Germany Turns Against ECB Bond Plan
Germany has formally rejected the plans of the European Central Bank (ECB) president, Mario Draghi, to buy sovereign paper, which could range into the tens of billions of dollars, to bring down borrowing costs…
Banking, finance, and taxes
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Newest first · Page 146Weekend Reflection on Sandy Weill: Saint or Prostitute?
There is a saying that goes like this: “For every saint there is a past, and for every sinner there is a future.” What happens when a big sinner looks for redemption? Just ask…
Payday Lender Cash America Cancels Spin-off After Poor Results
The country’s largest payday lender and pawn shop operator, Cash America International Inc. (NYSE: CSH), reported second quarter earnings this morning that fell short of the consensus estimates. The company also withdrew its application…
7-Year Treasury Auction Goes At Record Low Under 1%
The 7-Year Treasury Note auction conducted today appears to have gone off at a record low yield for the auction. The Bid/Cover ratio was 2.64, which was a tad soft, but the coupon rate…
Visa’s Earnings Beat Matched With Big Share Buyback Plan
Visa Inc. (NYSE: V) managed to exceed earnings estimates and the news is likely going to be viewed positively for rival Mastercard Inc. (NYSE: MA). Visa’s earnings were also bested by the announcement of…
5-Year Auction Hits Record Low Yield
Uncle Sam gets to borrow money at this point for closer and closer to free each day. The insatiable appetite for the flight to safety is causing a new trend where investors are willing…
Nasdaq Earnings Manage to Overcome Weak Trading Volumes
Nasdaq OMX Group Inc. (NASDAQ: NDAQ) has just reported a gain in its quarterly earnings due to its growth of the market data operations. Earnings were $0.53 per share, but this was $0.64 per…
German Firm Brews Up Deal for Peet’s Coffee
German holding company Joh. A. Benckiser (JAB) has agreed to acquire Peet’s Coffee & Tea Co. (NASDAQ: PEET) for $73.50 per share, or approximately $1 billion in cash. The price reflects a premium of…
Greek Bonds No Longer Good as Collateral — ECB
The European Central Bank (ECB) said this morning that Greek debt, whether issued or backed by the government, is “for the time being” no longer eligible to be used as collateral in eurozone monetary…
Eurozone Okays €100 Billion to Bail Out Spanish Banks
As expected, following yesterday’s approval by the German parliament, eurozone finance ministers have approved the €100 billion bailout of Spain’s troubled banks through the European Financial Stability Fund (EFSF). Under the terms of the…
Default Rates on Student Debt Rise Sharply
It may be shocking that many people who took out student loans cannot pay them, until the full circumstances of the situation are explained. And these circumstances demonstrate why the system to make the loans…
TIPS Auction Yield Goes Negative Again
If one is looking for a deflationary signal about the US economy, a good place to start might be with Treasury Inflation-Protected Securities, known as TIPS. The US Treasury Department sold $15 billion in…
Sub-prime Auto Loans Rising in the US
In a fascinating review of the US sub-prime automobile lending market, Moody’s sees signs that today’s market is eerily similar to the early stage of growth in sub-prime auto loans in the 1990s. From…
IMF Pushes ECB on Bank Union, Fiscal Integration
The European Union and the European Central Bank (ECB) can no longer just kick the can down the road if they hope to solve the financial crisis in the Eurozone. That’s the conclusion of…
Investor Confidence in Profit Growth “Deteriorating” — BofA
Fewer investors than at any time since April 2009 believe that corporate profits can grow by more than 10%, according to the July survey of fund managers by BofA/Merrill Lynch, a division of Bank…