Bank of America Corp. (NYSE: BAC) is being taken to the cleaners this morning. Shares closed down sharply yesterday at $23.77 after closing at $32.22 just the day before. Bank of America raised right…
There has been talk of creating a central exchange and clearing mechanism for the widely unknown and illiquid Credit Default Swaps, and now that talk has materialized into an actual effort. The requirements for…
Vikram Pandit, CEO of Citigroup (C), should be so lucky as to have Wells Fargo (WFC) steal the buyout of Wachovia (WB) from him. Citi has gone into court asking $60 billion in damages…
The UK has begun a partial nationalization of its major banks. The move may well include some of Britain’s largest financial firms such as Barclays (BCS) and HSBC (HBC). The government views it as…
By John Tamny RealClearMarkets Amid much fanfare, Treasury Secretary Paulson’s $700 billion plan to allegedly save the banking system passed last Friday. The Dow Jones Industrial Average was up 250 points before its presumed…
Bank of America Corporation (NYSE: BAC) issued earnings early and simultaneously announced new capital raising and preservation initiatives. The banking giant said that quarterly net income was $1.18 billion, or $0.15 per share. The…
American Express (NYSE: AXP), whose stock is trading at 5-year lows, today tried to reassure Wall Street about its financial situation. It said that this year it has increased its surplus capital above normal…
Richard Fuld, Chairman & CEO of what is left of Lehman Brothers Holdings (LEHMQ) is currently testifying before the House Oversight Committee. Fuld’s answers and demeanor today may offer some valuable lessons for future…
Wachovia Corp. (NYSE: WB) shares were halted for "NEWS PENDING" because of an announcement coming out of Citigroup (NYSE: C). The Citi and Wells Fargo (NYSE: WFC) war may be heating up above and…
Now that Citigroup (C) has botched its takeover of Wachovia (WB) it hopes to turn to the US court system to be its savior. Wells Fargo (WFC) moved in under the cover of night…
Perhaps it is important that someone be blamed for the failure of Lehman. Henry Paulson who did not order Treasury to step in with aid. The most convenient villain is Dick Fuld, the company’s…
The IPO market has been dead as a doornail. But next week we have a bank IPO coming to market. It is amazing that a bank would dare come to market in this environment. …
Citigroup Inc. (NYSE: C) has finally issued a statement on the interruption of its Wachovia Corp. (NYSE: WB) buyout. Citi is saying that Wachovia’s agreement to a transaction with Wells Fargo (NYSE: WFC) is…
Vikram Pandit has been the CEO of Citigroup (C) for ten months. The only thing he has done right is collect $216 million in compensation. Much of that was for the sale of his…
Wachovia Corp. (NYSE: WB) is now in play as Wells Fargo (NYSE: WFC) has come out with an alternative merger deal in a stock for stock merger offer for all of Wachovia including all…