By Greg Morcroft
U.S. financial shares fell broadly Wednesday, pulling back after an influential
Oppenheimer & Co. analyst said that banks will need to raise lots of additional
capital this year - and likely will face further credit downgrades as a result.
“From July 2007 to date, over $5 trillion worth of securities have been
downgraded, but [...]
Now-you want to talk about the UAW and the employees and other middle class families, here is really where your tax money is going and how it is been spent, we should be screaming about this and not at the hard working middle class families union and non-union workers. Cooperate greed are the ones that [...]
Key dates in the federal government’s campaign to alleviate the economic crisis.
March 11: The Federal Reserve announces a rescue package to provide up to $200 billion in loans to banks and investment houses and let them put up risky mortgage-backed securities as collateral.
March 16: The Fed provides a $29 billion loan to JPMorgan Chase & [...]
“The U.S. credit-card industry may pull back well over $2 trillion of lines over the next 18 months due to risk aversion and regulatory changes, leading to sharp declines in consumer spending, prominent banking analyst Meredith Whitney said.
The credit card is the second key source of consumer liquidity, the first being jobs, the Oppenheimer & [...]
Among the companies whose shares are actively trading in Wednesday’s session are
BCE Inc. (BCE), General Motors Corp. (GM) and Citigroup Inc. (C).
The $42 billion takeover of BCE ($20.44, -$10.84, -34.65%) was jeopardized
Wednesday morning when the company warned it might not be able to meet the
conditions of the merger agreement. Investors bet that the planned leveraged
buyout [...]
Nov. 20 (Bloomberg) — The U.S. may need to spend as much as $1.2 trillion to stabilize the eight largest financial institutions because private investors are unwilling to take the risk, an FBR Capital Markets analyst said.
“The sheer size of the capital deficiency, coupled with the opaque nature of credit risk, will keep private [...]
” companies are cheap relative to earnings”…
” we’re at a major buying opportunity ”
Believing in Estimates Means 20% Advance for S&P 500
By Eric Martin and Elizabeth Campbell
Nov. 10 (Bloomberg) — Even after cutting estimates at the fastest rate ever, Wall Street strategists still need the biggest year-end rally in the Standard & [...]
“Nov. 11 (Bloomberg) — It’s hard to believe Barack Obama would even think of calling this change.
Take a good look at some of the 17 people our nation’s president-elect chose last week for his Transition Economic Advisory Board. And then try saying with a straight face that these are the leaders who should be [...]
WASHINGTON — The Federal Reserve on Tuesday introduced a new program to finance the purchases of assets from money market mutual funds as the government continued to search for ways to battle a severe credit crisis.
“The short-term debt markets have been under considerable strain in recent weeks as money market mutual funds and other [...]
NEW YORK (AP) — Citigroup Inc. suffered its fourth straight quarterly loss due to credit-related missteps and cut another 11,000 jobs.
The New York-based bank said Thursday that it lost $2.8 billion, or 60 cents per share, in the third quarter, compared with a profit of $2.2 billion, or 44 cents per share, a year ago. [...]
NEW YORK (Dow Jones)–Investors on Tuesday cheered the U.S. government’s plan to
invest in nine large banks, judging that the additional strength they gain will
outweigh some dilution to shareholders.
Shares of all but one of the banks, JPMorgan Chase & Co. (JPM), were sharply
higher in afternoon trading.
According to the plan, banks who accept an investment from the [...]
By MARTIN CRUTSINGER, AP Economics Writer
WASHINGTON - The Bush administration plans to spend an initial $250 billion of the $700 billion bailout buying stock in private banks, greatly expanding protections for the U.S. financial system out of deep concern for the faltering economy, industry and government officials said Monday night. President Bush planned to announce [...]
NEW YORK (Dow Jones)–With its U.S. branch network and retail banking business
greatly expanded, JPMorgan Chase & Co.’s (JPM) future focus might turn abroad.
JPMorgan Chairman and Chief Executive James Dimon stopped well short of declaring
the company’s retail banking expansion in the U.S. complete after the acquisition
of the banking operations of Washington Mutual Inc. (WM) late Thursday.
But [...]
By Tom Randall and Jamie McGee
” Sept. 26 (Bloomberg) — Wall Street’s five biggest firms paid more than $3 billion in the last five years to their top executives, while they presided over the packaging and sale of loans that helped bring down the investment-banking system.
Merrill Lynch & Co., once the largest U.S. [...]
NEW YORK/WASHINGTON (Reuters) - Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion.
The rescue marks a historic step to clean up a U.S. financial system littered with toxic mortgage debt.
Washington Mutual, [...]
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