Moody’s Turns Against Spain’s Banks
Suppose that most of the estimates of what it will cost to bail out Europe’s weakest nations and their banks are wrong. Suppose that the costs will be twice as much as experts from the…
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 138J.P. Morgan Hit with Mortgage Fraud Suit
J.P. Morgan Chase & Co. (NYSE: JPM) must regret the purchase of Bear Stearns, no matter how favorable the terms may have been. The State of New York filed suit against the huge bank…
Fitch Maintains Spain Ratings
Fitch Ratings left is ‘BBB’ rating on Spanish debt unchanged following last week’s proposed 2013 government budget. The ratings agency also maintained its ‘negative’ outlook on the country. Here’s part of Fitch’s assessment: The…
American Express Hit with $113 Million for Fines, Refunds
The U.S. Consumer Financial Protection Bureau (CPFB) today announced an enforcement action against American Express Co. (NYSE: AXP) that will cost the company $27.5 million in fines and $85 million in refunds to approximately…
Ben Bernanke Says Federal Reserve Is Not Monetizing The Debt
FOMC Chairman Ben Bernanke is speaking Monday to the Economic Club of Indiana in Indianapolis with his speech titled “Five Questions about the Federal Reserve and Monetary Policy.” As far as a brief summary,…
Bank of America’s $2.43 Billion Merrill Settlement
Bank of America Corp. (NYSE: BAC) received one more hit in a long line of bad publicity. Its reputation was damaged once again. Again, its image as the worst of America’s large banks was…
Spanish Bank Stress Tests Not So Bad After All (SAN, BBVA)
The Spanish bank stress tests are out and the initial verdict is that the shortfall was just not as bad as expected. In order to encompass about 90% of Spain’s banking system assets, the…
BofA Settles Class Action Suit over Merrill Lynch Acquisition (BAC)
Bank of America Corp. (NYSE: BAC) is settling a class action lawsuit over its purchase of Merrill Lynch. The company said that it would be taking a litigation expense in the third quarter of…
U.S. Banks Hit with Biggest Cyberattacks Ever
Security experts say the recent “denial of service” cyberattacks on big U.S. banks were the largest ever recorded by a wide margin. Since Sept. 19, the banking websites of Bank of America Corp. (NYSE:…
John Thain Denies Report/Rumor: CIT Is Absolutely Not For Sale!
CIT Group Inc. (NYSE: CIT) has been the subject of potential buyout rumors of late. Around 4:15 PM EST today CEO John Thain was a guest on CNBC. It was just back on Monday…
Discover Financial Beats on Both Top and Bottom Lines
Discover Financial Services (NYSE: DFS) reported fiscal third quarter earnings per share (EPS) of $1.21 on revenue of $1.96 billion. In the same period a year ago, the credit card issuer and payments network…
Spain’s Santander Raises $3.57 Billion in Mexican IPO
Spain’s Banco Santander SA (NYSE: SAN) held dual IPOs this morning for about 25% of the bank’s Mexican unit, Grupo Financiero Santander Mexico SAB. de C.V. (NYSE: BSMX). The American Depositary Shares (ADS) went…
Better Treatment, Longer Lives Could Dampen Viatical Win
Life Partners Holdings Inc. (NASDAQ: LPHI) announced today that it had prevailed in a lawsuit brought by the Texas Attorney General claiming that the company’s life settlement (viatical) transactions were securities and seeking a…
5-Year Treasury Auction Goes Off At Second-Lowest Yield
Treasury prices are firm and yields are lower, not just because of protests in Spain and Greece over the coming austerity measures. Today’s 5-year Treasury Note auction was given an “A” grade from CNBC’s Rick…
European Cure on Hold, Austerity Protests Add Pressure Again
Yesterday we said that Spain was looking more like Greece due to a Madrid protest that took place outside of parliament against all of the budget cuts and entitlement cuts coming down the pipe.…