Archive for the 'Banks' Category

White House Orders Pay Cut For Bailout Firms

By Justin Gardner | Related entries in Bailouts, Banks, Barack, Cars, Money, Obama

Who’s this guy? Meet Kenneth R. Feinberg, the new pay “czar” for the White House. He’s tasked with reigning in the out of control compensation at companies the government helped recently. I think it should be noted right off the bat that this is tied to executive compensation and bonuses…two pots of money that are […]

October 22nd, 2009 | Permalink| 10 Comments »

Big Banks Give $5.33 Billion In Bonuses

By Justin Gardner | Related entries in Bailouts, Banks, Money

And this is for 2008…a year when their failure nearly brought the entire world’s financial system to its knees. I don’t care if these bonuses were contractual or not. New circumstances (you know…like BANKRUPTCY!) could allow them to renegotiate with their employees. From the AP comes the list… Citigroup… Citigroup Inc., one of the biggest […]

July 30th, 2009 | Permalink| 3 Comments »

Rolling Stone Blows The Lid Off Oil/Gas Speculation By Goldman Sachs

By Justin Gardner | Related entries in Banks, Business, Energy, Gas

Most people don’t realize that the insane gas prices last year had nothing to do with increased demand and had everything to do with market speculation and hoarding encouraged by the top investment banks. Now True/Slant’s own Matt Taibbi uncovers the truth behind the scam. Read the rest at True/Slant. Tweet

July 3rd, 2009 | Permalink| 4 Comments »

Obama To Announce Massive Financial Regulation Overhaul

By Justin Gardner | Related entries in Banks, Barack, Money, Obama, Regulations

Even though he’s only been in office for 5 months, this has still be a long time coming. And there are some important measures being introduced for home loans and consumer protection. From Wash Post: Many of the specific proposals will require legislation, and today’s announcement will drop the plan into an already heated debate […]

June 17th, 2009 | Permalink| 2 Comments »

We Made Money On TARP?

By Justin Gardner | Related entries in Banks, Money

Even after reading this article I think it’s an open question, but I wasn’t aware that we were paid dividends on the preferred shares. From McClatchy: In addition to returning the $68 billion, the 10 banks paid the government $1.8 billion in dividends on the preferred shares of stock the government owned. That translates to […]

June 10th, 2009 | Permalink| 14 Comments »

10 Banks To Repay $68B Of TARP Funds

By Justin Gardner | Related entries in Banks, Economy, Money

That’s out of the nearly $230B given out over the past 9 months. In other words, nearly 30% of the money that we would NEVER see again is being paid back. And the government could actually make a profit if they choose to exercise stock options, but there’s word they won’t do that. Here’s more […]

June 9th, 2009 | Permalink| 5 Comments »

Congress Sends Obama Credit Card Bill

By Alan Stewart Carl | Related entries in Banks, Legislation, Money

Today, Congress sent President Obama the much talked-about bill setting in place new rules for the credit card industry. The new restrictions will protect debt-ridden consumers from many of the surprise charges common in the industry, like over-the-limit fees and a charge to pay the bill by phone. People under 21 also will find it […]

May 20th, 2009 | Permalink| 6 Comments »

Stress Tests Show Banks Need Additional $75B

By Justin Gardner | Related entries in Bailouts, Banks, Money

I don’t think think this comes as a huge surprise, and it’s certainly disheartening. From Wash Post: The government signaled yesterday that its financial rescue efforts may have reached their high-water mark, announcing that the much-anticipated “stress tests” of 19 large banks showed that only one, GMAC, was likely to need additional taxpayer aid and […]

May 8th, 2009 | Permalink| 2 Comments »

Stress Tests Show Citi And BoA Need To Raise $10B+ Each

By Justin Gardner | Related entries in Banks, geithner, Money

It’s almost been two months since Geithner announced the details of how the stress tests would go down, and now the government is set to announce the results for a bunch of banks. Still, the focus is certainly on the top two. From Financial Times: Citigroup and Bank of America are working on plans to […]

May 4th, 2009 | Permalink| 2 Comments »

Obama Looking to Help Credit Card Holders

By Alan Stewart Carl | Related entries in Banks, Business, Congress, Fiscal Responsibility

On Thursday, President Obama announced support for a new bill aimed at protecting credit card holders. As early as next week, House Democrats expect to act on a bill that would make it harder for the industry to slap new fees and rates on cardholders while also requiring clearer disclosure of the costs and risks […]

April 23rd, 2009 | Permalink| 11 Comments »