The House Oversight Committee has subpoenaed the Fed to get information relating to the Bank of America (BAC) buyout of Merrill Lynch. Ken Lewis, the bank’s CEO, claims that former Treasury Secretary…
The government was successful when it warned that if the Supreme Court delayed the Chapter 11 process of Chrysler more than a few days, the No.3 US car company might be forced…
Reuters: The Supreme Court delays Chrysler deal. Reuters: The cleared ten banks to repay TARP include JPMorgan (JPM), Goldmand Sachs (GS), American Express (AXP), Cpaital One(COF), State Street (STT), BBT (BBT), Morgan…
Maybe the initial “stress tests” of America’s 19 largest banks were flawed. Or, perhaps taking a single snapshot is not an adequate way to measure the ever-changing financial system. The Congressional Oversight…
The Treasury Department is likely to allow 10 banks which owe in money from TARP funds to pay it back a total of $50 billion. The money will probably burn a hole…
Reuters: China must balance growth and reducing greenhouse gases. Reuters: The Supreme Court has delayed Chrysler’s Chapter 11. Reuters: The US will allow 10 banks to repay TARP funds. Reuters: The Boston…
The Administration is looking at further pay caps for executives on Wall St. and the auto industry. The reasoning is that if a company takes government money, the government should have a…
In a sign that the federal government is the puppet master of several of America’s largest banks, Bank of America (BAC) has appointed four new directors with extensive bank management backgrounds. They…
Douglas A. McIntyre The Fed and the Treasury have put pressure on Citigroup (C) to create a new board of directors. Richard Parsons, the bank’s chairman, is well on his way to doing that. The…
Reuters: Rio Tinto (RTP) has killed a deal with Chinalco for one with BHP (BHP). Reuters: US regulators insisted JP Morgan (JPM) and Amex (AXP) raise money to exit the TARP. Reuters: …
CNBC’s David Faber just reported that the SEC will be charging former Countrywide CEO Angelo Mozilo with insider trading and disclosure violations for stock sales from 2006 and beyond. Interestingly enough, Faber…
Douglas A. McIntyre The ADP number for jobs lost last month was 532,000. It was better than any month since November but worse than what many analysts had expected. Economists predict the unemployment figures from…
Reuters: A survey shows the global stimulus spending lacks direction. Reuters: The race for “green” cars is still wide open. Reuters: GM (GM) and Chrysler will face Senate scrutiny are dealer closings.…
The waves of capital raising continues. American Express Company (NYSE: AXP), JPMorgan Chase & Co. (NYSE: JPM), Morgan Stanley (NYSE: MS), and Bank of America Corporation (NYSE: BAC) are just the leading…
Abu Dhabi investors plan to sell their stake in Barclays (BCS) for about $6.8 billion. They have only had the shares a year but their return is likely to be more than…