pay executive bonuses, The Post has learned.
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Insurance giant AIG is trying to seize a $490 million charitable endowment -- and claw back $27 million it already awarded to New York charities -- to pay executive bonuses, The Post has learned.
Citigroup exit from Dow cements bank's downfall | Reuters
"You're taking out a weak, wounded financial stock," said Richard Sylla, a professor at New York University's Stern School of Business. "They probably never thought the biggest bank in the world would become a wounded duck."
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Citigroup exit from Dow cements bank's downfall
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"You're taking out a weak, wounded financial stock," said Richard Sylla, a professor at New York University's Stern School of Business. "They probably never thought the biggest bank in the world would become a wounded duck."
The Automatic Earth: June 1 2009 2: The Rule of Law Revisited
As a matter of fact, says Greg Palast, that behavior starts right at that bankruptcy, with the Obama administration demanding workers hand over their pensions funds in exchange for -worthless- GM stock.
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As a matter of fact, says Greg Palast, that behavior starts right at that bankruptcy, with the Obama administration demanding workers hand over their pensions funds in exchange for -worthless- GM stock.
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"The rule of law" is a term that exists to keep a check on those who govern. Wiki: "The rule of law, also called supremacy of law, is a general legal maxim according to which decisions should be made by applying known principles or laws, without the intervention of discretion in their application. This maxim is intended to be a safeguard against arbitrary governance."
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Advanta’s Card-Lending Shutdown May Imperil Customers (Update2) - Bloomberg.com
May 12 (Bloomberg) -- Advanta Corp., the credit-card issuer for small businesses, may leave 1 million customers scrounging to find new lenders and debt holders facing losses of 35 percent after the company shut down accounts to preserve capital.
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May 12 (Bloomberg) -- Advanta Corp., the credit-card issuer
for small businesses, may leave 1 million customers scrounging
to find new lenders and debt holders facing losses of 35 percent
after the company shut down accounts to preserve capital. -
Needs Capital
Advanta relied on the asset-backed securities market for
funding, and has been unable to raise cash through
securitization since June 2008, according to Bloomberg data. It
is shut out of the Federal Reserve’s Term Asset-Backed
Securities Loan Facility, or TALF, because of ratings cuts on
its bonds.
Credit card-backed debt eligible for purchase with TALF
loans must be rated AAA. Moody’s Investors Service has assigned
“junk” ratings to Advanta’s senior unsecured and subordinated
debt. The trust preferred securities rating of Advanta Capital
Trust I was cut to C from Caa3 in April by Moody’s, citing a
“high degree of uncertainty” that investors will get repaid
because of Advanta’s “weak financial condition.”
Goldman Settles Subprime Complaint in Massachusetts - NYTimes.com
In the first major settlement involving Wall Street’s role in the subprime mortgage business, the Goldman Sachs Group agreed on Monday to pay up to $60 million to end an investigation by the Massachusetts attorney general’s office into whether the firm helped promote unfair home loans in the state.
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In the first major settlement involving Wall Street’s role in the subprime mortgage business, the Goldman Sachs Group agreed on Monday to pay up to $60 million to end an investigation by the Massachusetts attorney general’s office into whether the firm helped promote unfair home loans in the state.
Geithner enriches speculators in "sham" bank bail-outs - Telegraph
The US Treasury’s effort to stabilise the banking system through the TARP programme is a hopelessly ill-conceived policy that enriches speculators at public expense, according to the buy-out firm supposed to be pioneering the joint public-private bank rescues.
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US 'sham' bank bail-outs enrich speculators, says buy-out chief Mark Patterson
The US Treasury’s effort to stabilise the banking system through the TARP
programme is a hopelessly ill-conceived policy that enriches speculators at
public expense, according to the buy-out firm supposed to be pioneering the
joint public-private bank rescues. -
“It’s a sham. The banks are insolvent. The US government is trying to sedate
the public because they are down to the last $100bn (£66bn) of the $700bn
TARP funds. They think they’re doing this for the greater good of society,”
he said, speaking at the Qatar Global Investment Forum. - 1 more annotations...
YouTube - Black is Back: Don't Trust Earnings New Accounting Rules, Stress Test is a SHAM!
Black is Back: Don't Trust Earnings New Accounting Rules, Stress Test is a SHAM!
INSTANT VIEW: Biggest banks need $74.6 bln in capital | Reuters
NEW YORK (Reuters) - U.S. regulators told top banks on Thursday to raise $74.6 billion to build a capital cushion officials hope will restore faith in financial firms and set a course out of the deepest recession in decades.
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NEW YORK (Reuters) - U.S. regulators told top banks on Thursday to raise $74.6 billion to build a capital cushion officials hope will restore faith in financial firms and set a course out of the deepest recession in decades.
U.S. Treasury asking banks keep quiet on stress tests | U.S. | Reuters
WASHINGTON (Reuters) - The U.S. Treasury Department is asking banks not to mention the regulatory "stress tests" as part of their first-quarter earnings results, according to a source familiar with government discussions.
Many of the top 19 U.S. banks who are undergoing regulatory stress tests have already completed internal versions of the examinations, which are designed to determine their capital needs under more adverse economic conditions.
However, the banks do not yet know the results of the government's version of the assessment, the source said.
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U.S. Treasury asking banks keep quiet on stress tests
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By Karey Wutkowski
WASHINGTON (Reuters) - The U.S. Treasury Department is asking banks not to mention the regulatory "stress tests" as part of their first-quarter earnings results, according to a source familiar with government discussions.
Many of the top 19 U.S. banks who are undergoing regulatory stress tests have already completed internal versions of the examinations, which are designed to determine their capital needs under more adverse economic conditions.
However, the banks do not yet know the results of the government's version of the assessment, the source said.
RPT-UPDATE 2-EXCLUSIVE-Soros says US banks 'basically insolvent' | Global Industries | Financial Services | Reuters
NEW YORK, April 6 (Reuters) - The U.S. economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television on Monday.
While nationalization of banks is "out of the question," he said stress tests being conducted by the U.S. Treasury could be a precursor to a more successful recapitalization.
But he warned about the danger of watering down mark-to-market accounting rules, saying this creates conditions for prolonging the life of U.S. 'zombie' banks.
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Soros says US banks 'basically insolvent'
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NEW YORK, April 6 (Reuters) - The U.S. economy is in for "a lasting slowdown" and won't recover this year, while "the banking system as a whole is basically insolvent," billionaire investor George Soros told Reuters Financial Television on Monday.
While nationalization of banks is "out of the question," he said stress tests being conducted by the U.S. Treasury could be a precursor to a more successful recapitalization.
But he warned about the danger of watering down mark-to-market accounting rules, saying this creates conditions for prolonging the life of U.S. 'zombie' banks.
Omni National Bank in Georgia Shut, 21st U.S. Failure (Update3) - Bloomberg.com
March 27 (Bloomberg) -- Omni National Bank of Atlanta was seized by federal regulators, the 21st U.S. bank to fail this year, as foreclosures rise amid the recession and the highest unemployment in a quarter century.
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Omni National Bank in Georgia Shut, 21st U.S. Failure
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March 27 (Bloomberg) -- Omni National Bank of Atlanta was
seized by federal regulators, the 21st U.S. bank to fail this
year, as foreclosures rise amid the recession and the highest
unemployment in a quarter century.
Citigroup stock falls below $1 for first time
NEW YORK (Reuters) - One dollar could buy a cup of coffee, a pack of chewing gum, or a roll of bathroom tissue.
For the first time, it could also buy a share of Citigroup Inc (C.N), once the world's largest bank by market value.
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NEW YORK (Reuters) - One dollar could buy a cup of coffee, a pack of chewing gum, or a roll of bathroom tissue.
For the first time, it could also buy a share of Citigroup Inc (C.N), once the world's largest bank by market value.
Regulators close 15th bank this year - Feb. 27, 2009
State bank regulators closed two more banks on Friday, the 15th and 16th banks to fail this year, as the worsening recession pulled more regional banks underwater.
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Regulators shutter 2 more banks
The FDIC said the failures of Heritage Community Bank and Security Savings Bank will cost the Deposit Insurance Fund a combined $100.7 million.
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The announcement marks the seventh consecutive week of bank failures being announced on a Friday evening.
Revealed: The day the banks were just three hours from collapse | Mail Online
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Revealed: Day the banks were just three hours from collapse
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Revealed: Day the banks were just three hours from collapse
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Bank of America sells China bank stake | U.S. | Reuters
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HONG KONG (Reuters) - Bank of America Corp, coping with tough economic conditions, raised $2.83 billion by selling part of its stake in China Construction Bank Corp, and Hong Kong's richest tycoon sold a $500 million stake in rival Bank of China.
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HONG KONG (Reuters) - Bank of America Corp, coping with tough economic conditions, raised $2.83 billion by selling part of its stake in China Construction Bank Corp, and Hong Kong's richest tycoon sold a $500 million stake in rival Bank of China.
Shares in China's big banks skidded on Wednesday after the sale by the largest U.S. bank by assets. Investors expected further sales in the face of slowing earnings growth at mainland lenders and the lapse of lock-up provisions restricting sales.
China's three largest banks had attracted big strategic investments from Western financial groups at the time of their initial public offerings. Some of those banks, including Royal Bank of Scotland Plc, are now under pressure to sell as the global financial crisis ravages the banking industry.
New mortgage lending predicted to fall below zero, report warns - Telegraph
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New mortgage lending predicted to fall below zero, report warns
British households will pay back more money to banks and building societies
than they take out in new mortgages next year for the first time on record,
a Government report has forecast.
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