Wall Street Folly

Archive for the ‘Banks’ Category

Changes on the way for Obama’s proposed bank fee?; Could Spain be the euro’s undoing?; National Highway Traffic Safety Administration takes knocks at Toyota hearing; SEC passes new short selling rules; Bernanke expects low interest rates for awhile; Plug may be pulled on Hummer after Chinese deal collapse

Posted by WSF On February - 25 - 2010
  • Obama’s $90 Billion Bank Fee May Be Revised by Panel
  • The Euro’s Next Battleground: Spain
  • At Toyota hearings, auto safety agency feels the heat
  • Hoping to prevent stock meltdowns, SEC passes short-selling rules
  • Fed chief Bernanke expects extended hold on interest rates
  • Hummer Faces Shutdown After Chinese Sale Collapses Read the rest of this entry »
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Autos, Banks, Barack Obama, Ben Bernanke, Fed, Interest Rates, SEC, Short selling

702 banks now on FDIC endangered list; SEC is voting today on short selling changes; Credit Suisse bankers who opted for bonuses in toxic securities are banking!; Toyota big boss on congressional hot seat today; GM’s Hummer deal with China said to be in trouble; EU initiating a Google antitrust probe

Posted by WSF On February - 24 - 2010
  • At F.D.I.C. , Bracing for a Wave of Failures
  • SEC Disappointing Goldman Sachs Amid Vote on Short-Sale Curb
  • Bon Appétit: ‘Toxic’ Bonus Yields 72% at Credit Suisse
  • Japan to probe Toyota acceleration complaints
  • ‘Consumer Reports’ still likes Prius as top eco-friendly car
  • A Tough Test Before Congress for Toyota’s Chief
  • EU Opens Google Antitrust Inquiry
  • GM Said to Not Win China’s Approval for Hummer Deal Read the rest of this entry »
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Autos, Banks, Bonuses, Compensation, Credit Suisse, Goldman Sachs, SEC, Short selling

Discount rate hike a signal of lower bank profits to come?; New Dodd financial overhaul bill coming next week; Toyota president will testify before congress; AIG scotches plan to sell derivatives portfolio; Allen Sanford wants SEC fraud lawsuit dismissed; Blackstone joining GGP bid?; States face big retiree benefit shortfall

Posted by WSF On February - 19 - 2010
  • Fed Move May Signal End to Easy Bank Profits
  • Dodd to Unveil Financial Overhaul Bill Next Week
  • Toyota’s Chief to Testify to U.S. Congress on Recalls
  • AIG drops plan to sell derivatives portfolio
  • Allen Stanford Asks Judge to Dismiss SEC Lawsuit Alleging Fraud
  • Blackstone Said to Consider Joining Simon’s GGP Bid
  • States short $1 trillion to fund retiree benefits Read the rest of this entry »
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AIG, Allen Stanford, Autos, Banks, Fed, Politics, SEC

Lehman examiner files sealed report on banks’ role in the firm’s downfall – he wants it public; DE Shaw is looking to pick off rival hedge funds’ distressed portfolios; A look at the SEC and the team that’s tasked to prevent another Madoff; Ex-Morgan Stanley banker Zaoui may put out his own shingle

Posted by WSF On February - 9 - 2010
  • Lehman Brothers Examiner Files Sealed Report on Role of Banks
  • DE Shaw mobilises team to buy distressed assets of fund rivals
  • S.E.C. Enforcers Focus on Avoiding Madoff Repeat
  • Ex-Morgan Stanley Banker Zaoui Said to Weigh Own Firm Read the rest of this entry »
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Banks, Bernie Madoff, Hedge funds, SEC

Still awaiting Lloyd Blankfein’s number, Jamie Dimon got $10M in shares; You’d think he was running for office or something: Cuomo charges BofA and Lewis even as SEC settles; Fanning populist fires, beseiged Senators propose big Bailout Banks bonus tax; Greek CDS soars; SEC charges, settles with State Street

Posted by WSF On February - 5 - 2010
  • Dimon receives $10m shares
  • Cuomo charges BofA, ex-CEO with fraud; SEC settles
  • Senators Propose 50% Bonus Tax on Banks That Got Bailout Funds
  • Cost of Insuring Greek Debt Soars
  • SEC Charges State Street Over Subprime Mortgage Investments
  • Japan Transport Min: Toyota Mulling Recall Prius Recall
  • Euro-Zone Debt Worries Hit Stocks And Euro Again Read the rest of this entry »
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Bank of America, Banks, Bonuses, Compensation, Goldman Sachs, JPM Chase, Jamie Dimon, Lloyd Blankfein, Politics, Taxes

Friedman says Goldman had no advantage while he was at NY Fed; Steve Schwarzman: Banker bashing could hurt recovery; From Davos: Banks said to have mixed feelings over Obama plans; Peter Madoff getting the criminal probe treatment; Madoff creditors getting $220M more in settlement; Felix Rohatyn going back to Lazard

Posted by WSF On January - 28 - 2010
  • Goldman’s Friedman Says He Didn’t Favor Bank at Fed
  • Blackstone CEO Says Banker Bashing Risks Recovery
  • Obama Divides Davos With Proposal to Curb Size of Banks
  • Madoff brother subject of criminal probe
  • Madoff Trustee Reports $220 Million Accord With Levy Family
  • Citigroup Said to Have Short List of Bidders for Property Unit
  • Rohatyn Rejoining Lazard As Special Adviser To CEO Read the rest of this entry »
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Banks, Barack Obama, Bernie Madoff, Citigroup, Fed, Goldman Sachs

Geithner tepid support for Obama’s new moves against banks?; Obama’s new plan doesn’t really make the financial system any safer; Roach says Obama is “bank bashing”; Banks drop in Europe over the new plan; Octopussy and six others indicted in Galleon insider trading case; Pelosi admits health bill is in trouble; Conan and NBC finally ink deal

Posted by WSF On January - 22 - 2010
  • Geithner reportedly wary on bank reform plan
  • Obama Bank Curbs May Not Leave U.S. Financial System Much Safer
  • Obama Plan May Cost Banks $13 Billion, JPMorgan Says
  • Goldman Sachs’ record profit is upstaged by Obama’s plan
  • Morgan Stanley’s Roach Says Obama Is ‘Bank Bashing’
  • Bank Stocks Down in Europe on Concerns Over Bank Plan
  • Seven People Indicted In Galleon Insider Trading Probe Read the rest of this entry »
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Banks, Barack Obama, Goldman Sachs, Hedge funds, Insider Trading, JPM Chase, Jamie Dimon, Lloyd Blankfein, Tim Geithner, U.S. Treasury

Stunning victory! Scott Brown sweeps into office in MA lobbing a potential death blow to Obamacare; Vikram Pandit’s days numbered?; Bernanke calls for AIG audit; Morgan Stanley reports; B of A reports light on revenue earnings Dubai World gives Jackson the boot; No IPO for Twitter any time soon

Posted by WSF On January - 20 - 2010
  • Republican Brown Wins Massachusetts Seat in ‘Tsunami’ Election
  • Bernanke Seeks to Defuse Criticism Over AIG With Call for Audit
  • New York Fed Says AIG Phrase Marked for Deletion Was Inaccurate
  • Pandit’s gambit
  • Pandit Is Running Out of Time to Clean Up Citigroup
  • Morgan Stanley Reports Full-Year and Fourth Quarter Result
  • Bank of America Announces 2009 Net Income of $6.3 Billion
  • Bank Of America 4Q Loss Narrows Amid Merrill Results Read the rest of this entry »
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AIG, Bank of America, Banks, Barack Obama, Ben Bernanke, Citigroup, Morgan Stanley, Revolving Door, Sovereign wealth funds, Vikram Pandit

Massachusetts Senate vote upset in the making? Turnout is key; Bonuses for Credit Suisse Senior UK managers getting hit by UK tax; Banks divided over new Obama tax, legal fight possible; Citigroup Earnings fail to impress; AIG looking to lower bonus payments; Berkshire Hathaway Baby B’s may soon more affordable; Warren Buffett’s Berkshire stake now below 25%; Kraft and Cadbury in a now friendly deal; Conan O’Brien said to be nearing $40M deal to leave, zip lip

Posted by WSF On January - 19 - 2010
  • Turnout Is Key in Massachusetts Battle
  • Credit Suisse Cuts Bonus Pool to Spread Costs From U.K. Taxes
  • Wall Street May Seek to Sway Congress by Hiring Top Lawyer
  • US investment banks divided over levy
  • Citigroup Reports 2009 Full Year Managed Revenues(1) of $91.1 Billion and Expenses of $47.8 Billion
  • AIG Tries to Defuse Bonus Pay Showdown
  • Berkshire Nears Smaller Baby Bs
  • Buffett Cuts Berkshire Stake Below 25% on Rail Deal, Charity Read the rest of this entry »
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AIG, Bankruptcy, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Credit Suisse, Politics, WSF, Warren Buffett

AIG: Geithner on the testimony hot seat on Jan 27; Crisis panel calling Greenspan and Cox to testify; Citigroup cash bonuses to be capped at less than $100K?; JP Morgan earnings beat, but revenues light; Sheila Bair throws Fed under the bus; More fury over Obama’s new banker tax

Posted by WSF On January - 15 - 2010
  • Geithner to Testify Jan. 27 About AIG E-Mail Exchange
  • U.S. financial crisis panel to call Greenspan, Cox
  • Citigroup plans to cap cash bonuses
  • JPMorgan fourth-quarter profits soar
  • FDIC blames Federal Reserve for severity of financial crisis
  • Bankers’ fury at levy on US subsidiaries
  • Dodd Said to Weigh Dropping Consumer Agency From Overhaul Plan Read the rest of this entry »
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AIG, Banks, Barack Obama, Bonuses, Citigroup, Compensation, Economy, Fed, JPM Chase, Jamie Dimon, Taxes, Tim Geithner, U.S. Treasury

Bonus backlash: With charity clearly beginning at home, Goldman thinks about mandatory top employee giving; Despite latest AIG revelation, Geithner still appears to have Obama, Democratic support; UK bankers have had it; Corzine leaves a huge deficit; Dubai: let the foreclosures begin!; JP Morgan dividend increase coming soon?; Goldman wants a piece of the ETF pie; Will Avatar overtake Titanic?; While NBC is busy trying to undo its Leno move embarrassment, CBS is said to be close to new deals with Letterman, Ferguson

Posted by WSF On January - 11 - 2010
  • Goldman Sachs Weighs Requirement for Charity
  • Banks Brace for Bonus Fury
  • Geithner Has Support of Obama, Democratic Lawmakers, Aides Say
  • U.S. Bankers Are Fed Up With British Regulations
  • Corzine Leaves $8 Billion Gap as N.J. Governor Readies Exit
  • Dubai’s First Foreclosure May Open Floodgates in Worst Market
  • Dimon Leading Dividend Race Pandit Sweats in New Test for Banks
  • Goldman Looks to Crash ETF Party Read the rest of this entry »
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AIG, Banks, Barack Obama, Bonuses, ETFs, Goldman Sachs, Hedge funds, JPM Chase, Jamie Dimon, Lloyd Blankfein, Tim Geithner, U.S. Treasury

Video: Meredith Whitney is still as bearish as she’s ever been on financials, Uncle Sam is out of bullets

Posted by WSF On December - 8 - 2009

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Banks, Meredith Whitney, Videos

Video: Jim Chanos on the new proposed financial regulations

Posted by WSF On June - 18 - 2009

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Banks, Barack Obama, Ben Bernanke, Fed, Hedge funds, Politics, Tim Geithner, U.S. Treasury, Videos, WSF

Free at last! Nine banks repaid $66 billion in TARP funds

Posted by WSF On June - 17 - 2009

Nine firms that were forced to take TARP funds are finally tasting freedom after having bought back the preferred stocks they issued to Uncle Sam last fall.  Among them:  Goldman Sachs, JP Morgan and Morgan Stanley.  And many of the firms have also made plans to buy back the warrants related to the TARP: Read the rest of this entry »

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Banks, Goldman Sachs, JPM Chase, Morgan Stanley, Politics, WSF

Is BlackRock getting too big?; Obama sees 10% unemployment rate; National Bank supervisor coming?; California ratings may get cut again; Big payout to Barclays execs under fire; Morgan Stanley wants hedge fund business back; Citi’s investing in Brazilian private equity; The fall of MySpace

Posted by WSF On June - 17 - 2009
  • With BlackRock’s Reach Set to Expand, CEO Defends Money Manager’s Stability
  • Obama Sees 10% Unemployment Rate, Chides Wall Street Critics
  • Obama backs repeal of tax on personal cellphones
  • White House Reg Plan Would Create National Bank Supervisor
  • California’s credit rating may get cut further
  • Shareholder backlash at Barclays’ £380m payout to fund managers Read the rest of this entry »
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Banks, Barack Obama, Barclays, Blackrock, Hedge funds, Morgan Stanley, Politics, WSF

Where are the green shoots? Roubini, Shiller, Whitney see more economic pain; Will they never learn?:JP Morgan banker says some banks are back to their old tricks using “irresponsible” pricing to lure business; Credit default swaps falling in favor?

Posted by WSF On June - 16 - 2009

  • Roubini, Shiller [and Meredith Whitney] see more pain for economy
  • Banker claims ‘irresponsible’ pricing is back
  • Credit default swaps losing favor to corp bonds Read the rest of this entry »
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Banks, CDS, JPM Chase, Meredith Whitney, WSF

B of A / Merrill deal: Emails show Bernanke’s arm twisting

Posted by WSF On June - 10 - 2009

Break out the popcorn and grab a front row seat, because we suspect that this show  will probably have some fireworks:  Ken Lewis testifies in D.C. tomorrow about how the Merrill Lynch deal went down.  Turns out there’s email  evidence that Ben Bernanke engaged in some arm twisting to get the deal done……. Read the rest of this entry »

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Bank of America, Banks, Ben Bernanke, Fed, Ken Lewis, Politics, WSF

FDIC wants a Citigroup shake-up; Vikram Pandit closer to getting the boot?

Posted by WSF On June - 5 - 2009

Is Vikram Pandit closer to getting the boot? According to the WSJ, the FDIC is pushing for yet another Citigroup top management shake-up, “imperiling” CEO Vikram Pandit according to their report.  There’s apparently no love lost between Pandit and Sheila Bair, dating back to last fall when Bair endorsed the Wells Fargo higher bid for Wachovia after Citigroup had agreed to take over the firm in a government arranged hookup.  That led to late night conference call where Pandit is said to have waged an expletive deleted filled tirade against Bair.  We wonder what Pandit might be saying about his nemesis this morning.   (We can guess, and it’s probably not pretty.)

Sounds like new Citi board member, Jerry Grundhofer, who’s the former U.S. Bancorp CEO, might be in line for Pandit’s job.  But not all regulators are apparently on board with Bair’s position…. Read the rest of this entry »

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Banks, Citigroup, Politics, Vikram Pandit, WSF

More banking gloom from Meredith Whitney: “Their business models are not going to come back”

Posted by WSF On May - 11 - 2009

The more she said on her CNBC appearance late this afternoon, the more the market sank…. Read the rest of this entry »

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Banks, Meredith Whitney, WSF

SNL opener: Tim Geithner talks about the stress tests ($BAC, $C, $GS, $JPM, $WFC, $MS)

Posted by WSF On May - 11 - 2009

Saturday Night Live’s opening skit: Tim Geithner on the stress tests. It’s pretty amusing..

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Bank of America, Banks, Citigroup, Goldman Sachs, JPM Chase, Politics, TV, Tim Geithner, U.S. Treasury, Videos, Wells Fargo

Bankruptcy Court Filings: Preliminary and First Supplemetary Objections of the Chrysler Non-TARP Lenders to Obama’s 363 sale plan

Posted by WSF On May - 5 - 2009

Excellent reads: Here are the bankruptcy court filings made yesterday and this morning by the Chrysler NonTARP Lenders objecting to the flawed and unfair plan that tramples all over creditors' rights. 

Read the rest of this entry »

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Banks, Barack Obama, Chrysler

Meredith Whitney expects banks to resume negative earnings after the “Great Whitewash” one time gains; she says it’s gonna be more difficult for regional banks to pass stress tests ($GS,$MS,$C,$BAC,$WFC)

Posted by WSF On April - 21 - 2009

In a video interview with Bloomberg, Meredith Whitney says that after a series of one time factors that produced gains for banks this quarter, she expects them to return to losses.  And she expects that the large banks will pass their stress tests, but that the regional banks will face more difficulty:

Read the rest of this entry »

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Banks, Meredith Whitney

Calpers may expand its own internal hedge funds; JP Morgan may be on the prowl for acquisitions of weaker banks ($JPM); Commercial real estate a time bomb?

Posted by WSF On April - 17 - 2009

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Banks, Hedge funds

Welcome to the Hotel TARPifornia: You can check out any time you like, but you can never leave; Goldman, JP Morgan and others may face restrictions for awhile ($GS,$JPM,$BAC,$WFC,$C)

Posted by WSF On April - 17 - 2009

Toxic TARP: This is why we would NEVER want to do business with Uncle Sam.  It's just plain scary…..

Read the rest of this entry »

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Bank of America, Banks, Citigroup, Goldman Sachs, Morgan Stanley, Politics, U.S. Treasury, Wells Fargo

She’s not nearly bullish, but Meredith Whitney says there are reasons you might not want to be short banks at this point, at least until companies report

Posted by WSF On April - 6 - 2009


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Banks, CNBC, Meredith Whitney, Videos

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