Citi Taps The Shareholder Keg (C)
Citigroup Inc. (NYSE: C) has come out tonight saying it will sell some $3 Billion in common stock. Citi claims that after its last $6 Billion, this $3 Billion would take its Tier One…
Banking, finance, and taxes
All Banking, finance, and taxes Articles
Newest first · Page 285Citigroup’s (C) Hedge Fund Refund
Citigroup (C) started two hedge funds last year and sold interests in them to well-off retail investors. What those people were not told is that the investments were risky. Now, Citi is giving some…
Former Fed Official Call Bear Stearns Deal “the worst policy mistake in a generation”
Why hold back feelings? Vincent Reinhart, former head of monetary affairs at the Federal Reserve called the deal to save Bear Strearns (BCS) by backing a sale to JP Morgan (JPM) was "the worst…
Large Banks Beginning To Close Branch Locations (C)(WB)(WFC)(BAC)
Consumers and businesses are faced with two difficult problems as a result of major banks taking huge write-offs. The first is that, even though the Fed is chopping rates, lower interest loans are not…
Quiet Period Ends: Visa Analysts Unleash The Hounds (V)
The quiet period has ended for Visa Inc. (NYSE: V) after its IPO. The underwriters have thus initiated their coverage ratings this morning on the credit card payment processing company. Shares of Visa have…
Wachovia (WB) Looked At For Laundering Drug Money
Wachovia (WB) may have taken deposits from drug cartels. The Wall Street Journal reports that the government probing the bank for "alleged laundering of drug proceeds by Mexican and Colombian money-transfer companies." Perhaps the…
ValueAct Going After Chimera? (CIM, NLY)
ValueAct Capital Management is a leading activist fund that acquires shares in public companies to influence their boards to make certain actions or to fix current problems. In an SEC Filing, the fund (through…
Safeco Acquired, Another P&C Insurer Disappears (SAF)
Liberty Mutual has agreed to acquire Safeco Corp. (NYSE: SAF) for some $6.12 billion this morning. Liberty offered to purchase all outstanding common shares at $68.24 per share, representing roughly a 50% premium to…
Earnings, What Earnings? Ambac Loses More Than Total Share Price (ABK)
Ambac Financial Group Inc. (NYSE: ABK) saw yet another huge loss today, and as this is still key for system-wide "counterparty risk" concerns this is a drag on the market. On an operational basis,…
RBS (RBS) News No Encouragement For US Banks
Royal Bank of Scotland (RBS) will raise as much as $24 billion to bolster its capital position, a dubious record which US banks will not want to match anytime soon. The big UK bank…
National City Takeunder Financing, Steeper Than Steep (NCC)
National City Corp. (NYSE: NCC) is a name we have been cautious on because of the trends we have seen in the "bank financing" rescue packages. The company has secured $7 billion in financing…
Jefferies Saves Miserable Quarter With Financing Package (JEF, LUK)
Jefferies Group, Inc. (NYSE: JEF) has posted some ugly earnings this morning and it has announced a financing package. Jefferies posted a net loss of $60.5 million, or -$0.43 EPS on a 52% drop…
Auction-Rates, The Martin Act, And Wall St.’s Next Disaster
There is no law on the books anywhere in the US to rival The Martin Act for giving prosecutors a big stick. As one expert on the breadth of 1930s piece of legislation put…
As NCC (NCC) Raises Money, Bank Shareholders Shafted Again
NCC (NCC) was one of those banks that decided the mortgage business was simply an outstanding way to make money. The price of homes and commercial buildings would rise at 10% per annum forever,…
RBS May Write-Down $14 Billion
The only good news at Royal Bank of Scotland is that the bad news is not worse. RBS will probably write down another $14 billion and raise as much as $12 billion through a…