Bank of America, UBS AG and JPMorgan Chase Sued By California Public Utility
Three major banks were sued today by a California public electric utility, the Sacramento Mununcipal Utility District (SMUD), which alleged that the banks coordinated pricing and accepted kickbacks in a scheme to pre-determine the winners of “municipal derivative” auctions.
Major US Banks Undergo “Stress Tests”
When you hear the term "stress test", banking is the last thing that comes to mind. In the past, people think of it together with a heart monitor, the treadmill, and physical exams. But the words "stress test" has a totally new meaning these days. It has become associated with banking and finance as the government tries to determine how strong the nation’s largest banks are in coping with the financial crisis.
Obama Looks to Get Rid of “Fine Print” in Credit Cards
In response to consumers' growing frustration over skyrocketing credit card interest rates and hidden fees, Pres. Barack Obama vowed that he would come up with a credit card law that would protect consumers from the fine print that have become a source of anxiety and anger of credit card users.
Balance Transfer Fees: Should You Expect to Pay More?
Traditionally, the defaults on credit card debts rise or fall with the unemployment rate. With the unemployment now at 8.5 percent, the highest in more than two decades, credit card companies are suffering from a surge in defaults. Bank of America, for example, has $182 billion in credit card loans as of December 31, 2008. From this figure, the bank had to write off $11.4 worth of balances.
Is Confidence Returning to the US Economy?
Figures from six continents showed that the confidence in the global economy is finally returning. The outlook that looked hopeless a mere month ago is now at a 100-month high. It was observed that sentiment grew faster in Asia compared to the US and Europe. Many believe that the worst may be over for their economies.
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.
Bank of America & JP Morgan Chase: Two Giants Floating Atop Financial Crisis
Bank of America and JP Morgan Chase -- two of the US' top banks, and now both in the limelight. Aside from having equally received a huge chunk of the $700 billion government bailout plan, $25 billion each to be exact, the two banks have also been rather busy lately expanding their respective financial empires with a series of takeovers and mergers involving no less than once-mighty names in the banking and investments industry: Bear Stearns and Washington Mutual, Countrywide Financial and Merrill Lynch.
Nine of the largest US banks are forced to accept partial government ownership
Under the program, Treasury will purchase up to $250 billion of senior preferred shares on standardized terms as described in the program's term sheet. The program will be available to qualifying U.S. controlled banks, savings associations, and certain bank and savings and loan holding companies engaged only in financial activities that elect to participate before 5:00 pm (EDT) on November 14, 2008. Treasury will determine eligibility and allocations for interested parties after consultation with the appropriate federal banking agency. "Today we are taking decisive actions to protect the US economy. We regret having to take these actions. Today's actions are not what we ever wanted to do – but today's actions are what we must do to restore confidence to our financial system." - said Secretary Henry M. Paulson, Jr.
Merrill Lynch, Morgan Stanley Battle Independent Brokerages For Wealthy Investors
U.S. Bank Acquires FBOP Corporation’s 9 Failed Banking Subsidiaries
Assessing the Impact of the FDIC’s Temporary Liquidity Guarantee Program
FDIC Chairman Shelia Bair on The State of American Banking – Summary and Analysis
Citibank Credit Card Interest Skyrockets In Anticipation of Federal Regulation
Commerce Bank of Southwest Florida Fails, Becomes 123 Bank to Close in 2009
ING Direct Black Friday Special: Save ‘Til You Drop
Savers Left With Fewer Options as Hudson City Savings Lowers Top CD Rates
Wells Fargo Settles $1.4 Billion Lawsuit Regarding Auction-Rate Securities
‘Too Big To Fail’ Firms May Be Broken Down To Smaller Size
