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THURSDAY, NOVEMBER 26, 2009
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NEWS ABOUT: banking industry

banking industry stories: 107 news summaries

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 Geithner Unveils New Bank Plan 


Feb 10, 09 10:33 AM CST
(Newser) - Attempts to revive the banking industry so far have been “inadequate,” Timothy Geithner said today, promising to “fundamentally reshape” the government’s plan to rescue banks, driven by more forceful action. “We want their balance sheets cleaner and stronger,” Geithner said. To do it, he’... More »

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Treasury Department • bailout • banking industry • Troubled Asset Relief Program • financial crisis • Timothy Geithner • TARP

New Bailout
Plan Hinges on Private Investors

Treasury will set 'floor price' on distressed assets to lure buyers

Feb 9, 09 8:37 AM CST
(Newser) - The Treasury's latest plan to rescue the banking industry relies heavily on private-sector investors, the New York Times reports. The government will guarantee a floor price on the toxic assets weighing down banks’ balance sheets, encouraging hedge funds, private equity groups, and even insurers to buy them. The plan... More »

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foreclosure • Treasury Department • financial sector • collateralized debt obligations • Obama administration • banking industry • Troubled Asset Relief Program • financial crisis • Wall Street bailout • Timothy Geithner • TARP • toxic assets

BofA Tricks People Into Paying the Dead's Bills 

Bank accused of shady practices in collecting cash from bereaved relatives

Feb 7, 09 7:34 AM CST
(Newser) - Bank of America has been misleading customers into believing they have to pay off the credit card bills of dead relatives, TPM reports. One customer was outraged when a bank rep tried to first trick, and then guilt-trip him into paying his dead mother's bills. A former rep for the... More »

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Bank of America • death • bank • credit card • banking • consumer debt • debt collection • banking industry

analysis

Watch Wall Street Pay Swing Down From Stratosphere

Finance bigwigs' income to match doctors, lawyers

Feb 5, 09 10:32 AM CST
(Newser) - President Obama’s $500,000 salary cap may herald a new era on Wall Street, in which pay for financial executives is aligned with doctors’ and lawyers’ compensation. Wall Street income is cyclical, it turns out, and a recent study found that it only surged—relative to that of peers... More »

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Wall Street • income • bonuses • banking industry

OPINION

C'mon, Mr Prez, Nobody Will Run Bank for $500K

Obama, after pledge
to be above the noise, falls prey to it instead

Feb 4, 09 12:34 PM CST
(Newser) - Sure, bankers make too much money, but President Obama’s ceiling “is just a misguided attempt to quiet the peanut gallery,” writes Megan Barnett in Portfolio. The $500,000-per-year executive cap will discourage banks from taking needed government cash, and drive away top talent. “Money is what... More »

MORE ABOUT:
Barack Obama • executive compensation • Obama administration • banking industry • financial crisis • Wall Street bailout • President Obama • TARP

OPINION

 Populist Outrage 
 Makes Perfect 
 Sense 

Pay system at the heart of this whole mess

Feb 4, 09 11:44 AM CST
(Newser) - All it takes is $18.4 billion, and suddenly the mob is restless. Once, we were content to brush Wall Street’s gross inequities under the rug, but “we’re populists of a more fiery sort now,” writes Thomas Frank in the Wall Street Journal, “... More »

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executive compensation • populism • banking industry • financial crisis • economic disparity

Analysis

Nationalizing Banks Looks More and More Likely

Case for Nationalization grows

Jan 26, 09 9:35 AM CST
(Newser) - Team Obama is coming closer and closer to using the N-word they've been studiously avoiding: nationalize. Already the government is the top shareholder at both Bank of America and Citigroup, and with both banks in freefall, many think buying the rest is the only option. “I would guess that... More »

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Barack Obama • Citigroup • Bank of America • nationalization • Obama administration • banking industry • financial crisis

investigation

'Choose-a-Charter' System Lets Banks Dodge Regulation


Jan 22, 09 9:25 AM CST
(Newser) - A loophole in the nation’s banking regulations allows institutions to switch their charters from federal to state, effectively allowing them to decide which regulatory agencies supervise them, reports the Washington Post. Regulatory reform is at the top of Treasury Secretary-designate Tim Geithner's agenda. Of the 200-plus banks that have... More »

MORE ABOUT:
Countrywide Financial • Office of Thrift Supervision • Office of the Comptroller of the Currency • banking industry • Timothy Geithner

OPINION

Create a Good
'Bad Bank' to
Ease Crisis

Institutions must write down toxic assets to ease larger woes

Jan 22, 09 8:44 AM CST
(Newser) - The world’s banking crisis is entering its endgame, and it’s time to shore up the most troubled institutions using a strategy that worked in Sweden in the 1990s, writes David Roche in the Wall Street Journal. It won't be easy, he warns: "A good bad... More »

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nationalization • credit crisis • banking industry • financial crisis • toxic assets

Ex-Time Warner Chief Will Lead Citigroup

Richard Parsons, an Obama adviser, will
be chair of ailing bank

Jan 21, 09 7:57 PM CST
(AP) - Former Time Warner CEO Richard Parsons—an economic adviser on Barack Obama's transition team—will become the new chairman of Citigroup next month. The ailing bank has suffered five straight quarters of losses and received $45 billion in government aid as it struggles to stay afloat amid the credit crisis.... More »

MORE ABOUT:
Citigroup • Richard Parsons • CEO • credit crisis • banking industry

(Newser) - A New York University professor who predicted the current economic crisis warns that losses at US banks could climb to $3.6 trillion, leaving the whole system essentially bankrupt, Bloomberg reports. Economist Nouriel Roubini argues that since the system has a base capitalization of just $1.4 trillion, if losses... More »

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bankruptcy • credit crisis • financial sector • writedowns • losses • oil prices • banking industry • insolvent

ANALYSIS

Obama Has Rare Chance to Push Agenda With Recovery

Riding a wave of popularity, the president-elect hopes to act quickly on economy

Jan 19, 09 10:16 AM CST
(Newser) - If there's a silver lining to the profound economic crisis President-elect Barack Obama is stepping into, the New York Times reports, it's that the recovery plan that's taking shape under his direction affords him an unprecedented chance to address his most ambitious campaign promises right out of the blocks. Riding... More »

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Barack Obama • bailout • banking industry • financial crisis • President Obama

UK Rolls Out Another Bank Bailout, Tightens Controls

New package increase its control over banks, insures troubled assests

Jan 19, 09 7:44 AM CST
(Newser) - The British government today rolled out a new bank rescue plan that includes $147 billion to insure troubled mortgage assets, reports the New York Times. It also offers an additional $73.5 billion to the Bank of England to buy up struggling banks’ “high-quality assets” to insure credit lines... More »

MORE ABOUT:
Gordon Brown • Royal Bank of Scotland • bailout • banking industry • financial crisis

ANALYSIS

 Will US 
 Nationalize 
 Banks? 

As red ink continues to flow, more experts say some nationalization is likely

Jan 16, 09 8:00 AM CST
(Newser) - With US banks likely to need as much as $2 trillion in capital in coming months, more experts are seeing semi-nationalization as a distinct possibility, writes Reuters reporter Dan Wilchins. The government already is using its $700 billion bailout to put pressure on banks. The Obama administration is on record... More »

MORE ABOUT:
Bank of America • nationalization • Citibank • banking industry • financial crisis

(Newser) - The feds will have to pony up billions of dollars more to help Bank of America close its deal to purchase Merrill Lynch, the Wall Street Journal reports. BoA already has received $25 billion, but Merrill's massive fourth-quarter losses have thrown a wrench in the acquisition. Henry Paulson is a... More »

MORE ABOUT:
Bank of America • Merrill Lynch • credit crisis • bailout • banking industry

Lawyers Are
Big Winners
in Bailout

Veterans of S&L bailouts in catbird
seat in current crisis

Dec 29, 08 8:00 AM CST
(Newser) - For a tight-knit group of former top government officials, the current financial crisis is a golden opportunity. Veterans of the savings and loan bailout of the 1990s, these operatives, now mostly lawyers and bank advisers, are doing a brisk business telling clients how to profit from the meltdown, the More »

MORE ABOUT:
Henry Paulson • bailout • banking industry • financial crisis • Wall Street bailout • savings and loan

ANALYSIS

Fed Hangs Recovery Hopes on Nothing

Cutting benchmark rate to zero points up risks of plenty of nothing

Dec 18, 08 11:42 AM CST
(Newser) - Nada. Naught. Zip. Zero, as in the 0% interest the Federal Reserve is asking banks to pay—or, rather, not pay—for short-term loans. What does getting zero back for loaning money mean, wonders Paul Farhi of the Washington Post. "The strategy is to hose down America's sclerotic financial... More »

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Federal Reserve • recession • interest rate • banking industry • zero percent

 Credit Suisse 
 Cuts 5,300 Jobs, 
 11% of Workforce 

Investment banking unit takes major hit as bank joins rush to cut expenses

Dec 4, 08 6:30 AM CST
(Newser) - Switzerland’s second largest bank, Credit Suisse, is slashing 5,300 jobs—11% of its global workforce—after posting a $2.48 billion loss in the first two months of this quarter, reports the Wall Street Journal. Most of the cuts will come from its moribund investment banking unit as... More »

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Citigroup • layoffs • Credit Suisse • job cuts • banking industry • financial crisis • private banking

Morgan Stanley Eyes Smaller Fish to Boost Banking Cred

After converting from investment bank, company targets growth in deposits

Dec 1, 08 10:27 AM CST
(Newser) - Just months after converting from an investment firm into a bank-holding company, Morgan Stanley is already one of the top 50 US banks in terms of deposits, the Wall Street Journal reports—and is looking to acquire regional banks that will speed its climb. Analysts say it’s unlikely Morgan... More »

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Bank of America • Morgan Stanley • brokerage • Sears • banking industry • financial crisis • bank-holding company

Bailed-Out Banks Won't Bail on Sports Sponsorships

Gaudy expenditures anger public, Congress

Nov 25, 08 11:06 AM CST
(Newser) - Citibank is getting billions from taxpayers and cutting thousands of jobs, but it's not canning its 20-year, $400 million deal to dub the New York Mets’ new stadium “Citi Field.” Such big advertising deals are coming under the microscope—and have critics crying foul, ABC News reports. “... More »

MORE ABOUT:
advertising • Manchester United • Citigroup • New York Mets • AIG • bailout • Comerica Park • stadium financing • banking industry • Citi Field • financial crisis

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