2010 Vancouver Olympics Open in the Black as Quest for Gold Begins Tonight
The International Olympic Committee pledged 22 million Canadian dollars to the Vancouver's operating budget after the Winter Games struggled amidst the backdrop of the global financial crisis.
Senators Propose Tax on TARP Bank Executives
Bank executives who received bonuses last year may have to pay a one-time tax if they work at a bank that received TARP bailout funds.
GMAC To Receive Third Round of Federal Relief
GMAC is in talks with the U.S. treasury to receive an additional $2.8 billion-$5.6 billion in federal bailout money. This would be the companies third round of relief, after receiving $13.5 billion in bailouts earlier this year.
The List of Failed Banks Has Grown, But the Worst May Be Over
There is a lot of talk in mainstream media about failed banks, so we went directly to the source--the FDIC, to find out the full story. Here, you can see clearly that last year, 26 banks failed in total. As you can see from the chart there was very little activity in the first half of the year, then bank failures steadily increased from July through December.
Countdown to Inauguration: Updates on the US Economy
More than a month before he officially takes his seat in the Oval Office, President-Elect Barack Obama's already towering economic to-do list is still growing by the minute.
As anticipated, people are looking to him as the go-to guy now more than anybody else. Even the upward and downward swings of the financial markets are largely dependent on Obama’s moves, rather than on what the current president has to say in his final days in office.
The Rising Dollar: Fortune or Fluke
Stronger Dollar? What It Means to the Average Consumer As measured by six major currencies, the US dollar has appreciated 19% during the past three months (August to October 2008). To be specific, the US dollar index is now at 85 up from the low of 71.3. The reversal takes the valuation of the US dollar back to October 2006 levels. It just experienced its best week of appreciation in almost 16 years. By any measure, the stronger dollar was unexpected by the financial market in terms of its speed, timing, and magnitude. Typically, a strong currency should be the sign of the strong economy. However, everyone knows that America’s biggest financial institutions today are insolvent and some had even filed for bankruptcy. The government is also spending millions to “bail-out” everything from banks to insurance companies to auto manufacturers. If that’s not enough, the value of commercial real estate is sinking together with residential real estate.
Banks Guarantee Bailout Money Will Get Credit Flowing Again
There's good news for consumers and small businesses desperately in need of capital. They just might get that much-needed loan after all, or more importantly, ward off the imminent foreclosure of their homes. In response to White House’s growing concern that the bailout money might be used to finance more acquisitions or fund employees’ compensations, executives of top US banks immediately gave their assurance that the bailout money will go where the government wants: to get credit moving again and assist in restructuring home mortgages rather than push for more foreclosures.
Wachovia drops Citigroup bid for Wells Fargo
Wells Fargo is buying Wachovia at about $7 / share ($15.1 billion). Wachovia stock price is up over 66% in pre-market trading. Bank consolidations will continue to happen. You still should make sure you are within FDIC limits, but Wachovia customers, your money appears safe. Stay tuned My Bank Tracker for more advice on what to do with your money in these crisis times. Source: http://www.reuters.com/article/innovationNews/idUSTRE4923HU20081003
Are Men to Blame for the Housing Crash?
Matthew Syed at the The Times places the blame of the housing crash on testosterone fueled men. "The problem is that the market became too primal, too dominated by men and their baser instincts, too preoccupied with greed and too little with the consequences." Our opinion is that greed is not inherent to men. Greed is universal. Mr. Syed suggestion is to infuse the trading floors and boardrooms with more women. In your workplace do you see dominating, greedy, testosterone fueled men making poor decisions? It's an interesting topic of discussion. Source: http://women.timesonline.co.uk/tol/life_and_style/women/the_way_we_live/article4848188.ece
Wachovia banking operations acquired by Citigroup
The FDIC has stepped in to facilitate the acquisition of Wachovia by Citigroup. The FDIC stresses that Wachovia did not fail, it has been acquired. "For Wachovia customers, today's action will ensure seamless continuity of service from their bank and full protection for all of their deposits." said FDIC Chairman Sheila C. Bair. "There will be no interruption in services and bank customers should expect business as usual." Wachovia customers should contact their normal banking representative with any further questions. 1-800-922-4684 or visit www.wachovia.com Source: http://www.fdic.gov/news/news/press/2008/pr08088.html
