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…
Douglas A. McIntyre According to Reuters, regulators around the world are trying to shore up the banking system. Reuters reports that the Fed is trying to broker a deal for whether Citigroup (C) or Wells…
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…
According to Reuters, the House will vote on the bailout bill today. Reuters reports that JP Morgan (JPM) will not keep the CEO of WaMu. Reuters reports that John Thain of Merrill…
With the Congressional rejection of the Treasury bailout package lending from banks to small businesses has ground to a halt. According to Forbes,"The Discover Small Business Watch index of economic confidence slipped…
Banks and investment banks who watched Bear Stearns, Washington Mutual, and Lehman go down in flames have learned a lesson. Bank of America (BAC) moved too fast to buy Merrill Lynch (MER).…
There is one interesting irony in this whole financial meltdown which goes which many will not want to admit. Citigroup Inc. (NYSE:C) and the financial supermarket model may actually be emulated by…
The cut-off for the last short interest data was September 15, before a number of financial stocks got protection from the SEC. Before the ban, short sellers were already moving out of…
Oppenheimer’s star banking analyst Meredith Whitney is out with another scathing note on major banks this morning despite the government bailout plan. She slashed estimates on Bank of America Corp. (NYSE: BAC),…
T. Boone Pickens can get out of the alternative energy business. Under new regulations, he is allowed to buy Citigroup (C) or Bank of America (BAC). The Fed has decided that banks…
After a savage day in which one Wall St. firm closed and another was sold, perhaps there might have been an evening’s respite. Lehman (LEH) has more than 25,000 employees, 20,000 of…
At one point Merrill Lynch (MER) was up to $22.68 because of Bank of America’s (BAC) buyout offer of $50 billion. Merrill closed at $17.05 on Friday. Wall St. is now so…
Covering financial stocks this morning looks a bit like an assassination happening live on television. Futures are being pulled sharply lower by the financial stocks melting down. We are going to skip…
When Merrill Lynch (MER) CEO John Thain signed the employment agreement that made him the S&P 500’s best-paid CEO of 2007, shares of Merrill were trading at more than $55 dollars per…
Douglas A. McIntyre Shares of Lehman (LEH) were off 84% in European trading. Bank of America (BAC) was down 14%. UBS (UBS) shares fell 7% at the open. Douglas A. McIntyre
