Obama: Wrong That Wall St. Will Shrink (MS)(GS)
Wall St. is not going to be as big a player in the economy as it has been, if President Obama is right. He may not be. Commenting on how much of the economy…
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 238“Stress Tests” Point To Need For $150 Billion? Speculation Becomes Absurd
How much will the 19 banks that were subjected to the government’s “stress test” need to raise? No one knows and guesses range as high as $150 billion. But, guesses may be well off…
Government And Citigroup (C) Do Battle Over $10 Billion
The government says that Citigroup (C) needs to raise $10 billion. Citi believes otherwise. According to The Wall Street Journal, if the bank’s view of its status prevails, “Citigroup could wind up having a roughly…
JPMorgan Cuts Banks: Reflections on Its Own Business (JPM, BAC, C, USB, WFC, STI, BRK-A)
J.P. Morgan Chase & Co. (NYSE: JPM) has issued a negative bank research call for the major money center and super-regional banks this morning. Bank of America Corporation (NYSE: BAC), Citigroup, Inc. (NYSE: C),…
Government Moves Toward Releasing Detailed Stress Test Results
Shares in some large banks are about to plunge. Reuters reports that “U.S. officials are leaning towards announcing the `stress test’ results of individual banks next week instead of just summary results.” That is…
Citigroup (C) Starts To Dig Out Of Its Hole
Bank examiners wearing black suits and white shirts have already been to the Citigroup (C) headquarters in Manhattan to tell CEO Vikram Pandit how badly his company did on recent stress tests performed by…
Determining When Higher Rates Are Coming
This week’s FOMC statement and ‘less-bad’ recent economic data brought up an interesting notion now that the Federal Reserve seems to be at least a bit less negative on the economy. Ditto on the…
A Government Bailout For IPOs
The venture capital community has made a self-serving request of the federal government, but is may not be entirely without merit. The industry’s trade association “called for lower taxes and loosened listing rules, to…
Ken Lewis Keeps His Day Job (BAC)
Ken Lewis got a slap on the hand. Shareholders of Bank of America (BAC) voted to separate the chairman’s role from the CEO’s and the bank’s board was forced to elect a new chairman,…
Visa Numbers Looking Good Enough Ahead (V, MA)
Visa, Inc. (NYSE: V) has posted earnings of $0.71 EPS and $1.6 billion in net operating revenues. Thomson Reuters had estimates at $0.64 EPS and $1.61 billion in revenues. This appears to be good…
BofA Needs More Time To Tally Votes on Lewis & Other Issues (BAC)
Bank of America Corporation (NYSE: BAC) has already had all of its votes turned in on the shareholder issues up for a vote. We have been (painfully) listening to the live webcast of this…
Ken Lewis Gets Backing of Shareholder Activist Evelyn Davis (BAC, BLK)
Bank of America Corporation (NYSE: BAC) just started out its annual shareholder meeting with a traditional introduction from CEO Ken Lewis. It is no shock that he is under fire today, and we have…
E*TRADE: Higher Loan Loss Reserves & Capital-Raise Needs (ETFC)
E*TRADE FINANCIAL Corporation (NASDAQ: ETFC) has just reported a net loss of $233 million, or -$0.41 EPS, on revenue of $497 million. E*TRADE has fewer analysts than before, but Thomson Reuters showed estimates at…
If Six “Stress Tested” Banks Need Money, Sell-Off Will Begin (BAC)(C)
Bloomberg reports that six of the 19 banks that went through the government’s “stress test” program will need to raise more capital. That list probably includes Citigroup (C) and Bank of America (BAC). According to Reuters,…
The Importance Of Paying Citigroup (C) Bankers Bonuses
Citigroup (C) has gone to the Treasury to beg for bonuses for some of its most important traders, people who make the banks extraordinary amounts of money. The Treasury’s reaction will probably be that…