Posts for Ticker ‘TARP’

What To Expect In House Financial Grilling of Bank CEO’s (BAC, C, JPM, WFC, GS, MS, STT, BK)

burning-money-pic5There is not going to be much positive press today about the U.S. banking sectors.  The top CEOs of America’s  banks are going to testify before the House Financial Services Committee.  Despite the government now being part owner, the grilling today is likely to generate even more major PR damage at a time when these banks are already on the defensive.

Here are the banks and CEOs which will be on Capitol Hill this morning, along with our TAP count:

  • Bank of America (NYSE: BAC) Ken Lewis, $45 billion
  • Citigroup (NYSE: C) Vikram Pandit, $45 billion
  • JP Morgan Chase (NYSE: JPM) Jamie Dimon, $25 billion
  • Wells Fargo (NYSE: WFC) John Stumpf, $25 billion
  • Goldman Sachs Group (NYSE: GS) Lloyd Blankfein, $10 billion
  • Morgan Stanley (NYSE: MS) John Mack, $10 billion
  • State Street (NYSE: STT) Ronald Logue, $3 billion
  • Bank of New York Mellon (NYSE: BK) Robert Kelly, $3 billion

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Posted on: February 11, 2009 – 8:55 am in Banking, Financial Stocks, Law, Politics, Regulation, Turnarounds, , , , , , , , , , , ,

Geithner’s Bank Rehab, Still More Questions Than Answers

burning-money-pic2Treasury Secretary Tim Geithner is out with his banking and financial rescue plan.  This will not go without criticism and not all methodologies look set in stone, mainly because this package still raises plenty of questions.
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Posted on: February 10, 2009 – 11:36 am in Uncategorized, , , , , , , , ,

Are Troubled Bank Stocks A Double? (FITB, BAC, C, PNC, STT, BK, WFC, JPM)

It seems that Uncle Sam via Treasury and via Congress is going to give the markets what they want.  TARP, TALF, Bad Bank, aggregation, accounting rule exceptions, and the rest.  If you were watching many of these huge banks with troubled stocks and troubled operations you might have thought that nationalization was imminent.  But the rally that came on the heels of developments on Thursday and Friday took some of these stocks up massively.
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Posted on: February 9, 2009 – 9:41 am in Banking, Financial Stocks, Trading Alert, , , , , , , , ,

$700B Bailout Passage Keeps The Hangman Away, For Now

House_vote_yes_2 The $700 billion bailout bill passed the House after its failure early this week.  The Senate has already approved this new package which contained many more add-ons than the prior bill.  The magic number was 218 YES needed to win.  Our image to the right was taken when the vote was still going as it appears the final tally was 263 to 171 in favor.   There are two issues at stake here.  The economy was toast without this package.  That is first and foremost.  But the economy is still likely going to suffer and enter into a recession.  People who bought too much house or that were duped into bad mortgages are still facing foreclosures.  Credit card defaults are still rising.  Loan loss reserves are increasing.  Jobs are still being lost.  Manufacturing is slowing.  This is still an unfinished chapter in the history books.

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Posted on: October 3, 2008 – 12:24 pm in Economy, Law, , ,